This report was prepared by OCO Global at the request of Compete Caribbean and the Trade and Investment Division of the Inter-American Development Bank through the project to Support Economic Recovery in the Caribbean through Trade and Investment in the Blue Economy
This document has been prepared at the request of Compete Caribbean and the Trade and Investment Division of the Inter-American Development Bank. The recommendations, interpretations, and conclusions expressed in this document are those of the author and do not necessarily reflect the opinions of the Inter-American Development Bank, its Board of Executive Directors, or the governments they represent.
Este documento ha sido preparado a petición de Compete Caribbean y la División de Comercio e Inversión del Banco Interamericano de Desarrollo. Las recomendaciones, interpretaciones, y conclusiones expresadas en este documento son las del autor y no necesariamente reflejan las opiniones del Banco Interamericano de Desarrollo, su Junta de Directores Ejecutivos, o de los gobiernos que representan
FDI
definitions and methodology: 7.2 List of organizations interviewed for report: 7.3 References
7.4 Questionnaire Contact Details
1 Introduction
1.1 Project Background and Context
The Blue Economy is a key economic focus for Belize, which has a dedicated Ministry and a five-year strategic management plan to achieve sustainable economic development for healthy marine environments and a strong economy derived from the wealth within the sea. The country has also adopted the Blue Bonds for Conservation model in Belize to unlock sustainable funding for marine conservation to support the Blue Economy. However, translating new opportunities into productive sectors will require investment in research and development, building technical capacity, and creating the right environment to attract and retain outside investment.
The Blue Economy is “low-hanging fruit” for many countries in the Caribbean, including Belize, to not only diversify its opportunities for sustained economic growth but also for appropriate management interventions to secure the long-term viability of ecosystems thereby securing the resource base for economic prosperity. Thus, focusing Belize’s resources on the areas with the most opportunity, Coastal and Ocean Tourism, Aquaculture and Fisheries, and Maritime Transport and Shipping, can cultivate the growth of the industry and best prime the country for attracting investment.
The Caribbean region is known for its natural beauty and access to natural resources, which makes the region and the countries within it, like Belize, a prime location for tourist attractions. Tourism is a crucial contributor to the region’s economy – amounting to 15% of the GDP in Belize from the industry’s direct contribution.1 With a coastline spanning nearly 2,000 km along the Caribbean Sea, Belize is endowed with remarkable natural beauty including the Belize Barrier Reef, which stretches for 185 miles along Belize’s turquoise waters, making it the largest barrier reef in the northern and western hemispheres.2
Aquaculture and fisheries are also a priority in Belize, as approximately 50% of the population relies on reef fishing and tourism for their livelihoods. In 2018, the Belize Fisheries Department estimated that 2,500 people were actively employed by fishers 3 However, the volume of catches and total production has decreased significantly, from 350,000 tons a decade ago to 100,000 in recent years. To avoid overfishing while preserving the livelihoods of the Belizean population, a strategy is needed to increase investment sustainably.
For Maritime Transport and Shipping, the Port of Belize is the main seaport in the country for the import and export of cargo. It is expected that, over the next few years, cruise-based tourism, agricultural exports and imports, and the volume of inter-island marine transport will grow.4 Although shipping is a mature sector in Belize, its growth is hindered by infrastructural shortcomings and institutional arrangements, so developing a strategy to bolster its limitations and utilize Belize’s shipping strengths is essential.
1 IMF (2019), Tourism in Belize: Ensuring Sustained Growth.
2 IMF Working Paper, Tourism in Belize: Ensuring Sustained Growth
3 Belize Fisheries Department (2019), Draft Ocean Economies and Trade Strategy (UNCTAD) for Belize.
4 Ministry of Blue Economy and Civil Aviation (2019), Belize Maritime Economy Plan, https://assets.publishing.service.gov.uk/media/63e1244ee90e0762692b96cd/Belize_Maritime_Economy_Plan_August_2022.pdf
Figure
The region also has a substantial history of successfully attracting foreign direct investment, especially within the tourism industry. Foreign direct investment contributes a suite of benefits to achieve a prosperous economy, such as the transfer of knowledge, new job creation, and filling of gaps within supply chains.
Over the past ten years (between 2013-2023), the Caribbean Association of Investment Promotion Agencies (CAIPA) members, including Belize, attracted a reported 531 FDI projects, resulting in $66 billion capital expenditure (CapEx) and the creation of over 189,000 new jobs.67 Of the 531 projects, 14% were in the Hotels & Tourism sector. Transportation and Warehousing, closely linked with the key sub-sector of Maritime Transport and Shipping, accounted for 6% of all projects. Within these 531 projects, 14 projects went to Belize and 33% of those were in the Blue Economy. A dedicated investment strategy focused on the blue economy could increase Belize’s proportion of incoming projects within the region.
The economies of all CAIPA members faced significant challenges due to the impact the COVID-19 pandemic had on the tourism industry – demonstrating the region’s dependency on the tourism industry. However, in 2022, there was a significant increase of 32.6%, compared to 2021, in projects in the Hotels & Tourism sector, indicating the rebound of the industry. Belize experienced similar growth in the latter half of the decade, with Hotels & Tourism projects increasing 200%
Based on the above, Belize must adopt a strategy to diversify FDI attraction and promote key areas of strength within the Blue Economy. Belize is strategically positioned to implement a Blue Economy investment strategy due to its abundant natural resources, prime location, and its existing concentrated efforts to support the growth of the sector. The tourism sector is an element of the Blue Economy, but other key subsectors will allow Belize to leverage the various existing sectoral strengths.
This project identifies Coastal and Ocean Tourism, Aquaculture and Fisheries, and Maritime Transport and Shipping as areas with opportunity for Belize. Coastal and Ocean
5 fDi Markets
6 fDi Markets from the Financial Times, Accessed August 2023
Tourism is considered part of the Blue Economy due to the industry’s dependence on the coastal environment and its natural and cultural resources. Most coastal zone tourism occurs along the shore and in the water immediately adjacent to the shoreline.8 Aquaculture and fisheries are considered a key Blue Economy sector because involve raising or harvesting fish.9 Maritime transport & shipping then uses water and various types of vessels to transport goods and people.
By leveraging the country’s strengths and developments in the Blue Economy, as well as past and current projects funded by the Interamerican Development Bank, World Bank, and UNDP, among others, Belize can quickly diversify economic activity by further developing activities within the Blue Economy.
This report provides an in-depth evaluation of the competitive advantages inherent to Belize. Furthermore, it will highlight global investment patterns and, through a detailed supply and demand analysis, identify the sectors and specializations that warrant prioritized efforts in attracting investment.
1.2 Project Overview
In line with pillar 1 of Belize’s Investment & Climate Action Plan, this Blue Economy Investment Promotion Strategy utilizes the country’s National Blue Economy Strategy, National Investment Policy and Strategy, and the numerous Blue Economy studies that have taken place over the past few years in the Belize and the greater Caribbean region, such as the UNCTAD Blue BioTrade studies and the Caribbean Regional Oceanscape Project (CROP), among others. These serve, to define Belize’s strengths, together with global opportunities to attract and implement foreign direct investment in the Blue Economy successful. The strategy also builds upon work previously undertook. The objectives of this project are to:
- Confirm Belize’s strengths within the Blue Economy and how it compares to competitor locations in the region.
- Define priority target sectors and specific activities to pursue when attracting foreign direct investment.
- Provide comprehensive and practical training to Belize’s investment promotion agency, BELTRAIDE, to enhance engagement and interaction with foreign investors.
- Develop a skills gap analysis to outline the talent that foreign investors look for in their international expansion.
8 Encyclopedia of Coastal Science (2005), TourismandCoastalDevelopment, https://doi.org/10.1007/1-4020-3880-1_328
To achieve the project’s objectives, OCO undertook a qualitative and quantitative analysis, following a detailed methodology outlined below:
Figure 2: Project Methodology & Process
2 Executive Summary
The COVID-19 pandemic brought about profound challenges for the Caribbean region, laying bare the vulnerabilities inherent in their economies. Because Belize is rich in natural resources and has an existing ministerial and legislative foundation for the Blue Economy, the industry can offer a strategic path towards economic resilience and an avenue to attract vital Foreign Direct Investment (FDI).
At a country level, the marine environment has emerged as a pivotal sector within the growth and development strategy of Belize, brimming with transformative potential into a vibrant Blue Economy. Recognizing the potential, it is a practical next step for its Investment Promotion Agency (IPA), BELTRAIDE, to streamline and maximize its efforts and resources. This project's primary objective is to design an Investment Promotion Strategy for Blue Economy subsectors in Belize.
To accomplish this objective and empower BELTRAIDE, OCO has followed a five-stage approach:
1. Analysis of the Blue Economy Sectors: Conducting a comprehensive supply and demand analysis of the Blue Economy subsectors, identifying key trends and global opportunities.
2. Developing an Initial Blue Economy Investment Promotion Strategy: Creating a draft Investment Promotion Strategy that offers short and medium-term recommendations to attract and implement FDI opportunities in Belize.
3. Skills Gap Analysis: Develop a skills gap analysis to outline the talent that foreign investors look for in their international expansion.
4. Ad-hoc Training: Delivering targeted training to government officials and key stakeholders, equipping them with the requisite skills and knowledge to effectively attract and retain foreign investment within the Blue Economy.
5. Final Report & Recommendations: Presenting the final findings and key recommendations derived from this extensive analysis and strategy development process.
The result of the Blue Economy Investment Promotion Strategy provides an in-depth analysis of the priority Blue Economy sectors and current foreign investment activities, as well as key recommendations on how to attract and implement FDI. The strategy includes:
• A set of priority Blue Economy sectors, activities, and target markets to attract investment.
• An initial value proposition to sell Belize’s offer to foreign investors.
FDI Strategy
OCO conducted a qualitative and quantitative research analysis, which considered historic performance, global trends, and future demand to prioritize Blue Economy focus subsectors and activities within Belize. Throughout this analysis, OCO created models to prioritize the sectors, subsectors, and target markets of where to attract foreign investment.
The methodology of the research and analysis is outlined in Section 3.1 Methodology, but initial findings and recommendations are highlighted in the table below:
United States China Canada United Kingdom Norway Mariculture (seaweed and sea cucumber)
3 Maritime Shipping & Transport Boat Building & Repair
Port Modernization and Digitalization
United Kingdom
United States Canada Germany Australia
Beyond the global opportunities, OCO conducted SWOT analysis to highlight the Strengths, Weaknesses, Opportunities, and Threats for the General Blue Economy as well as for each sector within Belize. The SWOT analysis for the Blue Economy is highlighted below:
Figure 3: General Blue Economy in Belize
Marketing Strategy
To successfully attract FDI, it is recommended that BELTRAIDE creates a targeted and cohesive marketing strategy. There are a variety of marketing activities that can take place. From the diagram on the right, the marketing activities with a check mark indicate strategic activities BELTRAIDE could consider when implementing the Blue Economy Investment Promotion Strategy
We determined 5 different marketing activities that BELTRAIDE should focus on by balancing the cost of the activity and the return on investment. In Section 4.2, we explore three different budget scenarios and the appropriate activities to prioritize in each situation. The low budget scenario recommends that BELTRAIDE attends 4 shows and uses the remainder of the budget for developing value propositions and blue economy-specific pages on its website. Currently, BELTRAIDE does not attend sector-specific events and its value propositions and website pages are in the infancy stages. The medium budget option recommends 5 trade shows. In addition to building out the website and the sector-specific value propositions in this scenario, we recommend a three-month digital marketing campaign with sector-specific publications. In the high budget scenario, we recommend all of the above activities at a smaller scale to accommodate a lead generation consultant to create leads for the sector-specific staff. This consultant would also build a database of leads and hold one virtual event for foreign investors and multipliers.
The following framework is recommended to create a toolkit for promotional activities:
Figure 4: Promotional Activities Framework
• Enhanced stakeholder collaboration and engagement
• Partnerships with international Blue Economy organizations and associations
• A proactive marketing campaign
• Bespoke account management services
Medium term recommendations are to:
• Create a dedicated Blue Economy sector team within BELTRAIDE
Focus on actions to upskill Belize's workforce to be geared toward the future of the Blue Economy. v
FDI Strategy 3
3.1 Methodology
3.2 State of the local offer and international demand of the Blue Economy
3.3 Value Proposition to Sell the Offer
3.4 Market Prioritization
3.5 Quick Wins to Attract Investment
3.6 Short- and Medium-Term Recommendations to Attract and Implement FDI
3 FDI Strategy
The mission of this report is to craft a practical, purpose-driven framework that empowers Belize to expertly attract and effectively implement foreign direct investment (FDI) across key subsectors within the Blue Economy. The vision of this project is for the country to create a sector-specific approach to attract FDI that builds upon the country’s strengths, identifies opportunities for Belize in these subsectors, and recommends actions to improve its limitations. This strategy was built on the targeted impacts of attracting FDI – stimulating economic development, accelerating growth and innovation, and increasing international connectivity. The strategy provides a roadmap and essential information for the country to leverage natural resources and current activities, which can boost economic prosperity, accelerate Belize’s Blue Economy industry, and benefit the local communities through job creation and growth.
3.1 Methodology
To analyze Belize’s offer to foreign investors operating in the Blue Economy, the study uses OCO’s Competitiveness Framework. This framework evaluates the country’s offer in nine main areas that are of interest to foreign investors when they are considering expanding overseas.
To undertake the analysis, OCO utilized a variety of approaches:
• Data Analysis – Assessed data on Belize’s prior FDI performance and economic history using fDi Markets, to inform the country’s future FDI trajectory within the specified sectors.
• Stakeholder Interviews – OCO conducted a total of 23 interviews with local and international stakeholders. Local stakeholders included government officials, existing investors (both local and foreign), and industry associations. The interviews conducted with international stakeholders included Blue Economy institutes and nonprofit organizations, to better understand global demand. A full list of stakeholders is provided in the Appendix.
Figure 5: OCO Economic Competitiveness Framework
• Literature Review & Desk Research – OCO Global’s team also conducted a substantial literature review of official reports and documentation on Belize’s business environment, FDI performance, sector strengths, and the Blue Economy ecosystem.
3.2 State of the local offer and international demand of the Blue Economy
Figure 6: Blue Economy Sectors for Study's Focus
Through this research and analysis, OCO identified three Blue Economy sectors in which Belize has existing strengths. Sectors not selected included Marine Biotechnology, given that although it plays a significant role in the innovation of the Blue Economy, there are few assets in Belize that currently exist to attract investors. Furthermore, Climate Change & Coastal Management is an essential element of the entire Blue Economy – however, it is broad and encompasses many activities. Therefore, rather than casting a wide net on a sector, the report touches on Climate Change & Coastal Management activities across three prioritized sectors.
Figure 7: Priority Blue Economy Sectors & Activities to Attract FDI
3.2.1 The offer to foreign investors (supply-side)
A SWOT analysis was undertaken for each focus sector to highlight the Strengths, Weaknesses, Opportunities, and Threats relating to attracting FDI to Belize. Furthermore, using OCO’s Competitiveness Framework, OCO collected a range of data, which included 59 different indicators, to benchmark the country against main competitors within these prioritized sectors.10
The benchmark showcases Belize’s competitiveness across various themes related to the key location factors that foreign investors consider when choosing a location. The top motives for global investors have been outlined in each section as well, to highlight the topics and themes to emphasize when engaging with investors in the various industries.
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Coastal & Ocean Tourism
Coastal and Ocean Tourism is one of the most important sectors for CAIPA economies due to the region’s natural beauty, tropical location, and unique tourism activities. However, Belize faces challenges in scaling the Ocean & Coastal Tourism industry due to weak transport infrastructure and overcrowding due to poor road infrastructure. By focusing on these weaknesses, the country does have the potential to grow the sector.
Figure 8: Coastal & Ocean Tourism SWOT
Competition Benchmarking
Belize scores above average in most themes and scores fourth overall across all competitor locations. However, the country collectively scores below the average within the Business Environment, Cost of Doing Business and Infrastructure & Logistics themes. For the Business Environment theme, Belize’s score was negatively impacted by its poor performance in the Ease of Doing Business Index. While the Ease of Doing Business Index is no longer published for well-publicized reasons, OCO believes the use of its data is still worthwhile to understand the investment environment of countries. Other indicators that impacted its score were its inflation rate and its cost of business start-up procedures. Although these are important indicators of a tourist economy, Belize has much to offer within Blue Economy-specific tourism (a full list of indicators used for this sector can be found in the Appendix of the report). For example, Belize scored well-above average in the Industry Specialism and Innovation & Growth themes, which demonstrates the strength of the Tourism industry in terms of tourist arrivals and expenditure in the area and its propensity to grow in the future. Leveraging these assets within the industry, while emphasizing sustainable and eco-friendly resources will allow the country to have a competitive edge when speaking to foreign investors.
