News

IDB, Haitian Government and Korean Firm Break Ground on Industrial Park

By: Caribbean Journal Staff - November 29, 2011

By the Caribbean Journal staff

The government of Haiti, along with the US government, the Inter-American Development Bank and Korean apparel manufacturer Sae-A Co, Ltd, have laid the foundation stone for a new industrial park in the city of Caracol.

President Michel Martelly was joined by former US President Bill Clinton for the ceremony for the 246-hectare park, one of the largest and most modern in the Caribbean.

“The Caracol Industrial Park shows the positive impact foreign investment can have in building Haiti back better,” Clinton said. “It will bring tens of thousands of jobs to Haitians, and I am proud to be here for the groundbreaking of this important project.”

Sea-A is investing $78 million to develop operations at the park, and has committed to hiring at least 20,000 Haitians to work there.

The IDB is providing $55 million for the initial phase of construction.

“Caracol can have a phenomenal multiplying effect in this region,” said IDB President Luis Alberto Moreno.

The US government has committed $124 million in funding to build up to 25 megawatts of power generation in the area, along with building 5,000 housing units in Caracol, Quartier Morin, Fort Liberte, Terriere Rouge, Trou du Nord and Quanaminthe.

Operations are expected to begin in 2012.

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