12 Jan '11, 5am

South Korea firm plans big investment in Haiti

SEOUL: South Korea's Sae-A Trading announced Wednesday it would build a $78 million textiles factory to create up to 20,000 jobs in Haiti, becoming the quake-ravaged nation's largest private employer. The Seoul-based company said it would invest in the North Industrial Park, a major textile-producing complex to be built near the north coast. The complex, costing a total $2.5 billion, will be jointly developed by the Haitian government, the US government and the Inter-American Development Bank (IADB), the Korean textile maker said in a statement. "As a company... we see this as a huge opportunity to invest and grow," Sae-A Trading chairman W.K. Kim said. "We hope that the addition of our exports will double Haiti's current apparel export volume within the next eight years," he said. The US State Department said in a separate statement the Korean firm would become Haiti's bi...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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