Table 2: Coastal & Ocean Tourism Benchmarking
According to data collected from fDi Markets, global investors within the Ocean & Coastal Tourism sector from the last 10 years state that their key motive for investing in a location is Domestic market growth and Proximity to markets or customers. When speaking to investors, it will be critical to highlight the opportunities relating to these top motives. However, both motives are common across all industries for foreign investors, so to have a competitive edge, Belize can emphasize the Quality of Life and Regulatory Environment, which are the next highest determining factors, respectively, for investors in the sector. Quality of life falls under 08. Safety, Security, & Wellbeing within the OCO Competitiveness Framework, whereas Regulatory Environment will fall within both 04. Taxation & Incentives and 05. Business Environment.
Figure 9: Investor Motives: Ocean and Coastal Tourism
Aquaculture & Fisheries
Aquaculture and fisheries are both well-established sectors within Belize due to historical ties and the accessibility to diverse marine life. The biggest opportunity for the country lies in diversifying its outputs to become less reliant on its typical exports (lobster, conch, etc.). With further investment in technology, there are also opportunities to grow Belize’s mariculture industry and explore the area beyond the reef, or the deep slope. These advancements must be coupled with general upskilling in the Aquaculture and Fisheries industry to avoid threats, like disease management and prevention, and spur innovation to sustain competition from other regions.
Figure 10: Aquaculture & Fisheries SWOT
Belize scores higher than average across most compete themes compared to the competitors. However, the trends from the Coastal and Ocean Tourism sector regarding the Business Environment, Cost of Doing Business and Infrastructure & Logistics themes remains, with Belize scoring below average in these themes. Belize produces the highest amount of fish among competitors at 192,226 metric tons and has some of the highest value added as a percentage of its GDP due to agriculture, forestry, and fishing. The growing focus of Belize’s universities on Marine Biology position the country as a leader for innovation and economic growth as well.
According to data collected from fDi Markets, outside of market access, global investors within the Aquaculture & Tourism sector over the last 10 years state that their key motives for investing in a location are Transport Infrastructure and Government Support. As the sector encompasses multiple facets of the value chain, from fish feed to sustainable seafood packaging and traceability, it will be essential to evaluate investors’ needs to determine which of Belize’s strengths to leverage.
The strategic location of Belize within the Caribbean offers potential as a regional maritime leisure tourism location, yet the underdeveloped infrastructure, high energy costs, and lack of local demand impede sustainable growth and international competitiveness. There are opportunities to enhance interregional transport (providing more efficient transportation corridors), scale the industry within zero/low emission activities through public-private partnerships, and provide broader benefits to other sectors within the Blue Economy.
Given the low container port traffic and number of ports, Belize ranks lower than key competing locations. However, within the Industry Specialism theme, the indicator of the Number of Vessels by Country and World Port Index scores significantly above average, indicating Belize has a larger merchant fleet. Funded by an IDB loan, there is currently a project to support Belize in export facilitation. Hence in the future,
Figure 12: Maritime Transport & Shipping SWOT
indicators such as time-release in Border Compliance will likely improve, thereby improving the business environment for investors looking to manufacture and export from the country.
Following market access, global investors state the main drivers for investing in the subsector are Industry Cluster and Transport Infrastructure. Belize can leverage strengths in interconnected transport infrastructure when attracting investors within this sector. Furthermore – leveraging advancements or strengths in Belize’s transport infrastructure throughout the Caribbean region will be an advantage for those looking to transport goods or people to Central America.
Table 4: Maritime Transport & Shipping Benchmarking
Figure 13: Investor Motives: Maritime Transport & Shipping
3.2.2 Global interest in the Blue Economy (demand-side analysis)
The ocean is critical to the world’s economy – contributing at least $2.5 trillion to the global economy (roughly 3% of global GDP according to the latest figure from 2020).11 The ocean makes much of international trade possible, provides a source of protein that 37.5% of the world’s population relies on12, and employs over 37 million people globally.13 However, with the threat of rising ocean temperatures caused by climate change, overfishing, and ocean tourism practices that are destructive to marine life, there is a shift to develop an environmentally and socially responsible ocean economy. The Blue Economy sets the framework for achieving a long-term sustainable ocean environment.
There are global trends that are increasing the demand within the Blue Economy. As the world grapples with record-high temperatures, the spotlight has intensified on climate change and its profound effects on our planet. This growing awareness of environmental issues is not confined to a niche audience; in fact, it has become a widespread concern among consumers. In 2022, a staggering 67% of consumers in the United States expressed heightened worries about sustainability compared to the previous year. This trend is even more pronounced in European countries, where sustainability concerns have surged to 77%, 76%, and 74% in Italy, the United Kingdom, and France, respectively.14 As consumers increasingly prioritize sustainability, their collective focus is compelling brands to overhaul their strategies, pivoting towards socially and environmentally responsible business models.
To determine the sectors within the Blue Economy that have the most international and greatest FDI opportunities, OCO considered four key themes:15
I. FDI Overview: FDI trends and demand within each sector.
II. Known Opportunities: number of known innovative companies and funding trends within each of the sectors.
III. Economic Impact: current market size and projected size of each sector.
IV. Sustainability: number and growth of green jobs in each sector, as well as a calculated sustainability index.
Taking the four themes, OCO determined the rank for the highest and lowest sectors based on global demand.
Table 5: Demand-Side Scores & Ranks within Priority Blue Economy Sectors
11 UNCTAD (2022), 5 global actions needed to build a sustainable ocean economy, https://unctad.org/news/5-global-actions-needed-buildsustainable-ocean-economy#:~:text=The%20ocean's%20resources%20provide%20food,of%20global%20GDP%20in%202020.
15 List of indicators and sources can be found in the Appendix of the report
Ocean & Coastal Tourism ranks particularly high because it accounts for the highest number of projects between 2018 – 2023.16
Figure 14: Number of Global FDI Projects by Blue Economy Sectors (2018-23)17
Source: fDi Markets
However, the sector experienced a 66% decline in FDI projects between 2019 and 2020, following the COVID-19 pandemic. COVID-19 had a drastic impact on the entire tourism industry. However, between 2022 and 2023, there was a 16% increase which could indicate that the industry is rebounding.
The Aquaculture & Fisheries sector has the second biggest estimated global market size of $421.2 billion by 2030. Much of the Aquaculture & Fisheries sector is fueled by economies throughout the world trying to achieve food security, which is driving innovation throughout the sector to create more sustainable fishing methods to ensure open waters are not overfished.
Although Maritime Transport & Shipping FDI projects have fluctuated since 2018, the sector is cyclical in nature, as the industry is continuously searching for innovation and efficiency. Since the International Maritime Organization (IMO) set ambitious goals to achieve Net Zero Emissions by 2050, industry leaders have been gearing toward CleanTech and Digitalization to meet the standards.
16 NB: FDI projects within the Coastal and Ocean Tourism sector uses analysis gathered by fDi Markets, covering the following subsectors: Accommodation; Other (Hotels & tourism). Because fDi Markets does not account for specific Blue Economy-related tourism the number of projects are likely higher than for Ocean & Coastal Tourism-related FDI projects.
17 fDi Markets
Assessing the sectors through the lens of FDI trends, known opportunities, economic impact, and sustainability, there are varying degrees of demand and growth potential. Ocean & Coastal Tourism, despite facing a setback due to the COVID-19 pandemic, maintains a prominent position, driven by numerous projects. The Aquaculture & Fisheries sector, driven by food security concerns, anticipates substantial market size growth. In contrast, Maritime Transport & Shipping, with its cyclical nature, is adapting to meet ambitious emission goals through innovation and digitization, which will be an essential driver for the Blue Economy. As global efforts intensify to safeguard marine resources and balance economic progress with environmental preservation, these sectors will continue to evolve, reflecting a continuous global demand.
3.3.3 Overall Sector Prioritization
When developing and implementing an FDI strategy, it is essential to build on existing strengths and capabilities while maintaining focus on sectors that are either large already or projected to grow globally. Therefore, it is essential to consider both the local supply scores and the global demand scores when determining what BELTRAIDE should focus their efforts on.
IPAs are most successful in attracting and sustaining foreign investment when resources are spent on a few sectors that are done well. When considering both Belize’s strengths and the global demands of each sector the short- and medium-term opportunities are defined in the figure below:
Table 6: Prioritized Blue Economy Sectors for Belize
While the supply and demand-side analysis heavily relies on quantitative data, it is also important to consider qualitative information across the sectors. The qualitative information includes global trends, country-specific projects impacting the sectors, and adjacent industries that can influence the value proposition to attract foreign investment. Additional qualitative analysis can be found in Chapter 5 Deep-Dive Sector Analysis.
3.3 Value Proposition to Sell the Offer
Each sector will have a Unique Selling Point (USP) to showcase the country-specific offer. The value proposition is highlighted below, and expanded upon for each sector beyond the image:
Figure 15: Regional Value Proposition for Each Blue Economy Sector
Coastal & Ocean Tourism
Unique and Captivating Natural Beauty
Belize's strategic location in Central America renders it a prime destination for tourism, boasting a diverse array of natural wonders and cultural treasures. Positioned along the Caribbean coast, Belize is renowned for its pristine beaches, vibrant coral reefs, and crystalclear waters teeming with marine life. The country's expansive network of protected areas, including the Belize Barrier Reef Reserve System, a UNESCO World Heritage Site, offers unparalleled opportunities for snorkeling, diving, and eco-adventures. Its proximity to major transportation hubs in North America and Europe, combined with a warm tropical climate year-round, further enhances Belize's appeal as a premier tourism destination. With its blend of natural beauty, cultural heritage, and accessibility, Belize stands as a beacon for travelers seeking unforgettable experiences in the heart of the Caribbean.
Sustainability-Focused
Belize's coastal tourism industry is distinguished by its commitment to sustainability, driven by the recognition of the ecological and economic value of its coastal resources. Embracing principles of conservation and responsible stewardship, Belize's tourism operators prioritize the preservation of its pristine marine ecosystems, including the world-renowned Belize Barrier Reef. In recent years, Belize implemented sustainable practices into its tourism sector, such as low-impact development, waste management, the ban on offshore drilling and single-use plastics, and marine protected areas.18 The industry seeks to minimize its environmental footprint while maximizing long-term benefits for local communities and
biodiversity through organizations like the Belize Audubon Society, which manages protected areas and offers eco-tourism activities to fund conservation efforts. Collaborative initiatives between its Ministry of Blue Economy, NGOs, and tourism stakeholders promote community engagement, environmental education, and the empowerment of coastal residents. Additionally, the Belize Tourism Board (BTB) collaborates with organizations like the Rainforest Alliance to certify hotels, lodges, and tour operators that meet high standards of environmental sustainability, social responsibility, and economic viability. By championing sustainability in coastal tourism, Belize not only safeguards its natural heritage but also ensures the resilience and prosperity of its tourism industry for generations to come.
Government Support
The Belizean government, through ministries such as the Ministry of Tourism and Diaspora Relations and the Ministry of Blue Economy and Civil Aviation, has enacted specific regulations and initiatives to perpetuate coastal and ocean tourism. One notable example is the National Sustainable Tourism Master Plan, developed by the Belize Tourism Board in collaboration with various stakeholders. This comprehensive plan outlines strategies for sustainable tourism development, including measures to protect marine ecosystems, enhance visitor experiences, and promote community involvement. Additionally, the Coastal Zone Management Authority and Institute (CZMAI) oversees the Coastal Zone Management Act, which regulates coastal development activities to minimize environmental impacts and preserve coastal resources. The government recognizes emerging opportunities, such as cruise tourism, as evidenced by their agreements for the Harvest Caye port, plans for a new airport in Riversdale, and the implementation of its 2023 Cruise Tourism Policy.19
The Ministry of Blue Economy in Belize also plays a pivotal role in fostering the growth of sustainable tourism through the implementation of the Blue Economy Development Policy & Strategy. This policy is designed to harness the potential of Belize's vast marine resources in a manner that promotes economic growth while ensuring environmental sustainability.20 By integrating the principles of the Blue Economy, the Ministry focuses on preserving marine ecosystems, enhancing marine protected areas, and promoting responsible tourism practices. Initiatives under this policy include the development of eco-friendly marine tourism activities, such as sustainable diving and snorkeling tours, and the support of communitybased marine tourism projects that provide economic opportunities for local populations. These efforts not only protect Belize's valuable marine biodiversity but also create a unique and sustainable tourism experience that attracts environmentally conscious travelers from around the world.
These regulations, combined with ongoing efforts to engage stakeholders and promote sustainable practices, demonstrate the government's commitment to ensuring the long-term viability and success of Belize's coastal and ocean tourism industry.
Aquaculture & Fisheries
Rich Marine Biodiversity
19 Ministry of Tourism and Diaspora Relations (2023), National Cruise Tourism Policy, https://www.belizetourismboard.org/wpcontent/uploads/2024/02/Cruise-Policy-Volume-1.pdf
20 Ministry of Blue Economy and Civil Aviation (2022), BelizeBlueEconomyDevelopmentPolicy&Strategy
Belize boasts a rich marine biodiversity that is unparalleled in the Caribbean region, making it a global hotspot for marine life enthusiasts and conservationists alike. At the heart of this biodiversity is the magnificent Belize Barrier Reef Reserve System, the second-largest coral reef system in the world, stretching over 300 kilometers along the country's coastline. This diverse ecosystem supports an incredible array of marine species, including over 500 species of fish, numerous species of corals, sponges, and other invertebrates, as well as iconic marine megafauna such as manatees, dolphins, and whale sharks. Beyond the reef, Belize's coastal waters are home to extensive seagrass beds, mangrove forests, and vibrant coral atolls, providing critical habitats for a wide range of marine organisms. The country's commitment to marine conservation, including the establishment of marine protected areas and sustainable tourism practices, ensures the preservation of this invaluable marine biodiversity for future generations to enjoy and appreciate.
Wealth of Local Knowledge
Belize's local knowledge of fishing is deeply rooted in its rich maritime heritage and the cultural traditions of its coastal communities. Throughout history, fishing has been a fundamental aspect of Belizean life, providing sustenance, livelihoods, and a connection to the sea. Local fishermen draw upon generations of expertise passed down through oral tradition, mastering a diverse range of catching methods tailored to the country's coastal ecosystems. One notable technique is free diving, where fishermen rely on their skill and knowledge of underwater environments to harvest seafood without the use of equipment such as spears or nets. This traditional method not only minimizes environmental impact but also showcases the intimate relationship between Belizeans and their marine environment. From handline fishing to lobster trapping, Belize's fishing practices reflect a harmonious balance between sustainable resource utilization and cultural preservation, underscoring the significance of local knowledge in safeguarding the country's marine resources for future generations.
Favorable Business Environment to Expand Seaweed & Sea Cucumber Segment
Belize possesses significant strengths in seaweed and sea cucumber harvesting, owing to its pristine coastal environments and abundant marine resources. The country's extensive barrier reef system and nutrient-rich waters provide ideal conditions for the growth and cultivation of various species of seaweed and sea cucumbers. Belizean coastal communities leverage traditional knowledge and sustainable harvesting practices to cultivate and harvest these marine resources, contributing to local livelihoods and economic development. With growing global demand for seaweed-based products and sea cucumbers in culinary and medicinal industries, Belize is well-positioned to capitalize on these strengths, further enhancing its reputation as a leading exporter of high-quality marine products while maintaining the integrity of its marine ecosystems.
Maritime Transport & Shipping
Strategic Location and Great Connectivity
Belize's strategic location is a key strength for its maritime transport and logistics sector. According to data from the World Bank, Belize's geographic position provides it with excellent connectivity to Central American and Caribbean countries, making it a vital link in regional
trade networks21. Additionally, Belize's proximity to major international markets in North America and Latin America enhances its potential as a transshipment location. This advantage is supported by a report from the United Nations Conference on Trade and Development (UNCTAD), which highlights Belize's role in facilitating trade flows between regions22
Investment and Infrastructure
The IDB has been involved in funding infrastructure projects that support the maritime sector, including port developments and logistics facilities. For example, the IDB's investment in the Port of Belize has contributed to its modernization and improved capacity to handle shipping traffic efficiently23. These investments not only enhance Belize's maritime infrastructure but also bolster its competitiveness as a prime maritime transport location in the region.
Strong Maritime Culture
The government of Belize has demonstrated strong support for the Blue Economy and maritime sector through strategic initiatives like the Blue Economy Development Policy and Strategy (BEDPS) and the Maritime Economy Plan (MEP). These initiatives, as outlined by the Belize Ministry of Blue Economy and Civil Aviation, provide a comprehensive framework for sustainable ocean governance and economic development. Furthermore, the government's proactive measures to improve port facilities and regulatory frameworks have garnered praise from international organizations such as the International Maritime Organization (IMO).24 This government support creates a conducive environment for growth and innovation in Belize's maritime transport and logistics industry.
3.4 Market Prioritization
When implementing an FDI strategy, it is increasingly important to identify companies from markets that have a strong likelihood to expand to Belize. OCO’s Market Prioritization data model has identified the top 5 markets for each of the target Blue Economy sectors. To evaluate the international markets, OCO considered 28 indicators that demonstrate opportunities in the international markets for each Blue Economy sector.25
The table below shows these results. Scores are assigned on a color scale with the darkest green indicating that a market ranked 1st for FDI in the target subsectors and the lightest yellow indicating a market ranked 5th If a column is left blank, then the country did not score within the top 5 for that particular sector.
