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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Haiti Hopes $160 M For High-end Tourism Pays Off

"Haiti is ready for tourism. Haiti is a tourism destination," said Tourism Minister Stephanie Villedrouin, a rare constant in the shakeup-prone Martelly administration. "If we want to be a sovereign country, if we don't want to depend on other countries, we need to figure out ourselves how to move forward and how to get revenue, and tourism must be number one on the list."

The government's projects include $13.2 million to build an airport and infrastructure on the southern island of Ile-a-Vache and another $8 million to develop the coastal town of Jacmel. Officials say these efforts will create more than 1,600 direct jobs and 6,500 indirect jobs. Tourism generated $200 million last year, Villedrouin said. This in a country whose annual budget is $1 billion.

Lest tourists fear Haiti unravels with unrest, the government is also building a force of 53 "tourism police officers" who will learn Spanish and English, first aid skills, customer service and work in the outposts where officials want to bring tourists. Funding comes from the Justice Ministry.

Other plans include making use of a little-known "investment code" that gives 15-year tax breaks to the owners of new hotels, many of whom are from the country's powerful and wealthy families. This law also allows hotel owners to ship supplies through customs without paying taxes.

Haiti used to be the stomping grounds for the rich and famous in the 1970s and early 1980s as they came in search of late-night Voodoo ceremonies, rum-fueled revelry and Cold War-era conspiracy theories. Guests included Mick Jagger, Truman Capote and Jackie Onassis.

But an AIDS scare in the early 1980s sent tourists to less exciting destinations. And the ouster of former dictator Jean-Claude "Baby Doc" in 1986 spawned years of political upheaval as governments took turns toppling one another. The lone visitors became diplomats, peacekeepers, aid workers, missionaries and emigrants, all symbols of the country's problems.

2 of 4

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 18,069.00 -134.37 -0.74%
S&P 500 2,095.39 -12.39 -0.59%
NASDAQ 4,963.59 -16.3110 -0.33%

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