This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Clintons Land In Haiti To Showcase Industrial Park

Haiti was supposed to become the "Taiwan of the Caribbean" but instead it suffered through economic collapse brought on by political instability.

"This is: Been there, done that," Alex Dupuy, a Haiti-born sociologist who teaches at Wesleyan University in Connecticut, said of the Caracol project.

Because of the tenants' tax breaks, outside investors will have more to gain than Haitians, he said.

"This is not a strategy that is meant to provide Haiti with any measure of sustainable development ... The only reason those industries come to Haiti is because the country has the lowest wages in the region," Dupuy said.

Sae-A will pay employees Haiti's minimum wage, which is $5 a day. Workers will be eligible for bonuses based on performance.

Hillary Clinton acknowledged the controversy associated with the project last month but argued that private enterprise strengthens economies.

"You cannot have development in today's world without partnering with the private sector, and that has been our mantra, and we are now creating examples," Clinton said at her husband's Clinton Global Initiative in New York.

"Are there pitfalls? Are there problems? Of course there are â¿¿ there is with any kind of organized effort at development. But the fact is that including the private sector gives developing economies new opportunities."

Backers of Caracol stress that it will bring tens of thousands of jobs to an area where subsistence farming has long been the only alternative to migration, and Jean Cherenfant, mayor of Cap-Haitien, a seaside city 13 miles (21 kilometers) from Caracol, is among them. He sees the facility as a boon for the region.

"We don't have a lot of employers here, and we're talking about several hundred thousand jobs," Cherenfant said by telephone. "I will not go along with those people who are pessimistic."

Proponents also say they are working to address potential problems. They say they have put money into multiple communities in the north in an effort to prevent Caracol from spawning shantytowns like the ones that sprang up in Port-au-Prince decades ago. The projects include new housing, road improvements and even help for farms.

4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs