Port-Au-Prince, April 12, 2021.-IFC, a member of the World Bank Group, is supporting the garment sector in Haiti to help companies and workers navigate the COVID-19 crisis through job and investment retention, and in the medium term, attract private capital and create more employment.
The textile industry is Haiti's single largest formal employer and exporter – with approximately 55 thousand workers, most of them women. Although the pandemic has yielded to the cancelling of orders and closures of factories, IFC, with the backing of theKorea-IFC Partnership Program (KIPP) and the Facility for Investment Climate Advisory Services (FIAS), will bring together key players from the public and private sectors, seeking opportunities to increase production. Leveraging its potential, Haiti can also aspire to attract high-priced and high-quality garment manufacturers.
In the first phase, IFC will focus on a targeted response to help manufacturers quickly convert to produce Personal Protective Equipment (PPE) and expand apparel production to meet a shifting global demand to navigate the COVID-19 crisis retaining jobs and investment.
In the medium term, IFC will support the sector to keep existing producers in the market by improving government services, developing operational guidance and continuity plans, and enhancing the business environment and the sector competitiveness by improving business regulations.
The third phase will focus on attracting investor, facilitating expansions, developing a new value proposition for bringing production closer to the US market, taking advantage of nearshoring, and mobilizing investments.
"We are looking to develop a renewed value proposition for Haiti that can push sector growth. IFC will play an integrator role, bringing together institutions, companies, industry associations, as well as local and international investors who are paying attention to Haiti's potential. From our track record in the last decade, I am confident we can help Haiti succeed," said Judith Green, IFC Manager for the Caribbean.
A public-private Technical Secretariat will work with IFC and Haiti's Ministry of Finance and Economy as the counterpart in this project to strengthen the public and private sector capacities and ensure a collaborative effort. This Secretariat includes the Center for Investment Facilitation (CFI), the Industry Association of Haiti (ADIH), the Ministry of Commerce and Industry, the Textile Ombudsperson Office, and Better Work Haiti.
A public-private Technical Secretariat will work with IFC and Haiti's Ministry of Finance and Economy as the counterpart in this project to strengthen the public and private sector capacities and ensure a collaborative effort. This Secretariat includes the Center for Investment Facilitation (CFI), the Industry Association of Haiti (ADIH), the Ministry of Commerce and Industry, the Textile Ombudsperson Office, and Better Work Haiti.
"IFC is a long-term partner to Haiti, particularly the textile industry, and we are pleased to be working together once again to help the sector achieve all its potential and keep creating jobs for Haitians," said Haiti's Minister of Economy and Finance.
"ADIH has been working together with IFC in the past months to identify the challenges of the export-oriented garment industry, and this work has facilitated dialogue within the companies in the sector as well as the institutions involved. I am certain that we will be able to leverage this experience to make the sector more competitive," said Wilhelm Lemke, President of ADIH.
IFC's analysis estimates over $70 million in investment potential in a favorable scenario, with thousands of new jobs for the next few years within the garment industry.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In the fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
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IFC's analysis estimates over $70 million in investment potential in a favorable scenario, with thousands of new jobs for the next few years within the garment industry.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In the fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
Stay Connected:
www.ifc.org/lac
www.twitter.com/IFC_LAC
www.linkedin.com/company/ifc-américa-latina-y-el-caribe
www.facebook.com/IFCwbg
www.instagram.com/ifc_org/
www.youtube.com/IFCvideocasts
www.twitter.com/IFC_org
www.ifc.org/SocialMediaIndex
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