Table 7: Top 10 Target Markets
21 World Bank, Belize, https://data.worldbank.org/country/belize.
22 UNCTAD (2020), Oceans Economy and Trade Strategy: Belize marine fisheries and seafood processing sectors, https://unctad.org/publication/oceans-economy-and-trade-strategy-belize-marine-fisheries-and-seafood-processing. https://unctad.org/system/files/official-document/rmt2020_en.pdf
24 IMO (2023), Promoting the development of Belize’s National Maritime Transport Policy, https://www.imo.org/en/MediaCentre/PressBriefings/Pages/WhatsNew-189709-BZ-eMRCC.aspx
25 List of indicators and sources can be found in the Appendix of the report
While OCO recommends BELTRAIDE should focus its resources on targeting the top 3 identified markets, it is important to also recognize the value of regional relationships and strengths within the Caribbean and with neighboring countries in Central America. For example, Mexico, Jamaica, and Panama all ranked in the top 50 markets, out of 120 analyzed.
Mexico ranked 26th overall, with strength in Maritime Transport & Shipping and Aquaculture & Fisheries; Jamaica ranked 31st overall with the Coastal & Ocean Tourism sector scoring highest; and Panama ranked 36th overall, where the Coastal & Ocean Tourism scored 19th overall. As Belize enhances international relationships to entice foreign direct investment, it should not ignore the strength of the Caribbean region and its neighboring countries to attract FDI.
3.5 Quick Wins to Attract Investment
To generate interest in foreign direct investment, Belize should leverage its current strengths and strategically allocate its resources toward sectors and international markets that offer the most promising opportunities.
To successfully gain “Quick-Wins” in FDI, it is important to recognize that target markets are determined not just by Blue Economy FDI outflows, but also by international relations with Belize, including aspects like international trade (net flows of trade), tourism (number of tourists from countries), and research and development (investment and funding amounts) within specific sectors. Overall OCO identified 26 indicators to detect priority target markets within each sector. The specific indicators can be found in the appendix of the report.
As a result, some target markets that rank highly for certain sectors may not be among the top 10 markets when considering all sectors together. The below table displays the top 4 target markets for each priority sector:
Figure 16: Top 4 Markets by Sector
When engaging with foreign investors from international markets, the sales messaging will shift depending on the Blue Economy sector and the investors’ motives. The following section provides context to the top five target markets, connects local strengths, and identifies potential companies to target FDI within each priority Blue Economy Sector.
Coastal & Ocean Tourism Priority Target Markets
The priority markets for Coastal & Ocean Tourism are the United States, Spain, Germany, France, and the United Kingdom as shown below:
The United States ranks 1st with the greatest number of FDI projects globally and into the Caribbean in the Ocean & Tourism sector. Moreover, the US provides the greatest global outbound tourism expenditure and has been the largest tourism import and export partner for the Caribbean. Belize could continue working towards promoting the country as an ideal tourism destination to attract more investments. Within the United States, the greatest number of greenfield FDI projects came from Florida, California, Pennsylvania, and Virginia.
Spain is the 2nd largest source market, scoring favorably across all metrics, while France, which ranks 4th, has contributed the most capital and employment opportunities for the Caribbean’s regional economy. Spain and France have been actively investing in the tourism sector globally, with 123 and 111 FDI projects, respectively, and thus have the potential to expand to new markets and invest in Belize.
Germany ranks 3rd and remains the top source for FDI in the blue economy, experiencing a 533% increase in the blue economy to the Caribbean and other regional competitors of Belize in the last five years. These investments came from 17 German companies.26 Germany also contributed one project to Belize, with Sunsail, one of the world’s largest sailing and water sports holiday companies and a part of Germany-based leisure giant TUI, opened its eighth base in the Caribbean, to offer clients the opportunity to charter the Sunsail 384 catamaran, to cruise the 185-mile Belizean coast.2728
France is the 4th largest source market, scoring particularly well in the total outbound tourism expenditure indicator and investment into the global blue economy. The country had 53 companies invest in the blue economy, creating almost 20,000 new jobs and $10.2B in CapEx. These companies contributed 111 projects over the last five years.
The United Kingdom stands out at the fifth place for tourism investments, with one FDI project into Belize generating $89 million in investments and 501 new jobs. It also represents the highest 5-year growth rates in FDI projects in the Caribbean, indicating a growing interest in this region. Leveraging that trend, Belize should prioritize the United Kingdom in investment promotion efforts to scale up investments.
Priority Subsectors and Activities
Belize could attract investments into Coastal & Ocean Tourism focusing on companies that promote authentic and unique cultural experiences, as according to a survey conducted by GetYourGuide, 95% of the tourists surveyed prefer to spend some time on their trip on new and unique experiences.29 This could be built on Belize’s strengths in nature capital and sustainability. Specifically, the country can focus on the unique marine wildlife and bird colonies that surround its cays. This would have to be done sustainably however, to ensure that it does not disrupt the marine ecosystem. Beyond that, such investments could involve the local community in making experiences authentic and further investments in other relevant subsectors, such as hospitality.
Target Companies
Below are examples of potential foreign investors whom Belize, could approach as part of their investment attraction efforts.
29 PR Newswire (2022), 2023 Travel Trends: U.S. Travelers Aim to Experience Destinations as Locals and Crave More Authenticity, https://www.prnewswire.com/news-releases/2023-travel-trends-us-travelers-aim-to-experience-destinations-as-locals-and-crave-more-authenticity301678422.html.
Company Name Source Market Description
Seacology United States
Intrepid Travel Australia
Iberostar Hotels & Resorts Spain
Seacology is a US-based company committed to ecotourism, preserving delicate coastal ecosystems worldwide. The company works directly with local communities to preserve habitats and strengthen their culture, allowing tourists to experience local culture sustainably. This approach is aligned with communitybased tourism that Belize could aim to achieve.
Though not located in the top target markets, Intrepid Travel is an ideal potential investor. The company offers sustainable experience-rich travel via more than 1,150 trips on all seven continents. As the world's largest travel B Corp and global adventure tour operator, Intrepid works with 26 destination management companies to take small groups on sustainable tours.
Iberostar Hotels & Resorts is a hotel chain that is committed to creating a responsible tourism model. It has launched a set of sustainable initiatives, such as the Wave of Change movement, to protect the oceans. The company already has resorts in the Caribbean and could be a target for Belize. With its responsible tourism model, it could support more sustainable and environmentally friendly tourism practices.
Aquaculture & Fisheries
Priority Target Markets
The priority markets for Aquaculture & Fisheries are United States, Chine, Canada, the United Kingdom, and Norway, as shown below.
Table 10: Priority Markets
United States is one of the largest contributors of FDI globally and in the Caribbean. In the last five years, the US created 2,500 jobs and $540M in CapEx in Aquaculture & Fisheries for Caribbean countries. The greatest number of these FDI projects came from California, Illinois, and New York.30 Belize received one of these projects from TexBel Agricultural Investments, investing $61.7M and creating 206 jobs.
China is the second largest source market, scoring favorably across all metrics. It has 3 FDI projects globally, investing $372 million and generating 1,315 jobs. China also represents the 3rd largest import source for the entire Caribbean region, indicating a potential to expand international relations and China’s investments in the region to facilitate logistics and operations.
Canada is a promising target due to the country’s significant 325% growth rate in global FDI projects. Canada’s growth demonstrates that the country has actively explored and sought opportunities in the Aquaculture & Fisheries sector. Because of the geographic proximity and large export volume of fishery products to North America, Belize is well-positioned to attract more investments from Canada to expand this sector.
The United Kingdom represents 11% of global FDI projects in the Aquaculture & Fisheries sector. In 2022, the UK Aquaculture market was valued at £1.4 billion31, and the Fish & Seafood Industry generated £4.7 billion in 2022 – demonstrating the vast market in the country. Belize can capitalize on successful UK companies and their growing interests to expand in the Caribbean region.
Norway is the fifth priority market for the Aquaculture & Fisheries sector, standing out with the greatest number of FDI projects globally. With 16 projects globally from 2018 to 2022, Norway invested $447 million and generated 1,075 new jobs. Also, it has received the largest amount of funding that could be used to further support continuous innovation and the expansion of Norwegian firms.
Jamaica, Barbados, and Trinidad & Tobago are among the top export destinations of aquaculture products from the Caribbean, ranking 3, 7, and 8 respectively in the global market. Although not comparable to other large markets in terms of FDI investments, the Caribbean region also presents an opportunity for more investments to facilitate regional trade activities.
Priority Subsectors and Activities
Belize could attract investments into Aquaculture & Fisheries, focusing on aquaculture innovation – by highlighting its capabilities of seaweed and sea cucumber cultivation and harvesting. Seaweed offers numerous benefits, including environmental sustainability as a natural carbon sink, promoting human health through its rich nutrient content, and driving economic development through aquaculture and the production of various products like food additives, cosmetics, and biofuels. Its cultivation requires minimal resources and provides livelihood opportunities for coastal communities, making it a valuable asset for addressing environmental, health, and economic challenges. Belize should also draw investments in Aquaculture & Fisheries centered around sustainable seafood production. While Belize possesses ample resources and a wide range of seafood species, they are
30 fDi Markets analysis
31 IBIS World (, 2023), Aquaculture in the UK, https://www.ibisworld.com/united-kingdom/market-research-reports/aquaculture-industry/.
relatively weak in their capabilities in seafood processing. Foreign investments are needed to fill the gaps downstream of the supply chain.
Target Companies
Below are identified examples of potential foreign investors whom Belize, could approach as part of their investment attraction efforts.
Table 11: Target Companies
Company Name Source Market Description
Dupont de Nemours United States
DuPont is a multi-industry specialty company specializing in dietary supplements, construction materials, nutrition and biosciences, pharmaceuticals, biomaterials and water solutions. DuPont Nutrition & Biosciences, a subsidiary of DuPont, is one of the world’s largest buyers of seaweed for hydrocolloids, which is further used in confectionery, dairy, beverages, fruit, meat, frozen desserts, poultry, and seafood segments. SPX Flow is a leading supplier of food processing equipment. Headquartered in Charlotte, United States, the company also has a global presence and has established manufacturing sites in Latin America. With its strengths in process solutions, SPX Flow could offer various seafood drying solutions, including air drying, vacuum drying, and tunnel drying, to help Belize build their seafood processing capabilities.
Acadian Seaplants Limited is a globally recognized industry leader that processes seaweed-based products for biochemical, food, agricultural, and agrichemical markets across the globe. The company is also engaged in the cultivation and processing of unique seaweeds for Asian and global food markets. Because of Belize’s strong ties to the Asian market for seaweed exports so far and the lack of existing processing plants in Belize, this would be a great company to target to bolster the aquaculture value chain.
Acadian Sea Plants Canada
Cargill United States
Cargill Inc. is a global food, agriculture, and nutrition company. Under its seaweed segment, the company offers one of the widest ranges of commercially available carrageenans. It uses many kinds of red seaweed, like the Eucheuma variety found in Belize. The company’s goal is to enable seaweed producers and their communities to achieve better incomes and living standards while accelerating progress toward a sustainable and transparent global seaweed supply chain.
Maritime Transport & Shipping
Priority Target Markets
The priority markets for Maritime Transport & Shipping are the United Kingdom, Germany, the United States, Canada, and the Netherlands, as shown below.
Table 12: Priority Markets
The United Kingdom is the top priority market for the Maritime Transport & Shipping sector. It has invested in 35 FDI projects globally and 1 project in the Caribbean region, representing the 2nd largest FDI source market only after the United States. Again, with its growing interest in the broader Caribbean region, Belize could work towards attracting more investments from the UK.
Companies from the United States within the Maritime Transport & Shipping industry have invested $532 million in FDI projects globally. Additionally, the US has had the greatest number of FDI projects in the Caribbean region over the past five years across all Blue Economy clusters. Because of its strategic location, Belize could attract more investments from the United States to strengthen its positioning and capabilities as a regional transshipment location. Within the United States, the greatest number of FDI projects came from Florida, California, and Illinois.
Canada has showcased significant growth in FDI outflows at 325%. Despite only 11 FDI projects globally in this sector, Canadian companies in this sector are strong in attracting funding – receiving roughly $30 billion in funding since 2018, which will fuel innovation and Canadian companies' international expansion. The Dutch Maritime sector realizes a total added value of EUR 56.5 billion, allowing the Netherlands to rank as the 5th target market.32 From innovative companies and networks, such as Conoship and Sustainable Maritime Solutions, to world-class infrastructure, such as the Port of Rotterdam, the Netherlands is a leading market in sustainable maritime solutions.
Germany has been the source of 24 global FDI projects within the Maritime Transport and Shipping industry since 2018, resulting in $502 million of capital investment and generating over 1,670 new jobs. Belize could work towards attracting German investors to expand their operation in the Caribbean region and establish a presence.
Priority Subsectors and Activities
Belize could attract investments in the Maritime Transport & Shipping sector, focusing on boat building and repair. Belize possesses a rich boat-building heritage and experience. As the demand for premium yachts continues to rise, Belize could leverage their strengths to build capabilities in luxury yachts, specialized vessels, and boat repair services. Consultative interviews indicated that the local knowledge and skill set in the boat building and repair activity is strong compared to its competitor locations and could be more effectively utilized in the Maritime Transport and Shipping sector. Furthermore, unique opportunities also lie in combining their boat-building culture with tourism offerings, allowing tourists to experience craftsmanship and culture in an authentic and immersive environment.
Belize could also attract investments in port redevelopment and modernization. With Belize looking to upgrade port infrastructure to enhance positioning within the maritime sector, investors with relevant experiences could capitalize on this opportunity to establish and expand their operations in the Caribbean.
Aligning with the transition towards a sustainable future, a specific focus could be placed on port electrification and modernization.
Target Companies
Below we have identified some examples of potential foreign investors whom Belize could approach as part of their investment attraction efforts.
Table 13: Target Companies
Company Name Source Market Description
32 The Dutch Maritime Network, ConnectingtheDutchmaritimesector, https://maritiemland.nl/en/home/./
Ports America United States
APM Terminals Netherlands
Hapag-Lloyd Germany
Ports America is the largest U.S. terminal operator and stevedore, with operations in every major port. With more than 100 years of history, the company has accumulated handful of experiences in port operation and possesses skilled personnel, robust training programs, best-in-class technology, and experienced management. Moreover, Ports America stands out as a leader in Public-Private Partnerships (PPP), successfully creating 3 projects in the US already. As Belize is looking to optimize port operations through private participation, Ports America could be an ideal target.
APM Terminals is the world’s leading port operating company, operating ports and terminals in 65 key locations around the globe. Notably, the company has already invested in ports in the Caribbean, including the Port of Caucedo in the Dominican Republic and the Port of Kingston in Jamaica. With the company’s focus on decarbonization and purposeful growth, Belize could be appealing as APM looking to strengthen footprint in relevant markets.
Headquartered in Hamburg, Germany, Hapag-Lloyd is a leading global liner shipping company that has a strong focus on sustainable practices and sets ambitious goals of reducing carbon intensity by 30% until 2030 and reaching ‘net-zero carbon’ by 2045. The company currently offers two shipping routes connecting the United States East Coast and Mexican Gulf with Central America and the Caribbean, and Belize could work towards attracting investments to build sustainable maritime practices and strengthen transhipment capabilities.
3.6 Short- and Medium-Term Recommendations to Attract and Implement FDI
To implement the strategy, it is important to establish practical short- and medium-term goals. These recommendations are suggested to enhance Belize’ current approach and FDI attractiveness – particularly within the Blue Economy. The recommendations are prioritized by short- and medium-term activities that BELTRAIDE should implement to sustainably attract and implement FDI in the Blue Economy.
Figure 17: Short and Medium Term Recommendations
Short term
1. Enhance stakeholder collaboration & engagement – the Blue Economy involves many important acting parties that can influence the growth and development of the industry, for example, the Department of Fisheries (Aquaculture & Fisheries), Ministry of Maritime (Maritime Transport & Shipping), Ministry of Tourism (Coastal & Marine Tourism), among other government departments and associations. It is essential for the various government bodies and relevant stakeholders to be engaged in the FDI process to engage investors effectively and positively.
These stakeholders should recognize the importance and their impact of engaging with investors, such as timely responses to inquiries, the availability of relevant information (such as data and statistics for investors), and collaboratively working with BELTRAIDE to win projects. These relationships can be sectoral or broken into key markets based on the market prioritization in section 3.4, to ensure that BELTRAIDE is bringing stakeholders together for a defined purpose. BELTRAIDE can also prioritize aftercare services to understand the investment bottlenecks and successes in the current business landscape, as well as company needs, which can then be communicated to the appropriate stakeholders. This aftercare service provides stakeholders with an upto-date understanding of Belize’s business environment in their sub-sector to better involve them in the investment process while also addressing operational challenges and facilitating workforce development for already established businesses.
These efforts should be coupled with policy changes to make an attractive investment environment, and tools like the single-investment window to facilitate the processes for permits and licenses. Currently, the creation of the SIW and the strengthening of the capabilities of BELTRAIDE is being financed by anIDB project. Thesetypesof activities and tools are important for attracting new business to Belize.
