In rebuff to Martelly's stance, UN envoy says Haiti 'not yet' ready for foreign investment

A U.N. envoy in Haiti says the Caribbean nation is "not yet" ready for foreign investment.

The remarks by U.N. Special Representative Nigel Fisher challenge a mantra often championed by the government of President Michel Martelly. Officials often say Haiti is "open for business" as it tries to seek outside investors.

Fisher cites problems with the bidding process for contracts and says there isn't enough transparency to ensure competition.

He also reiterates concerns that Haitian authorities have not formed an electoral council to organize legislative and local elections that were supposed to have been held in 2011. Officials have failed to agree on the composition of the electoral body.

Fisher made the remarks Friday at his first news conference since taking the post earlier this month.