SPOTLIGHT ON INVESTMENT IN BELIZE Part 1 of 2

Continued from page 10 try’s myriad investment opportunities are supported by the National Investment Policy and Strategy (NIPS), which enables greater cohesiveness in the investment value chain and a new Fiscal Incentive Act, which provides broad-based incentives to MSMEs as engines for macroeconomic growth; a legislative tool that is geared towards improving the local business climate and streamlining the facilitation of short-, medium-, and long-term opportunities. Through NIPS, Belize confronts investment challenges with an eye to mitigate the existing trade imbalances, the result of a weak manufacturing sector and an export specialization that traditionally relies on products that are vulnerable to the risks posed by climate change, including sugar cane, citrus, and bananas.

As the country pioneers its economic recovery from the impacts of the COVID-19 pandemic, Belize stands by its stringent environmental commitments, including a target of reaching net zero, and navigates the exploitation of investment opportunities that do not compromise or threaten the protection of its pristine habitats.

Making business happen in Belize, we speak with Dr Leroy Almendarez, Executive Director of BELTRAIDE, as the national statutory body pursues diversification and increased domestic capacity

Could you talk us through BELTRAIDE’s inception and your current mission?

Dr Leroy Almendarez, Executive Director (LA): BELTRAIDE originally began in 1998 as a trade and investment promotion agency, looking specifically at that landscape as a vehicle to try and enhance those areas. Shortly after, in 2000, it transitioned into what is now formally known as BELTRAIDE, which branched into functional areas such as training and employment, small business development, and exports. We remain focused on investment as the country’s interface, but there is a whole ecosystem that exists under BELTRAIDE. Now that we are focused on economic recovery, our role has become even more significant. MSMEs are seen as an engine for growth, especially with the current mandates from government, so that has given us greater relevance.

What would you identify as the key industries that are currently transforming the economy in Belize?

LA: There are increasing investment opportunities within offshore and outsourcing, agriculture, fishing, manufacturing, and tourism, and these remain our priority areas. Due to the impact of the COVID-19 pandemic, there was a very quick decline in gross domestic product (GDP). But now, it’s rebounding, and agriculture has acted as a substitute in terms of economic activity and income generation for the country.

Business process outsourcing (BPO) is a big focus for us, especially with increased diversity. In fact, there are 28 BPOs operating, employing around 8,000 people with the intention of expanding to 12,000. As a result, there are many avenues available for the expansion of the BPO industry.

The government has enacted various policies, strategies, and put a legal framework in place. Certain legislations have been amended, repealed, and entirely replaced, and we have a national investment policy and strategy (NIPS) that was passed by the Cabinet last year. This takes a very broad look at some of the major challenges that we face when it comes to doing business in Belize. Skills development is so important when it comes to investment, and we now have a new Fiscal Incentive Act in place since the old version was repealed. This has several incentives for MSMEs that allow for increased productive capacity as we intend to bridge the trade imbalance that exists between exports and imports into the country.

We have also developed an MSME policy and strategy that is all-encompassing with the private and public sectors working very closely together. Ultimately, it’s the government that creates the enabling environment, but it’s the private sector that puts it into business. It’s important to build confidence so that they can invest to expand and find new avenues for business growth. At first, we were mainly focusing on traditional products, but now we’re exploring non-traditional sources of output and that has been working well. This includes resources such as coconuts and seaweed, which previously, we would not have included as part of our industrial basket.

A stable political and business environment is an essential consideration for investment. Is this something that Belize benefits from and how does that advantage translate to potential investors?

LA: We have a level of political tranquility that lends itself to economic activities which are stimulated by the various incentives that we have in place. These don’t cater solely to FDI, but also to local investors since we want to encourage a landscape of joint ventures (JVs) and possible mergers. These are just some of the avenues available to us to expand. Tourism is one such area where there have been several investments, and it’s the same with the blue economy. We have now segregated our economy into blue, green, and orange, because the creative industry is an area where previously, we hadn’t put enough effort into tracking its wealth contribution to the country. There is now a direct focus on how MSMEs can benefit from incentives and programs that will allow them to generate greater economic activity. (tbc)

COUNTRYWIDE PUBLIC AUCTION SALES: PROPERTY

San Pedro, Ambergris Caye, Belize District; Camalote Village, Cayo District; Dangriga, Stann Creek District

BY ORDER of the Mortgagees Messrs. The Belize Bank Limited, Licensed Auctioneers Kevin A. Castillo and Christiana R. Castillo are selling ONLINE via belizepropertyauctions.com the following properties. Sales currently running until 15th July 2023. Public Auction Sales will expire fortnightly within this period on the dates and times listed on the website until these properties are sold.

1. Parcel No. 6201 San Pedro Town, Ambergris Caye, Belize

REGISTRATION SECTION BLOCK PARCEL San Pedro 7 6201

The freehold property of Mr. Alfredo Rubio

REGISTRATION SECTION BLOCK PARCEL Society Hall 24 3965

The freehold property of Mr. Luiz Guerra & Ms. Rosalia Sanchez.

REGISTRATION SECTION BLOCK PARCEL Dangriga South 31 1685

REGISTRATION SECTION BLOCK

Dangriga South 31 58

“FOR ADDITIONAL INFORMATION & PHOTOGRAPHS PLEASE VISIT WEBSITE”

TERMS: STRICTLY CASH

KEVIN A. CASTILLO

TELEPHONE: 223-4488

Website: belizepropertyauctions.com

Email: kevinacas@yahoo.com

Facebook: Belize Auctions