2. Engage in partnerships with international organizations and associations focused on Blue Economy – The Blue Economy is still very much in its early stages in development. International organizations are very much aware of the Caribbean’s potential in the Blue Economy but often are not aware of each country’s strengths and opportunities. It is important for Belize to be involved in international discussions about developing the Blue Economy to ensure the country stays aware of global gaps that may exist. This can help investors and domestic companies capitalize on the country’s own strengths to assist in filling these gaps. Examples of Blue Economy organizations and associations include the Blue Marine Foundation, The Ocean Foundation, Tourism Action Coalition for a Sustainable Ocean (TACSO), and the Travel Foundation. Developing relationships with these organizations will allow Belize to sell its offer to international stakeholders that are driving the industry by improving access to expertise and resources, enhancing its credibility and visibility with investors, and cultivating networking opportunities.
3. Develop a proactive marketing and promotion campaign – Due to its small geographic size and population, Belize will need a proactive marketing campaign to stand out. Being near leaders in FDI attractionthat invest heavily in its marketing strategies, like Costa Rica with its marketing for its economic development organization CINDE emphasizes the importance of creating a strategic marketing campaign. Belize’s current marketing efforts are not as fully developed as some of these competitors. BELTRAIDE’s website has a Blue Economy section currently, but this would need to be updated with more accurate statistics and information to be of the most value to investors. The BELTRAIDE team is starting to develop and redesign promotional materials for aquaculture and has recently attended industry events in the sector. Thus, a targeted and proactive marketing and promotion campaign is needed to showcase why companies in Blue Economy should do business in Belize. The campaign will raise awareness of Belize’s strengths and opportunities and put its value proposition on the radar for future investors. Marketing and promotion activities should focus initially on 1-2 sectors to remain focused and stimulate interest from high potential foreign investors. Marketing activities can include tradeshow attendance, website development, digital marketing and social media campaigns, and value proposition development.
4. Offer bespoke account management services - Foreign investors with existing projects in other Caribbean countries offer potential for further FDI in the region’s Blue Economy. The UNCTAD 2023 World Investment Report notes that flows to the Latin American and Caribbean region increased by 51%, while reinvested earnings reached new records.33 Reinvestments are normally larger and of higher quality than new greenfield projects and as such offer a higher return on investment. It is when IPAs start to understand and shape the growth strategies of their Foreign Owned Companies (FOCs) that they can ensure their commitment to the domestic market and reduce the possibility of the company disinvesting.
As such, to generate high-quality and strategic FDI within the Blue Economy, Belize should enhance its existing account management and aftercare offer by providing a more tailored set of services to potential and existing investors. Services that existing investors often receive from IPAs include supply chain mapping and plugging; strategy and expansion planning; and issue resolution. This can also create a more circular Blue Economy, for example, supporting the hotels to source and serve sustainable local fish or incentivizing locally made boats to be used for sustainable water-based tourist activities. Although BELTRAIDE does feature aftercare services as part of their mission, we recommend a more structured approach to account management consisting of the following components:
• A national account list that categorizes investors according to their strategic importance to the country and contribution to develop the Blue Economy, which will determine the type of service and account manager they will receive.
• Development of account plans and cross-government virtual account teams (including other government departments) who all have a responsibility in the relationship management of the company.
• Routine analysis and escalation of company issues to relevant government departments within Belize
• Annual Feedback Survey to measure FOC satisfaction and identify new projects.
• Targets for lead generation and FDI wins generated from existing investors.
Figure 18: Prioritizing Accounts
1. Creation of Blue Economy team within BELTRAIDE –. Currently, BELTRAIDE has sector-agnostic Investment Associates. Allocating an Investment Associatespecific to the indicated Blue Economy sub-sectors within BELTRAIDE that can share capacity with other team members would offer several benefits. It allows for the development of deep expertise and specialization in particular industries, enabling more targeted and effective promotion of investment opportunities. This team member can provide tailored support to investors by offering insights into regulatory frameworks, market dynamics, and investment incentives relevant to the sector. Moreover, a sector-specific team member can engage in proactive outreach, identifying and engaging with potential investors interested in the targeted industries through strategic marketing and participation in industry-specific events. Additionally, they facilitate collaboration and partnerships with relevant industry stakeholders, leveraging collective expertise and resources to support investment promotion efforts.
2. Build a workforce geared for the future of the Blue Economy – Given the country’s population, the workforce with relevant sector skills is limited. However, the country can collaboratively work together with neighboring countries to create a strong Blue Economy regional workforce. Belize can leverage the regional universities and schools to sustain and develop and workforce that is focused on the innovation and future of the Blue Economy. BELTRAIDE should work directly with the ministries of education to recommend courses and skills relevant to the Blue Economy, such as marine biology and engineering, sustainability hospitality and tourism management, and maritime specialty (such as boat and yacht repairs), among other degrees that are relevant to build the Blue Economy workforce. Some universities, like Galen University and the University of Belize, already feature these courses, especially regarding Tourism Management. However, stakeholder interviews indicated that the courses were not popular among students because they did not promise a lucrative career path. Thus, BELTRAIDE can work directly with current investors and potentially create incentives for investors/stakeholders that provide apprentice programs. This not only benefits the investors (by providing incentives to develop their workforce) but also enhances the practical skillset for the workforce required to enhance the Blue Economy while showcasing possible careers for students to embark on after they finish their studies.
Implementation and Action Plan of Strategy
4.1 Targets and Key Performance Indicators for Attracting Investment
4.2 Targets and Key Performance Indicators for Marketing Plan
4 Implementation and Action Plan of Strategy
To be successful in implementing the strategy, Belize needs to set practical key performance indications (KPIs) to measure the success and sustainability of the strategy. The action plan should follow the SMART framework of reaching a goal, which includes:
Figure 19: SMART Framework
The targets set out in the strategic plan follow the SMART framework to set practical goals for Belize to increase FDI in the Blue Economy. The targets can then be used as KPIs to measure the success of attracting FDI within the Blue Economy.
4.1 Targets and Key Performance Indicators for Attracting Investment
Belize is a small country and has limited resources to support many projects. As the number will not be large, rather than creating targets for the number of FDI projects, it is recommended to take a more qualitative and practical approach to reach attainable goals and to measure the impact of this initiative. These targets will include classical KPIs, like number of jobs or CapEx, but will be elevated to ensure inclusive economic growth that is fairly distributed across society to create opportunities for all.
To achieve this, a scorecard can be created and used to identify the quality of each project. Hence, Belize should focus on projects that attain the highest score:
Table 14: Project Scoring
Point system:
2 pt – meets definition; 1 pt – partially meets definition with some exceptions; 0 pts – does not meet definition
Salary
Salaries for the project are above the industry average. This aims to focus on attracting companies that are committed to investing in the local community in high-quality and paying jobs.
Research & Development
Sustainability
Contributor to the Regional Blue Economy
A project whose activities focus on R&D within Blue Economy sectors. The project can focus on creating new technology or conducting research for developing the Blue Economy. This aims to attract companies that can bring innovation to the country.
Projects that have a goal to set standards for environmental and sustainable practices. These projects can do so by showing a commitment to renewable energy, or using technology to reduce their carbon footprint, etc. This aims to attract companies committed to sustainability, which will enhance the Blue Economy industry.
This includes projects that positively contribute to developing the Blue Economy industry throughout the region. An example would be if a project sources products from neighboring countries or has the potential to train employees throughout the region. Furthermore, this can include projects that are indirectly involved with the Blue Economy that enhance the overall Blue Economy ecosystem in the region, for example, renewable energy (but not marine renewable energy) or eco-tourism (but not ocean & coastal tourism). This will emphasize the regional opportunities and encourage foreign investors to leverage the regional economy, rather than only in Belize.
Inclusive Growth Indicators
Type of Investment
This includes projects that perpetuate inclusive economic growth to ensure employment opportunities are well-distributed across locations and demographics. Examples include the percentage of female employees, the number of local talent, or setting up operations in an area with higher unemployment rates. This will promote sustainable development that will improve the greater economy, rather than a select cohort of it.
This indicator will evaluate the type of investment in Belize. A reinvestment, where an existing foreign investor creates additional investments, should be treated as the gold standard because it indicates continued interest in the country. Greenfield and re-developed brownfield investments would then receive 1 point because of the capital expenditure needed to complete these projects. Overall, the indicator measures project value.
Below is an example of how the scorecard system can be used to measure the quality of the FDI project:
Table 15: Scoring Example
Project Description
A well-known ferry operator plans to establish a new route to be serviced by their electric fleet. Operations are scheduled to open in December 2024. The company is expected to operate in tandem with the Marine Transport & Shipping industry and fuel the development of the Coastal and Ocean Tourism industry by making tourism more accessible.
- CapEx of project: $40 million
2 pt – meets definition; 1 pt – partially meets definition with some exceptions; 0 pts – does not meet definition
and
&
fleet is not involved in any research and development
An electric ferry reduces carbon emissions by utilizing battery-powered electric motors instead of traditional diesel engines, which produce significant amounts of CO2 and other pollutants. By charging with renewable energy sources, such as wind or solar power, the ferry further minimizes its carbon footprint, contributing to cleaner air and water quality.
Contributor to the Regional Blue Economy
An electric ferry service can significantly contribute to the blue economy by reducing carbon emissions and lowering operating costs, thereby promoting sustainable marine transportation. Additionally, it supports the growth of ecofriendly tourism and maritime industries, fostering economic development while preserving marine ecosystems.
As Belize implements the FDI strategy, it is important to set targets for each year moving forward. In doing so, it will make it possible for the country to measure the success of the strategy and outline areas and activities to focus on.
The targets use the qualified scorecard system to focus resources on attracting quality FDI projects, rather than a certain quantity of FDI projects. The recommended targets are based on the following assumptions:
- Strategy will be implemented in Q1 2025
- 2025-2026: Implementation of short-term recommendations
- 2027-2029: Implementation of medium-term recommendations
Table 16: Project Targets
Implementation
The Short- and Medium-Term Recommendations section of the report highlights seven key actions that need to be taken to reach these targets for FDI attraction in detail; below is a table that summarizes the recommendations that should take place:
Table 17: Recommendations Summary
The various government bodies and relevant stakeholders within the Blue Economy need to be involved in the FDI process to engage investors effectively and positively. These Blue Economyspecific ministries and departments should recognize the importance and their impact of engaging with investors, such as timely response time to inquiries, the availability of relevant information (such as data and statistics for investors), and collaboratively working with BELTRAIDE to win projects.
Implementation:
- Have bi-monthly meetings with stakeholders involved in the sub-sectors of the Blue economy to highlight sector-specific frameworks, policies, etc., identify investment bottlenecks and successes, and discuss company needs.
Engage in partnerships with international organizations and associations focused on Blue Economy Short
Develop a proactive marketing and promotion campaign Short
- Have quarterly meetings with all stakeholders in the investment process to share best practices and highlight projects/developments within the Blue Economy
Belize needs to be involved in international discussions about developing the Blue Economy and be made aware of global gaps. Examples of Blue Economy organizations and associations include the Blue Marine Foundation, The Ocean Foundation, the Tourism Action Coalition for a Sustainable Ocean (TACSO), and the Travel Foundation. This could also include other regional organizations that are focusing on the Blue Economy, like OECS member states.
Implementation:
- Allocate regional relationship manager for associations
- Create and maintain relationships with five international Blue Economy organizations in the first 2 years of strategy implementation.
Outlined in detail in the marketing strategy section. Marketing and promotion activities should focus initially on 1-2 sectors to remain focused and stimulate interest from high potential foreign investors. Marketing activities can include tradeshow attendance, blue-economy specific website page development, digital marketing and social media campaigns, and value proposition development.
Implementation:
- Review next section of Targets and Key Performance Indicators for Marketing Plan
Reinvestments are normally larger and of higher quality than new greenfield projects and as such offer a higher return on investment. It is when IPAs start to understand and shape the growth strategies of their foreign-owned companies that they can ensure their commitment to the domestic market and reduce the possibility of the company disinvesting. Part of good account management also includes aftercare to ensure business retention, workforce development, and networking. It is recommended that BELTRAIDE have a more structured approach to its existing account management services consisting of components outlined in the Short- and Medium-Term Recommendations section.
Implementation:
- Implement a structured approach for account management (can be seen in section 3.6)
- Categorize and prioritize foreign investors to reach 3 re-investments in the country over the first 5 years of strategy implementation.
Creating a sector-specific team allows for the development of deep expertise and specialization in particular industries, enabling more targeted and effective promotion of investment opportunities. These teams can provide tailored support to investors by offering insights into regulatory frameworks, market dynamics, and investment incentives and leverage this in outreach and marketing campaigns.
Implementation:
- Designate a member from BELTRAIDE to act as a collaborative person with other Blue Economy ministries and organizations to stay up to date on frameworks and legislations that may be pertinent to investment
- Engage in sector-specific trade shows to make connections with those in the industry and spread awareness of Belize’s Blue Economy strengths and opportunities
Build a workforce geared for the future of the Blue Economy Long
Utilizing the skills gap analysis in section 6, the country can create a strong Blue Economy regional workforce with the appropriate skills needed to expand its industries. Belize can leverage the regional universities and schools to sustain and develop and workforce that is focused on the innovation and future of the Blue Economy.
Implementation:
- Develop partnerships with regional (Caribbeanwide) or international universities and colleges to inform them of Blue Economy opportunities in the region.
- Establish an industry-academia partnership with local associations and universities to train the workforce in the technical skills needed for industries like Aquaculture and Fisheries and Maritime Transport & Shipping
- Establish an industry-academia partnership with local and international associations and universities to train the workforce in the technical skills needed for industries like Aquaculture and Fisheries and Maritime Transport & Shipping
4.2 Targets and Key Performance Indicators for Marketing Plan
The marketing strategy will require additional resources – both monetary and human resources. Thus, it is important to have a targeted approach to ensure that funds and human resources are appropriately allocated. It is also essential to coordinate with regional organizations, such as CAIPA and Caribbean Export, to leverage the marketing activities that are taking place, which can potentially be used to promote the Blue Economy within Belize.
There are three scenarios with different budgetary options in which Belize can partake in the prioritized marketing activities. The different scenarios are based on budgets of similar developing economies in the Caribbean at a country level, however, the budgets outlined in the scenarios are recommended for marketing activities.
Table 18: Marketing Budget Scenarios
Scenario Budget ($USD per annum)
Scenario I $40,000
Scenario II $80,000
Scenario III $120,000
Detail of Marketing Plan
The lowest budget allows for focusing on the short-term opportunity classification and the highest prioritized subsectors. Provides budget for main marketing activities, except for digital marketing.
Medium budget, which increases the marketing activities for the medium-term sectors as well. Also includes an additional budget for digital marketing campaigns.
Highest budget, to allow activities across all prioritized sectors within the Blue Economy. However also marks a shift in focus of activities to proactive lead generation.
Not only will different marketing activities take place depending on the budget, but as will the amount of resources and time that goes into each marketing activity. The below tables outline the different number of activities that will take place within each marketing category. The activities are also split up by the prioritized subsectors.
Different activities are strategically prioritized based on the goals of each budget scenario. For the low-budget scenario, most resources are allocated to trade show attendance and value propositions to begin to sell investors on Belize over other locations. The medium budget would focus heavily on developing the value proposition for all sub-sectors and then utilizing the propositions through digital marketing campaigns and trade shows. For the long-term scenario, emphasis is put on hiring a lead generation consultant to interact with companies on BELTRAIDE’s behalf to encourage foreign investment.
Table 19: Low Budget Scenario
Assumption is that two people traveling $6,000 for 4 shows (1 exhibits / 2 attendance)
$9,000 for travel and
Scenario I: Low Budget
accommodation in key markets (2 people for 3 nights for 4 events)
$7,500 per value proposition. Will include value proposition and brochure creation for BELTRAIDE to promote the country and include country-specific information.
To develop a microsite on BELTRAIDE’s website. The website will link to the individual sectors with its purpose being to promote Blue Economy investment to investors. Website will use SEO and keywords relevant to Blue Economy to enhance search functionality.
Digital marketing campaigns will include advertisements on social media channels (such as LinkedIn, Google, Instagram, etc.), as well as digital advertising on sector-specific publications, etc. A Social Media campaign would run in a threemonth timeframe during Blue Economy-specific events.
The low-budget option would not bring on a consultant for this marketing activity
Table 20: Medium Budget Scenario
Scenario II: Medium Budget
Assumption is that two people traveling
$12,000 for 5 shows (2 exhibits / 3 attendance)
$15,500 for travel and accommodation in key markets (2 people for 3 nights for 5 events)
$7,500 per value proposition. Will include value proposition and brochure creation for BELTRAIDE to promote the country and include country-specific information.
To develop a microsite on BELTRAIDE’s website. The website will link to the individual sectors with its purpose being to promote Blue Economy investment to investors. Website will use SEO and keywords relevant to Blue Economy to enhance search functionality.
Digital marketing campaigns will include advertisements on social media channels (such as LinkedIn, Google, Instagram, etc.), as well as digital advertising on sector-specific publications, etc. A Social Media campaign would run in a three-month timeframe during Blue Economyspecific events.
