VCS Mining
Why Haiti Now?
Beginning in 2004, the United Nations established its Stabilization Mission In Haiti (MINUSTAH) to assist in maintaining civil order. The mandate has most recently been extended by the Security Council. Led by a multinational force including troops from Brazil, Chile, and Nepal, the force is composed of 9,000 uniformed personnel. The military force is supported by many international civilian agencies, as well as local civilian staff. Many further international initiatives have also been implemented and have been instrumental in improving the situation in Haiti. Most recently, in July 2009, Haiti received $1.2 billion in debt relief for completing the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC).
To encourage foreign investment, President Preval and Prime Minister Jean-Max Bellerive are cutting red tape to stimulate new business ventures and create thousands of jobs. Infrastructure is being rebuilt including the expansion of basic services, rebuilding of roads, and development of an environmental disaster protection plan. Improvements in security have prompted both the USA and Canada to revise their travel advisories for business people and tourists visiting Haiti.
Many civilian projects are proceeding, including several new airports to promote commerce and tourism, and the Government is getting traction bringing in private direct investment through its reforms. One example is a project spearheaded by a group of local and foreign investors who plan to build a 30 megawatt power plant. Other examples of private investment include the Soros Economic Development Fund which has launched the Haiti Investment Project; an equity investment program with an initial commitment of $25 million. Investment opportunities include garment manufacturing, agriculture, logistics, tourism, energy, and housing.
Another project being considered by Haiti Invest is to potentially employ up to 25,000 workers in the Cite Soleil (one of Port-au-Prince's largest slums) in a enterprise zone in the capital's harbor to provide manufacturers with reliable and affordable utilities and services. Luis Alberto Moreno, president of the Inter-American Development Bank, and George Soros, chairman of the Open Society Institute stated, "There is no shortage of potential business deals in Haiti, whose people have proven time and again that they are energetic, motivated, industrious and, perhaps most of all, creative. Trouble is, most often they only get a chance to demonstrate these virtues when they move abroad. It is time for opportunity to arise at home."
