Earthquake could spark new investment in Haiti
Earthquake-ravaged Haiti may actually be a promising long-term investment opportunity, former President Bill Clinton said at the World Economic Forum meeting in Davos, Switzerland.
“The response to the earthquake can potentially be a transformative shock,” he reportedly told the 2,500 politicians and industry leaders who attended the forum last month.
Mr. Clinton cited the dramatic improvement of Rwanda’s economy as a result of aid in the years following the 1994 genocide as an example of growth following crisis.
Robert Greenhill, director of the World Economic Forum, stressed the fact that donations are helpful, but it is investment that will be the key to Haiti’s ultimate survival.
“The forum has done everything it can to persuade companies to donate but also to commit themselves over the long term,” he said. “We want to interest as many big global businesses as possible for viable opportunities.”
Haiti’s economic growth was being discussed even prior to the earthquake. In October, more than 500 private-sector representatives attended an Inter-American Development Bank investment conference in Port-au-Prince.
The conference discussed business opportunities in tourism, manufacturing and agriculture, and 74% of the participants said they had a Haitian investment project in mind.
Corporations such as Royal Caribbean Cruises Ltd., Caribbean Harvest and Digicel have already had profitable projects in the country, although corporate officials at both the Davos and IDB forums acknowledged the substantial investment risks Haiti poses, such as the lack of stable electricity and paved roads, and political instability.
Digicel owner Denis O’Brien, whose company is often considered the poster company for successful investment in Haiti, encouraged investors at Davos to take advantage of this “enormous opportunity.”
“Haiti is not boring — it is a challenge,” he said.
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