The medium-budget option would not bring on a consultant for this marketing activity
Table 21: High Budget Scenario
Assumption is that two people traveling
$6,000 for 4 shows (1 exhibits / 2 attendance)
$9,000 for travel and accommodation in key markets (2 people for 3 nights for 4 events)
$7,500 per value proposition. Will include value proposition and brochure creation for BELTRAIDE to promote the country and include country-specific information.
To develop a microsite on BELTRAIDE’s website. The website will link to the individual sectors with its purpose being to promote Blue Economy investment to investors. Website will use SEO and keywords relevant to Blue Economy to enhance search functionality.
Digital marketing campaigns will include advertisements on social media channels (such as LinkedIn, Google, Instagram, etc.), as well as digital advertising on sector-specific publications, etc. The social media campaign would run in a threemonth timeframe during Blue Economy-specific events. Lead
A Lead Generation consultant would reach out and create leads for the sector-specific staff. The highbudget option would bring on a consultant to cover all priority sectors. The consultant would be responsible for creating a database of companies and scheduling 25 meetings and 5 leads undertaking a site visit within the priority Blue Economy sectors over a 1-year
contract. The consultant would also be responsible for one virtual event that engages with international investors and multipliers, which will promote investment opportunities in the country.
Total Budget ($USD) $120,000
Deep-Dive Sector Analysis
5.0 Blue Economy Overview
5.1 Ocean and Coastal Tourism
5.2 Aquaculture and Fisheries
5.3 Maritime Transport and Shipping
5 Sector Deep-Dives
5.0 Blue Economy Overview
According to the World Bank, “the Blue Economy is sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.”34 The Blue Economy embraces a range of sectors, including traditional ocean-based industries, such as Maritime Transport, Aquaculture & Fisheries, and Ocean & Coastal Tourism, as well as more emerging industries, such as Renewable Energy, Marine Biotechnology, and Climate Change and Coastal Management, among others.
Figure 20: Highlighted Blue Economy Sectors
The Caribbean is in a tropical oceanic climate with warm temperatures throughout the year. Countries in this region have a range of geographic attributes, like volcanic islands with dense tropical rainforests, white sandy beaches, rich coral reefs, and turquoise waters. Together, these attributes have created a stunningly rich and biodiverse environment. Matching the natural environment, the Caribbean countries are also culturally rich with a unique blend of influences from African, European, and indigenous Caribbean peoples. Given the landscape and its people, it is not surprising that a large part of the economic activity revolves around fishing, marine, and tourism industries. For example, the tourism sector accounts for roughly 15% of GDP on average across the Caribbean.35
An average of 7.8% of the CARICOM population is estimated to be employed in the agriculture sector, which is heavily involved in the fisheries sector – including activities such as fish processing, retailing, boat construction, net repairs, and other activities relating to fisheries.36 However, ongoing natural disasters –from a global pandemic to catastrophic weather storms from climate change – have posed a major challenge to the development of the sectors the region is reliant on for economic growth, including the tourism and fisheries sectors.
34 World Bank (2017), WhatistheBlueEconomy? https://www.worldbank.org/en/news/infographic/2017/06/06/blue-economy. The World Bank: What is the Blue Economy?
35 Contemporary Issues Within Caribbean Economies (2022), Caribbean Tourism Development, Sustainability, and Impacts, https://link.springer.com/chapter/10.1007/978-3-030-98865-4_10 Caribbean Tourism Development, Sustainability, and Impacts | SpringerLink
36 World Bank, Employment in agriculture (% of total employment) (modeled ILO estimate), https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS.
COVID-19 had a major impact on the tourism and hospitality sector – with international tourists in the Caribbean decreasing by 63.5% between 2019 and– 2020.37 Whereas climate change has drastically threatened the economic activities of the ocean economy; with the average global ocean surface hitting a record high of 20.6 degrees Celsius at the end of July 2023, cases significant harm to marine life and ecosystems.38
Although the ocean economy faces threats and challenges, the Caribbean region is strategically positioned to showcase the strengths of transitioning to a sustainable ocean economy – truly embracing the Blue Economy and grasping key opportunities. To do this, it will be necessary for the Caribbean countries, like Belize, to demonstrate their shift to socially and environmentally responsible activities within the Blue Economy sectors and match their strengths with those of global opportunities. The country already has a great foundation with the establishment of the Ministry of Blue Economy and several blue economy-focused legislation. The next sections will delve into how Belize should leverage these strengths to adhere to the global opportunities in each prioritized sub-sector.
5.1 Coastal and Ocean Tourism
5.1.1 How to successfully attract investment?
Belize’s embrace of sustainability, evidenced by concerted conservation efforts and ecotourism development, paves the way for investment in a tourism sector ripe for growth.39 Belize can also use its local offer to attract investment at prominent industry trade shows, like World Travel Market, ITB, and Fitur.
To attract investment in Belize's coastal and ocean tourism, we found that a combination of leveraging natural resources, facilitating policy innovation, and fostering community engagement is the best strategy for the country. These elements, backed by the government's supportive stance and proactive planning, set the stage for Belize to become a beacon of sustainable tourism investment.
Table 22: Strategic Approach
• Strategic Location with Captivating Beauty: Belize's location as a crossroads between the Caribbean and Central America positions it as a top tourism destination, known for its pristine beaches, vibrant coral reefs, and UNESCO-listed barrier reefs. Its strategic proximity to transportation
• s and warm tropical climate year-round further enhances its appeal, offering travelers unparalleled opportunities for snorkeling, diving, and eco-adventures.
• Sustainability Focus: Belize prioritizes sustainable tourism practices, especially in the coastal areas. With a ban on
37 Statista (2024), Inbound tourism spending in the Caribbean, 2019-2021, https://www.statista.com/statistics/814613/caribbean-tourismrevenue/#:~:text=The%20Caribbean%20is%20one%20of,by%20the%20COVID%2D19%20pandemic.
39 World Resources Institute (2021), BuildingaSustainableCoastalandMarineTourismEconomy, https://www.wri.org/events/2021/5/buildingsustainable-coastal-and-marine-tourism-economy
Local offer
Opportunities to pursue
offshore drilling (2018) and single-use plastics (2019), the country emphasizes conservation. Eco-resorts, wildlife sanctuaries, and diverse bird species enhance the eco-friendly experience.
• Government Support: The Belizean government actively supports Coastal and Ocean Tourism, focusing on cruise tourism, with agreements for a port in Harvest Caye and plans for a second airport in Riversdale. Anticipating a sixfold capacity increase by 2030, the National Sustainable Tourism Master Plan outlines strategic development, starting with traditional destinations and later shifting to the south from 2020.40
• Sustainability certification: Sustainability certification in tourism assures responsible and ethical practices, preserving natural resources and cultural heritage while empowering travelers to make environmentally conscious choices. By adhering to rigorous standards, certified establishments drive innovation and contribute positively to destination economies, fostering further investment from socially and eco-responsible companies.
• Cross-border trips through strengthening transport infrastructure – Belize's proximity to popular destinations like Cancun and Rivera Maya presents an opportunity for cross-border trips via blue infrastructure. However, the main challenge Belize faces in strengthening its Coastal and Ocean Tourism sector is the need for more infrastructure. Stakeholders see potential in implementing ferry services similar to L’Express des Iles, as seen in the Caribbean, to cater to anticipated changes in travel behavior, particularly among Luxury Relaxers, Yachters, and Island Explorers interested in marine-based activities and cultural experiences, which could significantly contribute to the Belize’s Blue Economy.
• Sustainable waste management: In the Caribbean, sustainable waste management is crucial due to environmental concerns exacerbated by urbanization, tourism, and industrialization. Stakeholders emphasize the urgent need for sustainable waste management in Belize, particularly in Caye Caulker and San Pedro, highlighting investment opportunities in waste collection, recycling facilities, and waste
40 International Centre for Responsible Tourism, Belize, Tourism Strategy for Coastal Communities in Southern Belize, https://fondosam.org/nopublic/librarymarfund/Sanctuary/Phase_I/Consultancies_in_the_four_Protected_Areas/Port_Honduras_Consultancies/Tourism%20Development%20Strategy% 20Southern%20Belize.pdf Tourism Strategy for Cosatal Communities Southern Belize, International Centre for responsible tourism (Fondosam.org)
Policy changes to be more attractive to investors
Belize should match its policies to adhere to global demand and be competitive with neighboring countries. Legislation should broaden the scope of tourism activities and ensure all tourists' safety. It should also be comparable to comparator countries. For example, creating internal policies that make collaboration easier so investors have a one-stop shop for licenses and permits would create a greater ease of doing business.
Target Source Markets
Spain
The USA is the largest source market for Tourism worldwide and in Belize. The US invests the most in the Latin American/Caribbean market and provides the greatest outbound tourism expenditure globally.
Spain is the second-largest contributor of investment to the Latin America & Caribbean regions in the Tourism sector and Coastal Ocean Tourism. All of its Foreign Direct Investment (FDI) projects in the Coastal Ocean Tourism sector since 2013 have been directed towards the Latin America & Caribbean regions.
5.1.2 Definition
Most coastal zone tourism occurs along the shore and in the water immediately adjacent to the shoreline. Coastal tourism activities occur outdoors and indoors as recreation, sport, play, leisure, and business.”41 In the context of the Blue Economy, coastal and ocean tourism capitalizes on a country’s natural resources to drive sustainable investment that implements a long-term utilization of marine areas.42 The sector comprises activities close to the sea, such as wildlife watching and sunbathing, and in the water, like cruising, sailing, and snorkeling.43
The coastal area not only provides the habitat to attract tourists to recreational activities in the Blue Economy but also has a significant economic impact on the success of the Coastal and Ocean Tourism industry. The sector provides direct employment to 13.4% of the labor force, rising to 37% percent of total employment with the inclusion of jobs that are indirectly supported by tourism activities44. While coastal tourism's recreational activities hold promise for profitability, their potential is hindered by the current strain on coastal facilities. Limited accessibility by land, primarily due to a scarcity of paved roads leading to tourist destinations,
41 Encyclopedia of Coastal Science Miller, M.L., Hadley, N.P. (2005),). Tourism and Coastal Development,. In: Schwartz, M.L. (eds) Encyclopedia of Coastal Science. Encyclopedia of Earth Science Series. Springer, Dordrecht. https://doi.org/10.1007/1-4020-3880-1_328
42 World Bank (2017), Sustainable tourism can drive the Blue Economy: Investing in ocean health is synonymous with generating ocean wealth, https://blogs.worldbank.org/en/voices/Sustainable-Tourism-Can-Drive-the-Blue-Economy Sustainable tourism can drive the blue economy: Investing in ocean health is synonymous with generating ocean wealth (worldbank.org)
43 European Commission, CoastalTourism, https://blue-economy-observatory.ec.europa.eu/eu-blue-economy-sectors/coastal-tourism_en Coastal tourism (europa.eu)
44 IMF (2019), Tourism in Belize: Ensuring Sustained Growth IMF | Tourism In Belize: Ensuring Sustained Growth 2019 (imf.org)
and by air, leads to an unequal distribution of tourism throughout the country. Consequently, certain sites experience overcrowding, while others remain underutilized.
5.1.3 What are the strengths? General Caribbean
By the end of 2022, there were 28.3 million registered tourist visits in the Caribbean, approximately 52.4% more than in 2021, accounting for 3.1% of all tourist arrivals worldwide45. The juxtaposition between the lush rainforests and sandy beaches is a pull for all types of travelers. The Caribbean is home to approximately 7,000 islands, so there is a landscape for nearly every type of traveler.
The Caribbean’s46 year-long warm weather entices tourists to enjoy the sea and the 20,000 square miles of coral reefs. The crystal-clear water and sunny weather make the region ideal for those wanting to swim, snorkel, scuba, or partake in other water sports and activities.
Marine wildlife watching is a significant strength of the Caribbean region. The Cayman Islands boasts one of the most famous wildlife spots, Stingray City, where visitors can wade in a shallow sandbar alongside native stingrays. Antigua & Barbuda, the Bahamas, and Turks & Caicos also attract tourists year-round to their stingray cities. Furthermore, dolphin and whale watching are prominent wildlife attractions across the Caribbean. In the summer, pilot whales migrate near the Bahamas, Dominican Republic, and Turks & Caicos, while humpback whales migrate through the Dutch Caribbean annually in the winter and spring.47
The draw to wildlife has also driven a healthy snorkel and scuba business in the Caribbean. The coral reefs in the region generate over $2.1 billion in revenue annually.48 According to the Professional Association of Diving Instructors (PADI), “There are currently 293 dive sites listed around the Caribbean, of which 244 are Reef dives, 63 are Wall dives, and 55 are Wreck dives.”49
Belize
Tourism is one of the largest growing industries in Belize. The bilingual nature of the country caters to tourists from North America, as well as Latin America and the Caribbean. Moreover, Belize is well-connected for both flights and cruises, with its Philip S.W. Goldson International Airport serving over 600,000 passengers annually and offering direct flights to major cities in North America, Central America, and the Caribbean. Most tourists flying into Belize come from the United States, which accounts for approximately 75% of all visitors arriving by air. Canada is another significant source, contributing about 10% of air arrivals. Most flights
45 Caribbean Tourism Organization (2023), Caribbean Tourism Performance and Outlook, https://www.onecaribbean.org/wpcontent/uploads/Remarks-Neil-Walters-March-3-2023-Media-conf-Final.pdf Caribbean Tourism Performance and Outlook (onecaribbean.org) 46
47 KeyCaribe, CaribbeanWildlife:Top7CreaturestoMeetWhileonVacationinParadise, https://magazine.keycaribe.com/experience/caribbeanwildlife-top-7-creatures-to-meet-while-on-vacation-inparadise/#:~:text=Caribbean%20Wildlife%3A%20Top%207%20Creatures%20to%20Meet%20While,Source%20...%206%20Manatees%20West% 20Indian%20manatees.%20 Caribbean Wildlife: Top 7 Creatures to Meet While on Vacation in Paradise - Keycaribe Magazine
48 DEMA (2024), 2024DivingFastFacts, https://www.dema.org/store/download.aspx?id=7811B097-8882-4707-A160-F999B49614B6 2023 Diving Fast Facts (dema.org)
49 PADI, Top dive sites in the Caribbean, https://www.padi.com/dive-sites/caribbean/?_ga=2.31911606.962422121.1689884470981186795.1687532422 Top dive sites in the Caribbean | PADI
originate from major U.S. cities such as Miami, Houston, Dallas, Atlanta, and Los Angeles, as well as direct flights from Toronto, Canada. Additionally, Belize City is a popular cruise destination, welcoming approximately 1.2 million cruise ship passengers each year. These robust connections make Belize an accessible and attractive destination for tourists worldwide.
Belize has established itself as a prominent world tourism brand, renowned for its rich natural and cultural offerings. The country is celebrated for its diverse ecosystems, which include the Belize Barrier Reef, a UNESCO World Heritage Site, and the second-largest barrier reef in the world, attracting numerous diving and snorkeling enthusiasts. The trend in eco-diving makes Belize a popular destination for adventure travelers globally and many tourists utilize the serene offshore cayes for astro-tourism activities. Additionally, Belize boasts a variety of eco-tourism and adventure tourism opportunities, such as exploring ancient Mayan ruins, lush rainforests, and extensive cave systems. This unique combination of natural beauty, cultural heritage, and commitment to sustainable tourism practices has positioned Belize as a leading destination for eco-conscious travelers and adventure seekers globally.
Figure 21: Hurricane Risk Index, 202250
Like the rest of the Caribbean, Belize has much to offer potential Coastal and Ocean Tourism investors. Importantly, Belize has a medium-high hurricane risk index compared to other countries in Latin America and the Caribbean, where the Bahamas has the highest index at 8.8, and Grenada has the lowest at 1.70.51
The susceptibility of Belize to hurricanes and weather-induced damage poses a considerable challenge, acting as a deterrent to tourist arrivals.
50 Statista
51 Statista (2022), European Commission, Physical exposure to tropical cyclones in Latin America and the Caribbean in 2022, by country; Statista, https://www.statista.com/statistics/1203935/hurricane-risk-index-latin-america-country/
The 2018 Climate Change Policy Assessment (CCPA) underscores Belize's high exposure to climate change and natural disasters.52 In the realm of small states, Belize ranks 3rd in susceptibility to natural disasters and 5th in vulnerability to climate change. The country's low-lying geography exacerbates the risk, making it particularly prone to severe damages from inundation should sea levels rise and storm surges intensify. A notable issue affecting tourism operations is the influx of sargassum seaweed, leading to travel cancellations and, in some instances, the closure of tourism businesses. Additionally, the nation's low-lying topography worsens the impacts of flooding and rising sea levels.53
Nevertheless, Belize boasts a thriving coastal tourism scene, a cornerstone of its economy. With a focus on eco and adventure tourism, Belize is a magnet for naturalists and adventurers. Tourism constitutes a significant 31.7% of the GDP, employing a large population share. The heavy reliance in tourism creates opportunities for further investment from hotel and tour operators to accommodate the increasing number of tourists that visit Belize every year.
Main hubs like San Pedro & Caye Caulker, San Ignacio, and Placencia concentrate on traditional tourism activities. Cruise tourism is rapidly growing, with a strategic cruise port in Harvest Caye and plans for a second international airport in Riversdale.
The upcoming completion of the Jalacte Road promises increased visitor flow to southern Belize, which is projected to grow sixfold by 2030. Belize's tourism uniquely blends diverse cultures and abundant natural resources, with the 3 S's (sea, sand, and sun) contributing over 60% of revenues. This is evident in the coastal versus inland tourism development, creating a balanced and captivating destination.
5.1.4 What is the opportunity?
Although the Coastal & Marine Tourism industry is still trying to catch up from losses due to COVID-19, the global industry is bouncing back and is expected to reach $4,518 billion by 2030.54 The industry is driven primarily by Millennials and Generation Z, as these generations accumulate disposable income and are interested in exploring new places.
The more Gen Z enters the workforce, the more this generation will become the target consumer for the industry. Gen Z is driving the industry in two main ways: 1) experience-based tourism and 2) sustainable-conscious tourism. 55Due to the sophistication and buyer power, many brands will shift to experience-based tourism and activities with a sustainable element –a prime gateway for coastal & ocean tourism as it relates to the Blue Economy.
53 World Bank, Climate Change Knowledge Portal, https://climateknowledgeportal.worldbank.org/country/belize/vulnerability#:~:text=Belize%20is%20vulnerable%20to%20hurricanes,risk%20to%20e xtreme%20temperature%20events. Climate Change Knowledge Portal for Development Practitioners and Policy Makers (climateknowledgeportal.worldbank.org)
54 Grand View Research (2022), Coastal And Maritime Tourism Market Size, Share & Trends Analysis Report, By Product (Passenger Ticket Service),By Application,By Region,AndSegmentForecasts,2022 – 2030,https://www.grandviewresearch.com/industry-analysis/coastal-maritimetourism-market-report
55
Due to the COVID-19 pandemic, FDI in the Coastal and Ocean Tourism industry has declined since 2018 but has fluctuated.
According to fDi Markets, global FDI projects relating to Coastal and Ocean Tourismi have recorded 1,287 projects since 2018, which contained an estimated $131 billion in capital expenditure and over 282,000 new jobs.56 The number of projects has declined by 80% between 2018 and 2022. The number of new jobs generated also dropped 78%, from a high of 107,400 in 2018 to 22,980 in 2022. Furthermore, CapEx decreased by 84.2% from $48.8 billion in 2018 to $7.7 billion in 2022. Although the data indicates that global FDI for the Coastal and Ocean Tourism sector is declining, it is essential to recognize the effect that the COVID-19 pandemic had on travel. Global tourism is rising again by over 41% in 2022 alone.
57
The largest source markets include Western Europe and Asia-Pacific.
39 countries were sources for FDI in the Coastal and Ocean Tourism sector over the studied period. In the largest source markets, most FDI projects are sourced from the United Kingdom (152), Spain (123), France (111), and Thailand (84). However, the United States sourced the most projects overall, with 220 projects in Coastal and Ocean Tourism going to the Latin America and Caribbean regions. Western Europe was responsible for 46% of projects, the Asia-Pacific region for 21%, and North America for 19%.
The largest destination markets include Western Europe and Asia-Pacific.
Since 2018, Mexico (83), Germany (67), the United Kingdom (54), and China (54) have received the most FDI projects within the Coastal and Ocean Tourism sector. As with Aquaculture and Fisheries, although Western Europe had the largest share of attracting Coastal and Ocean Tourism FDI projects at 38%, South America accounted for 21% of FDI
56 fDi Markets from the Financial Times, accessed August 2023
57 Statista (2024), Market size of the tourism sector worldwide from 2011 to 2023, with a forecast for 2024, https://www.statista.com/statistics/1220218/tourism-industry-market-size-global/ Global
58 fDi Markets
Figure 22: Global FDI Flows for Ocean & Coastal Tourism (2018-22)58
projects, highlighting growth opportunities in the Latin American & Caribbean region. The largest project based on CapEx was Princess Hotels, a Spanish hotel operator that invested 500 million in a construction project in Jamaica.59
Opportunities for Belize to pursue
Companies with recognized sustainability certifications
Sustainability certification in tourism plays a pivotal role in fostering responsible and ethical practices within the industry, ensuring the preservation of natural resources, cultural heritage, and local communities. Examples include Green Key, an international eco-label certifying that establishments meet energy and water conservation and waste management guidelines, or Rainforest Alliance Certified, which ensures that tourism businesses meet comprehensive sustainability criteria that cover environmental, social, and economic aspects. Green Key National Offices can be found across comparator locations, like Mexico, Trinidad and Tobago, Saint Maarten, and the Dominican Republic. To receive this certification, companies must meet a set of 13 high-standard environmental requirements. The National Office will then set the price for the certification accordingly. Currently, some banana farms are Rainforest Alliance Certified in Belize, which shows that the country has the existing framework in place to support the certification for blue economy companies, specifically within the fishing supply chain active in the Tourism and Aquaculture sectors. Certification offices exist in all countries used as comparators. Companies will then be in charge of paying for their audit.
These certifications serve as valuable indicators for travelers seeking environmentally and socially conscious experiences, empowering them to make informed choices that align with their values. Moreover, sustainability certification incentivizes tourism businesses to adopt sustainable practices, driving innovation, efficiency, and long-term viability. By adhering to rigorous standards and criteria, certified tourism establishments demonstrate their commitment to reducing environmental impact, promoting social equity, and contributing positively to destination economies. Stakeholders noted they believe commitment to sustainability certifications within coastal and ocean tourism can encourage further investment from socially and eco-responsible companies that promote diversity in investment.
Belize should bolster its Coastal and Ocean Tourism sector with environmentally-conscious hotel and travel operators that will adhere to Belize’s sustainability practices and contribute to the longevity of the sector. Examples of tourism companies that meet these standards include 1Hotels, which has locations in Cabo San Lucas and San Miguel de Allende, Mexico 1Hotels are designed with reclaimed materials and focus on energy efficiency and water conservation. They offer green housekeeping practices, use organic bed linens, and support local farmers and artisans.60 Likewise, Six Senses Hotels Resorts Spas focuses on energy conservation, waste reduction, and community engagement. They implement extensive
59
60
recycling programs, source locally produced food, and engage in marine conservation projects.61 Six Senses has a location in Grenada.
Cross-border trips through strengthening transport infrastructure
Belize is close to destination locations like Cancun and Rivera Maya in Mexico. This is an opportunity for cross-border trips through blue infrastructure.
One of the main challenges Belize faces is a need for more infrastructure to promote the strengthening of the overall Coastal and Ocean Tourism sector. There is an apparent demand to visit the Caribbean, as seen with the L’Express des Isles. As of 2012, the ferry operator L’Express des Iles has transported over 15 million people between the islands of Martinique, Guadeloupe, Dominica, Saint Lucia, Marie Galante, and Les Saintes.62
Implementing similar services in Belize could feed into the success of Coastal and Ocean Tourism in the Belize because there is nothing like L’Express des Isles established in Central America yet. Stakeholders felt the most immediate opportunity lied in connections between Belize and the Rivera Maya or Cancun. Examples of businesses to attract include ABB, a Swiss-Swedish multinational corporation specializing in automation technology and power that created the ForSea Ferries between Helsingborg, Sweden, and Helsingør, Denmark. Another example is Torqueedo, which designed and manufactured electric propulsion systems for boats of various sizes with focus on sustainable maritime solutions.
Based on anticipated changes in travel behavior over the next decade, the largest tourism segments by 2029 are expected to be Luxury Relaxers, Yachters, and Island Explorers who would largely be interested in marine-based activities and cultural experiences.63 According to interviews, the new development of a marina in the south of Belize can bolster these developments in yacht tourism, which could improve regional travel as well. The Belize Tourism Board, Ministry of the Blue Economy, and BELTRAIDE are currently leading a task force to develop the Nautical Tourism industry of yachting. To ensure its sustainability, considerations must be made into logistics like shipping and food safety requirements, but improving yacht and ferry infrastructure to allow tourists to visit multiple countries and contribute to their local economies, which would make an immense difference in the region’s Blue Economy
Sustainable waste management
In the Caribbean, sustainable waste management has emerged as a critical trend driven by environmental concerns and the recognition of the region's vulnerability to waste-related issues. With increasing urbanization, tourism, and industrialization, the Caribbean faces significant challenges in managing its waste effectively. Sustainable waste management practices are gaining importance due to their potential to mitigate pollution, protect natural ecosystems, and promote public health. Moreover, the tourism-dependent economies of
61 Six Senses, Sustainability, https://www.sixsenses.com/en/sustainability?gad_source=1&gclid=Cj0KCQjwjLGyBhCYARIsAPqTz18VMRTyv2cdN1R6bjtABuO9adYRlyjZnXXv W8s0X9auesWSiPuDVCIaAqzkEALw_wcB
62 Dominican News Online (2010), L’Express Des Isles transported 15 million passengers in 25 years, https://dominicanewsonline.com/news/homepage/news/business/lexpress-des-isles-transported-15-million-passengers-in-25years/#:~:text=Supervisor%20of%20operations%20of%20L%E2%80%99Express%20Des%20Isles%2C%20Hans,million%20people%20througho ut%20the%20islands%20where%20it%20operates. L'Express Des Isles transported 15 million passengers in 25 years - Dominica News Online
63 Forbes (2021), TheTravelandTourismIndustryby2030, https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/27/the-travel-and-tourismindustry-by-2030/?sh=3144d1ab402d The Travel And Tourism Industry By 2030 (forbes.com)
many Caribbean nations are realizing the importance of maintaining pristine environments to attract visitors and sustain local livelihoods. Stakeholders emphasized the immediate need for sustainable waste management in Belize, especially on Caye Caulker and San Pedro which are separated from the mainland. Companies like Veolia Environmental Services, a global leader in optimized resource management, provides comprehensive waste management services including collection, recycling, and disposal, as well as the recovery of energy from waste.
One key opportunity lies in the development of infrastructure for waste collection, sorting, and recycling facilities. Investing in modern waste management facilities can help increase recycling rates and reduce the amount of waste ending up in landfills or polluting marine environments. Additionally, there is potential for investment in waste-to-energy technologies, such as anaerobic digestion or thermal treatment facilities, which can convert organic waste into renewable energy sources, thus contributing to both waste reduction and clean energy generation.
5.1.5 What are the trends?
Coastal
Management and Erosion
Coastal and ocean tourism largely depends on coastal management and preserving the natural environment. Poor level of accessibility by land, mainly due to a small number of paved roads leading to the tourism destinations in Belize has created an uneven distribution of tourism flow in the country. This creates overcrowding in some sites and underutilization of others.
64
Community-based tourism
Several areas of tourism can be exclusionary to the local economy. By focusing efforts on resorts with all-inclusive options, operators restrict tourists from shopping locally. Community engagement in tourism is a viable long-term opportunity to involve the local economy and appeal to the recent trends of community-based tourism. An American Express poll of travelers in Australia, Canada, India, Japan, Mexico, and the UK “found that 68% plan to be more aware of sustainable travel companies, while 72% want to help boost tourism revenue in the local economies of the destinations they visit.”
65 Thus, finding an innovative outlet to promote community-based tourism could be advantageous in uplifting local vendors. For example, in interviews with stakeholders in Belize, it was often mentioned that the country’s manatee rehabilitation center was increasingly popular. Incorporating more ideas like this can leverage local knowledge of Belizean history and natural resources while increasing sustainable tourism practices.
Governments can also build on the growing demand and create programs encouraging tourists to get involved. For example, Grenada Tourism Authority hosts several voluntourism projects that allow visitors to help in sustainability efforts, like monitoring sea turtles, establishing its Grand Anse Artificial Reef system, hunting invasive species like lionfish, and more. As Belize considers ways to diversify its Blue Economy, community-based tourism is a
64 IMF (2019), Tourism in Belize: Ensuring Sustained Growth IMF | Tourism In Belize: Ensuring Sustained Growth 2019 (imf.org)
65 American Express (2023), 2023GlobalTravelTrendsReport, https://www.americanexpress.com/en-us/travel/discover/get-inspired/global-traveltrends 2023 Global Travel Trends Report (americanexpress.com)
great idea to perpetuate this diversification while being inclusive of the needs of the local community.
Carbon-Neutral Strategies for Tourism Companies
Companies often have sustainability goals to meet by specific target dates. After COP15, there is a focus on biodiversity to advocate for more assessments to promote the survival of vulnerable species and protect the environment.
There is room to implement these strategies by working with new corporations prioritizing marine biodiversity and fighting climate change. Iberostar is an excellent example of a corporation focusing on enhancing and perpetuating key goals of the Blue Economy. Its movement, Wave of Change, promotes sustainable seafood consumption and focuses on addressing issues of coastal health.66 Through the Wave of Change initiative, operations at the hotel will be plastic-free, waste-free, and carbon-neutral, its seafood consumption will be 100% responsible, and its focus will be on improving the ecosystems that the hotels inhabit. Regarding how guests react to the movement, “Wave of Change…is a major driver for 60% of clients to choose Iberostar by 2025.”67 When assessing new companies to establish operations in Belize, hotels like Iberostar will attract more ecologically conscious tourists while positively impacting the Blue Economy.
Intrepid Travel is another travel company that strongly desires to give back to the planet. The organization is a signatory to the United Nations Global Compact and is dedicated to contributing to healthy seas and marine areas, especially in coastal economies.68 Right now, Intrepid's only tour in the Caribbean is through Cuba. Working with Intrepid can reinforce the sustainability pledge that each focus country is committed to.
5.2 Aquaculture and Fisheries
5.2.1 How to successfully attract investment?
With the increasing demand for aquatic animals to retain food security – as well as the expansion of aquaculture – Belize has a unique proposition to supply Caribbean islands, neighboring countries in Central America, and the US.
Table 23: Strategic Approach
Local offer
▪ Rich Marine Biodiversity: Belize boasts the secondlargest barrier reef system, the Belize Barrier Reef Reserve System, a UNESCO World Heritage Site. This ecosystem supports diverse marine life, making it an attractive hub for aquaculture and fisheries activities.
▪ Government Support: Belize is committed to ocean conservation, taking proactive steps despite challenges like weather vulnerability and diseases in its marine industry. The country's efforts, including a National
66 Wave of Change, About, https://waveofchange.com/ Wave of Change - Iberostar's Pioneering Responsible Tourism movement
67 Wave of Change, About, https://waveofchange.com/ Wave of Change - Iberostar's Pioneering Responsible Tourism movement
68 Intrepid Travel, TheUNGlobalCompact, https://www.intrepidtravel.com/us/un-global-compact The UN Global Compact | Intrepid Travel US
Strategy for freshwater aquaculture and participation in the Caribbean Blue Revolution Initiative, the upcoming Blue Economy Act, and the Blue Bond, underscore its dedication to sustainable practices and preserving marine ecosystems.
▪ Strategic Geographic Location: Belize's strategic location between the Caribbean Sea and the Gulf of Mexico positions it as a vital hub for aquaculture and fisheries, facilitating easy access to international markets. Successful exports of seafood products to destinations like the United States, Mexico, and other countries underscore Belize's global competitiveness in the aquaculture industry.
• Diversification of outputs: The depletion of resources in Belize creates an imminent need to diversify the country’s outputs and methods of harvest. The countries can explore foreign investment to harvest underutilized species, like stone crabs, create conch nurseries that can mitigate overfishing, and implement semi-intensive farming as a less capital-intensive aquaculture option. This idea can also expand to the value chain, which could be expanded past exporting raw materials to diversify income for the Aquaculture industry in Belize.
Opportunities
Policy changes to be more attractive to investors
• Mariculture: The demand for seafood products cannot be matched with Belize’s supply from the fish stocks in its inner lagoons. The largest opportunity for Belize would be in the farming of marine algae, sea cucumber, and seaweed farms, which already have a well-defined market for sea cucumbers in Asia and seaweed being used in products, like hair gels. The opportunity is supported by the work of the Belize Fisheries Department and BELTRAIDE, which are utilizing legislation like the National Mariculture Policy to create a framework for sustainable investment.
• Deep slope exploration: Stakeholders also discussed the opportunity for fishing the deep slope to explore new fish types. However, greater investment is needed in the technology and infrastructure to properly conduct this exploration, like larger vessels, expanded GPS capabilities, and fish tracking devices.
To prevent overfishing in the Belize, policy changes to identify juveniles or fish with high reproductive capabilities (like female lobsters) can ensure that the fish stocks have greater opportunity to breed and remain at a larger size. This policy
would need to have a monitoring mechanism, but, if properly implemented, would mitigate current issues with its harvest.
Currently, there is no single unit to understand the permits and licenses needed by an investor or renew existing permits. Policy changes that encourage collaboration between units and ministries would positively impact Belize’s investment environment.
Source Market Rationale
Canada’s aquaculture industry contributes more than $2 billion in economic activity.69 With warming waters from climate change, Canadian aquaculture companies might want to diversify their activity in warmer climates to understand the ecosystem.
United States
Target Source Markets
Additional country to consider: the Netherlands
Aquaculture in the U.S. represents a $1.5 billion industry annually and helps support 1.7 million jobs in the broader seafood industry. 80% of its industry is focused on bivalve mollusks, so there is an export opportunity in other species, like snapper and lobster.
Though not identified through the target market prioritization, it is worth considering the Netherlands for seaweed companies due to its innovation and research in the field. In particular, the Netherlands has been leading the way in seaweed research and development, with the company North Sea Farmers managing the first commercial-scale seaweed farm, which sets aside one-quarter of the country’s territorial waters in the North Sea for wind turbines.
5.2.2 Definition
The aquaculture and fisheries sector is a specialized domain within the Blue Economy focused on the environmentally conscious way of cultivating, harvesting, processing, and distributing aquatic organisms. It involves various activities, from farming fish, shellfish, and aquatic plants to fish processing and coral reef management. This sector is significant to the Blue Economy as it drives economic growth by generating employment and sustaining populations through food security while promoting environmental sustainability.
69 Government of Canada, Canada’s Sustainable Aquaculture Program, https://www.dfo-mpo.gc.ca/aquaculture/programsprogrammes/sustainable-durable/index-eng.htm
Traditionally, fisheries are areas where fish and aquatic animals are captured for recreational and commercial purposes. The United Nations Food and Agriculture Organization’s definition of a fishery is a “unit determined by an authority or other entity that is engaged in raising or harvesting fish.”70 There are various types of fisheries, ranging between commercial, recreational, industry, and artisanal. Because overfishing can harm the environment, aquaculture and fishery activities emphasize sustainable and regenerative methods. Sustainable fisheries' goals should include efficient and proper management, healthy populations of fish, and low impact on the ecosystem.
Unlike fisheries, aquaculture is cultivating and harvesting aquatic animals and plants. The National Ocean Service defines aquaculture as “the breeding, rearing, and harvesting of fish, shellfish, algae, and other organisms in all water environments.”71 As the Blue Economy focuses on a more specific subsector of the Ocean Economy with a more sustainable and environmentally aware mindset, there is an increased focus on activities such as ensuring sustainable feeding systems, developing strategies to reduce the use of harmful products and substances, and limiting the contribute of aquaculture activities to marine litter.72
5.2.3 What are the strengths?
Caribbean
The fisheries sector in the CARICOM region is an important source of livelihood and sustenance for the inhabitants of the region. Warm coastal sea water temperatures provide many investment opportunities in the industry within the Caribbean, which increases the prospect for product diversification and sector expansion.73
According to a 2021 Caribbean Regional Fisheries Mechanism (CRFM) report, “Belize and Jamaica had been the top producers for many years, producing an average 6,662 tons and 767 tons respectively on an annual average.”74 However, fisheries in these countries tend to be overexploited, due to supply outpacing tourism demand and limited physical space for fisherman to work in. Nevertheless, aquaculture and fisheries generate export revenues and reduce seafood imports for the region.
Belize
Belize possesses remarkable strengths in its aquaculture and fisheries, anchored by the diverse coral reef ecosystems, including fringing reefs, barrier reefs, and atolls. The country is home to the longest barrier reef in the Western Hemisphere, spanning almost 185 miles and harboring vital marine habitats such as fore reefs, reef crests, and back reefs. Belize boasts three of four Western Hemisphere atolls, Lighthouse Reef, Turneffe, and Glover's Reef, known for their spectacular biodiversity and commercially important species like lobster, conch, snapper, grouper, and finfish. While fringing reefs are limited, the strategic
71 NOAA (2017),. What is Aquaculture? National Ocean Service website, https://oceanservice.noaa.gov/podcast/july17/nop08-historical-mapscharts.html, accessed on 07/11/23.
72 European Council (2022), A Sustainable Blue Economy in the EU: the Role of Fisheries and Aquaculture, https://www.europarl.europa.eu/doceo/document/TA-9-2022-0135_EN.html
73 BELTRAIDE, Fisheries and Aquaculture, https://www.BELTRAIDE.bz/fisheries aquaculture.html https://www.BELTRAIDE.bz/fisheries aquaculture.html
74 CRFM, CRFM Statistics and Information Report 2020, https://www.crfm.int/images/documents/CRFM%20Statistics%20and%20Information%20Report%202020_Final_Published.pdf CRFM Statistics and Information Report 2020
geographic location and varied coral formations make Belize a key global player in the aquaculture and fisheries sector.
The significance of Belize's aquatic ecosystems extends to mangrove forests, playing vital roles in pollutant filtration, wave impact dissipation, and erosion prevention. These salttolerant trees, lining the mainland and cays, contribute substantially to the economy through tourism, fisheries, and shoreline protection. Mangroves also play a pivotal role in carbon sequestration, underscoring their ecological importance.
Seagrass beds, dominated by turtle grass and manatee grass, add another layer to Belize's aquatic strength. These shallow areas support nutrient cycling and sediment stabilization and function as critical nursery areas for commercially important species like conch, lobster, tarpon, hogfish, yellowtail snapper, and barracuda. However, threats from dredging, pollution, runoff, and macroalgae blooms emphasize the need for effective conservation measures.
Belize's fishing industry significantly contributes to economic growth through employment, food security, income generation, and foreign exchange earnings, and it faces challenges. The sector, encompassing fisheries and aquaculture, accounted for an average of 12% of total exports from 2015 to 2021. The reliance on raw materials creates an interesting longterm opportunity to expand the value chain for seafood production and aquaculture, which could diversify Belize’s activities income. Yet, overreliance on two dominant species – spiny lobster and queen conch – poses sustainability concerns, comprising 95% to 98% of marine exports from 2016 to 202275. Addressing these challenges and diversifying fisheries practices will be crucial for the long-term health of Belize's aquaculture and fisheries, impacting its GDP and overall economic resilience.
Seaweed and sea cucumber farming in Belize are growing sectors within the country’s sustainable marine agriculture ecosystem, showing promising economic and environmental benefits. For instance, seaweed farming, particularly of the Eucheuma and Gracilaria species, has been expanding along the coastline and currently involves over 100 local farmers, providing sustainable livelihoods for coastal communities. In 2020, Belize produced approximately 40,000 pounds of dried seaweed, generating significant income for these communities.76 Meanwhile, sea cucumber farming, aimed at reducing pressure on wild populations, is being developed under strict sustainable practices to ensure long-term viability. The government, in collaboration with non-governmental organizations, supports these initiatives through training, technical assistance, and market development, promoting a balanced approach to economic development and marine conservation.
Belize also implemented a National Mariculture Policy in 2021 that focuses on developing a sustainable mariculture industry to support the country's blue economy. The policy emphasizes the cultivation of seaweed and other marine species to diversify and boost economic activities in coastal communities. Its key objectives include fostering community involvement, ensuring environmental sustainability, and securing financial investments for
75 IADB (2023), Charting a Sustainable Path: Revitalizing Belize’s Fisheries Through Science, Policy, and Empowerment, https://blogs.iadb.org/sostenibilidad/en/charting-a-sustainable-path-revitalizing-belizes-fisheries-through-science-policy-and-empowerment/ ChartingaSustainablePath:RevitalizingBelize’sFisheriesThroughScience,Policy,andEmpowerment(iadb.org)
76 Oceana (2020), State of Belize Fisheries Report, https://belize.oceana.org/wpcontent/uploads/sites/15/State_of_Belize_Fisheries_Report_2020.pdf
mariculture projects. This strategic approach aims to enhance product quality, meet international standards, and provide economic benefits to local communities through capacity building and knowledge sharing, which creates a strong business environment for foreign investors in the sector looking to expand.
5.2.4 What is the opportunity?
Seafood has been, and continues to be, a fundamental source of food globally. More than 3.3 billion people rely on seafood as their source of protein, and that number is expected to increase.77 In 2020, total fisheries and aquaculture production reached 214 million tons, and 20.2 kg per capita was intended for human consumption – a 104% increase from the 1960s.78 The world’s reliance on seafood and aquaculture is expected to increase as food security becomes a key concern.
Figure 23: Farmed fish production, 1960-2020
Global consumption of aquatic foods has increased at an average annual rate of 3%, and “FAO projects a need for a 15% increase in global fish consumption by
77 The Guardian (2023), Have we reached peak fish? https://amp-theguardiancom.cdn.ampproject.org/c/s/amp.theguardian.com/environment/2023/jul/21/have-we-reached-peak-fish
2030.”79 However, the current supply outweighs the potential demand for fish consumption and it is estimated that 45% of fish stocks are overfished, leading to an outcry for sustainable fishing and proper fish stock management.80 Furthermore, there has been a significant increase in aquaculture (including farmed fish) to replenish the number of aquatic animals available for both consumption and continue the growth of marine life and ecosystems.
The global aquaculture market was valued at $289.6 billion in 2022 and is projected to reach $421.2 billion by 2030.81 Much of this growth is fueled by the requirement to replenish the overfished aquatic animals and plants. There is a continuous concern relating to the sustainable practices of aquaculture, as aquaculture has often occurred at the expense of the environment – for example, by displacing mangrove forests. Therefore, global movements have been toward sustainable aquaculture development through effective fisheries management, upgrading and expanding value chains, and adopting innovative technology for an efficient and resilient industry.82
FDI in the Aquaculture & Fisheries industry has declined since 2018 but has fluctuated.
According to fDi Markets, global FDI projects relating to Aquaculture & Fisheriesii have captured 77 projects since 2018. These investments have led to an estimated $2.8 billion in capital expenditure and over 10,300 new jobs.83 Yet the number of projects has declined47.8% since 2018, while the number of new jobs generated also dropped (76.1%), from a high of 4,306 in 2018 to 1,030 in 2022. CapEx decreased by 63.4% from $1.1 billion in 2018 to $405.9 million in 2022. Although the data indicates that global FDI for the Aquaculture & Fisheries sector is declining, it is essential to recognize the global demand for sustainable aquaculture and fisheries to retain food security. The fact that global aquaculture is expected to increase by 45% from 2022 to 2030 indicates an opportunity to begin engaging with international investors.84
79 The Guardian (2023), Have we reached peak fish? https://amp-theguardiancom.cdn.ampproject.org/c/s/amp.theguardian.com/environment/2023/jul/21/have-we-reached-peak-fish
80 Minderoo Foundation (2021), The Global Fishing Index of2021, https://cdn.minderoo.org/content/uploads/2021/11/05140211/20220505-globalfishing-index-2021report.pdf?_gl=1*2504vz*_ga*MTMxNjQwMjcxNi4xNjkxMDczNTk2*_ga_MFMM3WMMTC*MTY5MTA3MzU5NS4xLjAuMTY5MTA3MzU5NS42MC 4wLjA.
81 Vantage Market Research (2022), Aquaculture Market- Global Industry Assessment & Forecast, https://www.vantagemarketresearch.com/industry-report/aquaculture-market2032#:~:text=Global%20Aquaculture%20Market%20is%20valued,5.5%25%20over%20the%20forecast%20period.
82 FAO (2022),, The State of World Fisheries and Aquaculture 2022, https://www.fao.org/family-farming/detail/en/c/1565527/
83 fDi Markets from the Financial Times, accessed August 2023
84 Vantage Market Research (2022), Aquaculture Market- Global Industry Assessment & Forecast, https://www.vantagemarketresearch.com/industry-report/aquaculture-market2032#:~:text=Global%20Aquaculture%20Market%20is%20valued,5.5%25%20over%20the%20forecast%20period.
Figure
24: Global FDI Flows for Aquaculture & Fisheries, 2018-2285
The largest source markets include Western Europe and Asia-Pacific.
According to fDi Markets, which collates data from public project announcements, 41 countries are sources of FDI in the Aquaculture & Fisheries sector over the studied period. Most FDI projects are sourced from Norway (16), Spain (10), Japan (10), and Singapore (7). The Western European region was responsible for 56% of the top 30 projects. Asia-Pacific region was responsible for 32%, and North America accounted for 8%.
The largest destination markets are Western Europe and North America.
Since 2018, Spain (10), the United States (7), and the United Kingdom (6) have received the most FDI projects within the Aquaculture & Fisheries sector. Although Western Europe has the largest share of attracting Aquaculture & Fisheries FDI projects at 38%, South America accounted for 12% of FDI projects, showcasing growth opportunities in the Latin American & Caribbean region. The largest project based on CapEx was Jealsa Rianxeira, a Spanish canned fish and seafood producer that invested $24.35 million in a manufacturing project in Brazil.86
Opportunities for Belize to pursue Mariculture
In Belize, mariculture is a huge opportunity for foreign investment because the country’s infrastructure cannot currently meet the demand for seafood products.87 According to stakeholders, the greatest opportunity lies in marine algae, sea cucumber, and seaweed farms because the country’s inner lagoon and ‘unlimited flats and channel areas’ complement the requirements needed to farm these species. If investors complete the proper permits and environmental impact assessments as well as adhere to zoning and regulations under the Fisheries Resources Act to establish these farms, there is a well-defined market
85 fDi Markets
86 fDi Markets from the Financial Times, Accessed August 2023
87 While Belizean farmers have tried to implement farming sea cucumbers in the past, multiple consultations indicated that this opportunity should stillbeprioritizedbecauseofthepotentialitbringstoBelize’sAquacultureandFisheriessector.
for sea cucumbers in Asia and seaweed being used across cosmetics, energy, and food industries, among others. Projects like these have been done in the United Kingdom through Sustainable Project Partners, a producer of distributed scale power and fuel through algae technology. Companies with similar motivations could be interesting targets for BELTRAIDE.
Belize also has established a National Mariculture Policy aimed at promoting the sustainable development of mariculture, which well-positioned the country for sustainable investment in the activity.88 This policy provides a framework for regulatory support, ensuring that mariculture activities comply with environmental standards and best practices. Proper permitting in the sector can avoid risks that seaweed farming can pose to marine mammals that would become entangled in it or life on the marine floor.
The Belizean governent also supports the growth of the mariculture industry through its various incentives that companies can take advantage of. Examples include the Fiscal Incentive program, which grants exemption for existing and prospective investors from import duty, business tax, etc. on items like Marine Crafts, and the Designated Processing Areas incentive, where companies in Aquaculture to support those that engage in international trade and the value addition through tax exemptions, property/land tax exemptions, Belizean foreign currency bank account access, and more.
Deep slope exploration
Stakeholders also discussed the opportunity for fishing the deep slope which could have new types of fish, like squid. To approach the deep slope market, fishers would need larger vessels with water systems or freezing facilities to house catches while out at sea, greater GPS capabilities, and fish tracking devices. Investors focused on producing and maintaining large vessels would be an interested opportunity for Belize because the cost of the intermediary goods needed to build a vessel of that size locally is not financially feasible. Focusing on the different areas of the value chain for large vessels could attract a wide array of foreign investors that can capitalize on hiring local talent. The technology to successfully explore water at that depth would be another opportunity to be fitted onto the large vessels. BELTRAIDE should target companies like DeepOcean, a technology-driven company that specializes in deep ocean equipment for surveying, engineering, and maintenance. Companies like Deep Ocean would supplement the strong existing workforce with tools to make deep slope exploration possible
5.2.5 What are the trends?
Many global trends impacting the Aquaculture & Fisheries sector are the resources and adaptation to sustainable practices to address the lack of supply due to overfishing and the continuous impacts of climate change.
Five themes highlight the significant trends across the sector:
Figure 25: Composition and growth of global live-weight aquaculture production
88 Belize Fisheries Department (2021), Belize National Mariculture Policy, https://static1.squarespace.com/static/64f79fffaa1a5c7f98a0a4b4/t/64f80b46f8781b13b60c522d/1693977414644/Final+National+Mariculture+Poli cy-2023-05-10.pdf
I. Sustainability and the Blue Transformation – The industry recognized the need to shift to sustainable practices to address food security and overcome the challenges of overfished stocks. Therefore, the sector is pressured to adapt to environmentally and socially responsible practices. A vital aspect of this is effective fisheries management to provide equitable distribution and secure livelihoods. Throughout the sustainable transition, countries’ access to data and information is critical and will prove a key determinant in the future of sustainable stocks. Furthermore, expanding and upgrading value chains are essential to “ensure the social, economic and environmental viability of aquatic food systems, and secure nutritional outcomes.”89
II. Offshore Aquaculture - Much fishing is done close to the shore. However, with continuous competition for space to fish, many fisheries are turning to deeper waters, much farther from the shore. The deep waters and stronger currents can manage waste and naturally protect aquatic life. Technological advancements in offshore cages reduce the labor required to operate offshore fisheries. However, the lack of regulations and logistical issues prove multiple challenges in this practice. FOA notes that the “expansion of offshore aquaculture could significantly contribute to achieving global food production goals, increasing the availability of aquatic products to consumers and lowering production costs and, therefore, possibly market prices.” 90
III. Improvement and expansion of aquafeeds - Wild and farmed fish require a balanced mix of nutrients to thrive, and as the demand for aquatic life
89 FAO (2022),, The State of World Fisheries and Aquaculture 2022, https://www.fao.org/family-farming/detail/en/c/1565527/
90 FAO (2022),, The State of World Fisheries and Aquaculture 2022, https://www.fao.org/family-farming/detail/en/c/1565527/
increases and fish farms expand, there is a requirement for food given to fish, known as aquafeed. Scientific research continues to drive improvements in aquafeeds regarding efficiency and sustainability. There have been increased options for ingredients for aquafeed, including meals and oils from plants, fish processing trimmings, yeast and insects, proteins (from corn, peas, and wheat), and oils (from algae, canola, flaxseed, and soybean).91
IV. Expanded aquaculture production - Aquaculture is much more diverse than 20 years ago, with 40% more fish, shellfish, aquatic plants, and algal species cultivated globally in various marine, brackish, and freshwater systems.92 As seen in Figure 1, the amount and types of aquaculture products significantly increased. Although global concentration remains focused on key species, a shift towards expanding aquaculture production to incorporate different species is expected to continue.
5.3 Maritime Transport and Shipping
During interviews with stakeholders, it was determined that there is an opportunity for Belize to bridge the gap in maritime transport and shipping between the Caribbean and Central America, due to poor infrastructure in Belize’s neighboring countries that cannot meet the industry’s growing needs. Because of this, a “Central American Region” section was added to 5.3.3 to describe the logistics in the region and validate the opportunity.
5.3.1 How to successfully attract investment?
Investment in Belize's maritime sector represents a significant opportunity to capitalize on its strategic location as a bridge between CARICOM and Central America, enhancing regional connectivity through initiatives like sustainable electric mobility for marine vessels and ferry services to the Riviera Maya. Stakeholder interviews determined that modernizing and digitizing port infrastructure, particularly at underutilized ports like Big Creek, alongside adopting green port technologies such as solar power, can transform Belize into a competitive, sustainable maritime location, attracting more business from major trading partners in the US, UK, and Caribbean.
Table 24: Strategic Approach
Local offer
• Strategic Geographic Location – Belize, with its extensive coastline along the Caribbean Sea and proximity to both North and South American markets, sits at a key juncture for maritime logistics. This strategic placement facilitates access to major sea lanes, enhancing its potential as a gateway for international trade and transshipment activities. The nation’s position is ideal for becoming a pivotal point in the maritime network of the Americas, contributing to the flow of a wide array of goods.
• Blue Economy Potential – The launch of Belize’s Blue Economy Development, Policy, and Strategy showcases the country's
commitment to sustainable ocean governance and economic growth through maritime initiatives. Belize’s focus on the Blue Economy reflects its strengths in utilizing marine resources responsibly while boosting economic development and conserving the marine environment. This forward-looking approach is likely to attract investment and foster innovation in marine-related industries.
• Infrastructure for Growth – Belize's key ports, notably the Port of Belize and the Port of Big Creek, are poised for expansion and can capitalize on infrastructure developments to improve their container handling capabilities. This infrastructural potential positions Belize to effectively handle the expected increase in maritime traffic and to support the growing global logistics demands.
• Shipbuilding and Repair in Belize – In a burgeoning global shipbuilding market set to reach USD 181.57 billion by 2030, Belize stands at the threshold of a unique opportunity. With maritime trade forming the backbone of global commerce and showing consistent growth in the Caribbean and Central American regions, Belize's strategic location is its golden ticket. The nation could leverage its proximity to significant trade routes, harnessing a share of the industry's projected growth.
• Port Modernization – Port modernization is area ripe for development, offering Belize the chance to elevate its maritime logistics to new heights. Drawing inspiration from the Port of Bridgetown's integration of a Waste to Energy system and the digitization initiatives of Jamaica's ports, Belize could embark on similar advancements. By modernizing its port operations with digital billing, e-payment systems, and cargo tracking, Belize can streamline port operations and boost efficiency. The transition towards renewable energy at ports not only aligns with global sustainability goals but also opens additional revenue avenues.
The government of Belize is committed to sustainably growing the Blue Economy, as evidenced by the launch of the Blue Economy Development Policy and Strategy (BEDPS) and the Maritime Economy Plan (MEP).
The BEDPS is developed, in coordination with the Ministry of Blue Economy and Civil Aviation, to advance the development of Belize’s Blue Economy to make it thrive from 2022 – 2027. The plan focuses on the sustainable economic growth of Belize ensuring utilization of its ocean resources93
The MEP supports BEDPS and includes an outlined pathway for traditional sectors in Belize like fisheries, tourism, and shipping, as well as emerging sectors like marine renewable energy and aquaculture. The
93 Government of Belize (2022), OfficialLaunchofBelizeBlueEconomyDevelopmentPolicy&StrategyandBelizeMaritimeEconomyPlan, https://www.pressoffice.gov.bz/official-launch-of-belize-blue-economy-development-policy-strategy-and-belize-maritime-economy-plan/
MEP also aligns with Belize’s commitments to international goals such as UN SDGs94
Source Market
Target
Source Markets
United Kingdom
Rationale
The United Kingdom is the global leader in the Maritime industry across the value chain and the largest source market for Maritime Transport & Shipping. It is at the forefront of maritime innovation to develop clean maritime solutions, and Belize could target these companies to adopt sustainable maritime practices.
United States
5.3.2 Definition
The United States had the greatest number of FDI projects in the Caribbean region over the past five years. Due to the geographic proximity, US maritime investors could be interested in establishing shipment routes in Belize to improve logistics efficiency.
Maritime transport & shipping refers to transporting goods and people by water using various types of vessels. It primarily involves the transportation of cargo and freight, utilizing bulk carriers, container ships, and tankers, as well as the transportation of people with ferries and passenger ships. The industry also encompasses supporting services and activities, such as port operations and shipbuilding.
Compared to transportation by land or air, maritime transportation has distinct advantages and thus becomes preferable for long-distance logistics. While relatively slower in travel time, maritime transport offers the critical advantage of cost-effectiveness. Maritime transport could be about five times cheaper than air transport, but at the same enables the shipment of substantial volumes of cargo with increased load capacities.95 Maritime transport and shipping now play an essential role in global trade and the economy, carrying over 80% of international trade.96
In the context of the Blue Economy, there is a growing emphasis on sustainable maritime transport practices. The International Maritime Organization (IMO) has established strategic goals in its GHG Strategy to reduce the carbon intensity of all ships by 40% by 2030 compared to 2008 levels and actively support and encourage R&D in technological innovation in vessel engineering and alternative fuels and power sources.97 Beyond that,
94 Government of Belize (2022), OfficialLaunchofBelizeBlueEconomyDevelopmentPolicy&StrategyandBelizeMaritimeEconomyPlan, https://www.pressoffice.gov.bz/official-launch-of-belize-blue-economy-development-policy-strategy-and-belize-maritime-economy-plan/ 95https://www.freightos.com/freight-resources/air-freight-vs-ocean-freight-making-thedecision/#:~:text=Air%20vs%20Ocean%20Freight%20Comparison,Air%20Freight&text=Air%20freight%20is%20faster%2C%20safer,comes%20to%20shipping%20hazardous%20materials.
97IMO (2023), IMO’s work to cut GHG emissions from ships, https://www.imo.org/en/MediaCentre/HotTopics/Pages/Cutting-GHGemissions.aspx#:~:text=In%202020%2C%20the%20IMO%202020,by%202030%2C%20compared%20to%202008.
maritime transport & shipping also contribute to the development of the broader Blue Economy by supporting other sectors; for example, it is a key enabler of coastal tourism and recreational activities and ensures access to the market for aquaculture products.
5.3.3 What are the strengths?
Caribbean
Given the advantageous natural location at the crossroads of East-West and North-South maritime routes, the Caribbean region established itself as a significant hub for global maritime logistics. The expansion of the Panama Canal in 2016 has enhanced the Caribbean's ability to remain competitive in the global shipping trade, facilitating the transit of larger vessels and amplifying the flow of maritime traffic through the Caribbean. Capturing 46% of the total market share of containers moving from Northeast Asia to the United States East Coast, Panama Canal generated a toll revenue of nearly $3 billion in 2021, contributing significantly to the region's economic development. Furthermore, the Colon Free Trade Zone (CFZ), strategically located on the Caribbean Coast near the Atlantic entrance to the Panama Canal, has capitalized on the increased volume in seaborne trade carried through the Canal to become the world’s second-largest free port and a vital trading and transshipment center connecting the Caribbean markets to Asia, Europe, and North America. Accounting for 8.5% of Panama’s national GDP, the Colon Free Port has significantly contributed to Panama’s economic development by attracting more than 2,800 companies and creating 30,000 employment opportunities.98
The increased traffic of container ships after the Panama Canal expansion has presented promising opportunities for the broader Caribbean. Kingston Container Terminal in Jamaica is the best example for Caribbean countries to leverage geographic proximity to attract foreign investors and redevelop port infrastructure. Kingston port modernization project has involved CMA CGM, the third-largest container shipping company worldwide, to finance, expand, operate, and maintain Kingston Containers Terminal under a 30-year term. Kingston Port will then have increased capacity to accommodate large vessels and better efficiency in Container Freight Services and port operation. Upon completion, the port will have 90% of activity devoted predominantly to the transshipment business to serve the Caribbean market, strengthening Jamica’s positioning as a regional maritime hub. Beyond introducing fresh avenues for commercial and trade activities in Jamaica, the project also supports a healthy maritime business ecosystem by providing opportunities for local vendors and small businesses to be involved in ancillary services, including fuel supply, waste disposal from terminal activities or vessels, and maintenance dredging between the berths.99 The redeveloped port is developing a Blue Economy Strategy in the region by committing to sustainable maritime practices with enhanced waste management capabilities and energy usage efficiency.
98 International Trade Administration (2023), Panama- Country Commercial Guide, https://www.trade.gov/country-commercial-guides/panamamarket-overview#:~:text=The%20Col%C3%B3n%20Free%20Trade%20Zone's,employs%20around%20around%2030%2C000%20people https://www.trade.gov/country-commercial-guides/panama-marketoverview#:~:text=The%20Col%C3%B3n%20Free%20Trade%20Zone's,employs%20around%20around%2030%2C000%20people
99 American Journal of Transportation (2019), Investment flows into Jamaica – Will the Kingston’s Container Terminal upgrade help? https://www.ajot.com/insights/full/ai-investment-flows-into-jamaica-will-the-kingstons-container-terminal-upgrade-help
Central America
Central America is located between the Pacific Ocean and the Caribbean Sea, strategically positioning the region as a crucial area for global maritime logistics and the development of a Blue Economy. The region’s direct access to both North American and South American markets has established it as a hub for international trade.
The 2016 expansion of the Panama Canal propelled Central America to the forefront of global transshipment, raising maritime traffic and enabling vessels to carry three times more cargo than previously possible.100 As a result of proliferated trade capacities in Central America, global trade is projected to increase by 3.2% in 2024 with Central America benefiting the most from this trade boost, harnessing domestic maritime industries to drive employment and innovation. 101 Every 1% increase in port cargo because of the Panama Canal expansion increases GDP per capita growth by 7.6%102
Central American ports exhibited 18% growth of TEUs between 2000 and 2019, compared to 10% in the Caribbean and 12% in South America103. The growth of the maritime logistics and shipping industry in the western hemisphere has been most prominently driven by Central American countries.
The colossal project has catalyzed similar projects throughout the narrow passing, as countries gradually recognize the economic and strategic importance of maritime infrastructure. Costa Rica invested $1 billion to develop their mega-port, Moin, and is projected to be one of the world’s leading ports handling 2.5 million TEUs by 2030104. Other countries are following suit with Honduras expanding its Ports of Castilla and Cortes. Likewise, Nicaragua invested $130 million to lay the foundation for participation in ocean freight and El Salvador’s Autonomous Port Executive Commission is transforming its Port of Acajutla into a regional hub for maritime logistics.105 These recent investments are a testament to both the large opportunity that maritime transport presents for Central American countries on the eastern coast, but also to the lack of current infrastructure currently in place to accommodate the business the Panama Canal expansion created.
Belize
With 240 miles of eastern coastline, Belize has direct access to the Caribbean Sea.106 The country also shares 165 miles of a border with Guatemala and 171 miles with Mexico, which makes it an ideal location to ship goods.
100 Central American Group, Ocean Freight in Central America, https://www.thecentralamericangroup.com/ocean-freight-in-central https://www.thecentralamericangroup.com/ocean-freight-in-central
101 Emerald Insight (2023), Measuring the causal effect of Panama Canal expansion on Latin America and the Caribbean's economic growth: a Bayesian structural time series approach, https://www.emerald.com/insight/content/doi/10.1108/MAEM-12-2022-0011/full/html https://www.emerald.com/insight/content/doi/10.1108/MAEM-12-2022-0011/full/html
104 Port Economics, Management, and Policy, The Limon Moin Container Terminal, Costa Rica, https://porteconomicsmanagement.org/pemp/contents/part8/port-cold-chains/limon-moin-container-terminal-costa-rica/ https://porteconomicsmanagement.org/pemp/contents/part8/port-cold-chains/limon-moin-container-terminal-costa-rica/
105 Central American Group, Ocean Freight in Central America, https://www.thecentralamericangroup.com/ocean-freight-in-central https://www.thecentralamericangroup.com/ocean-freight-in-central-america/
In 2022, Belize launched its first Blue Economy Development, Policy, and Strategy (BEDPS) and Maritime Economy Plan (MEP) to outline how the Blue Economy will affect its economic growth and sustainable ocean governance.107 Belize has several key ports sparse across its coastal territory, including the Port of Belize which is primed for expansion following a recent infrastructure proposal.108 The port is in the south of Belize, Port of Big Creek, is wellpositioned to handle container ships. The BEDPS and MEP will incorporate strategies to maximize the utilization and efficiency of these ports.
Belize’s geographic position coupled with growing cruise-based tourism and agricultural sectors strongly indicate an increase in maritime transport.109 Belize's ports have significant growth potential as a global shipping location, offering strategic advantages that could position them competitively alongside larger ports in neighboring countries like Costa Rica and Mexico. Belize's geographical location on the Central American isthmus provides direct access to major maritime routes in the Caribbean Sea, making it an ideal point for transshipment and logistics operations.
Compared to Costa Rica's Port of Limón and Mexico's Port of Veracruz, Belize's ports could capitalize on their proximity to the United States and the Panama Canal, offering shorter transit times for goods destined for North American and Asian markets. While Costa Rica and Mexico have well-established ports with significant cargo volumes, Belize has the opportunity to attract niche markets and specialized cargo operations, particularly those focused on the region's growing agricultural exports and eco-friendly products.
5.3.4 What is the opportunity?
The maritime economy is vast – covering a variety of sectors, such as shipping, ports, clean energy, and leisure boats, among many others. More than 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries. Cruises and fleets also facilitate the growth of ocean tourism, which is valued at $2.9 trillion in 2021.110 Despite the disruptions during COVID-19, global Maritime Transport & Shipping Logistics are expected to grow, with promising opportunities in key subsectors.
Global market size
The global shipping containers market was valued at $10.24 billion in 2022 and is projected to reach $15.88 billion by 2027 at a CAGR of 9.2%. Much of the growth is fueled by the increasing demand for cargo transportation through ships due to cost efficiency and security.111 With Latin America and the Caribbean accounting for 17% of the world’s total maritime cargo shipping, there is an opportunity for Belize to further capitalize on the existing
107 Government of Belize (2022), OfficialLaunchofBelizeBlueEconomyDevelopmentPolicy&StrategyandBelizeMaritimeEconomyPlan, https://www.pressoffice.gov.bz/official-launch-of-belize-blue-economy-development-policy-strategy-and-belize-maritime-economy-plan/ https://www.pressoffice.gov.bz/official-launch-of-belize-blue-economy-development-policy-strategy-and-belize-maritime-economy-plan/
108 Ministry of Blue Economy and Civil Aviation, Belize Maritime Economy Plan, https://assets.publishing.service.gov.uk/media/63e1244ee90e0762692b96cd/Belize_Maritime_Economy_Plan_August_2022.pdf https://assets.publishing.service.gov.uk/media/63e1244ee90e0762692b96cd/Belize_Maritime_Economy_Plan_August_2022.pdf
110 Grand View Research (2021), Coastal and Maritime Tourism Market Size, Share & Trends Analysis Report, https://www.grandviewresearch.com/industry-analysis/coastal-maritime-tourism-market-report
111 The Business Research Company (2024), Shipping Containers Global Market 2024, https://www.thebusinessresearchcompany.com/report/shipping-containers-globalmarkethttps://www.thebusinessresearchcompany.com/report/shipping-containers-global-market report#:~:text=The%20global%20shipping%20containers%20market,(CAGR)%20of%209.1%25
share and address the gaps in demand and supply within the maritime logistics sector.112 With the global containerized trade expected to grow at an annual rate of 4%, there is substantial potential for Belize to tap into this expanding market.
The global cruise ship market was valued at $8 billion in 2021 and is projected to reach $16.7 billion by 2031, with a CAGR of 7.9%. Specifically, ocean cruise ships were one of the fastest-growing sectors in early 2020 before the pandemic. Despite the COVID-19 pandemic, cruise companies are progressing on existing fleet expansion projects and restarting shipyard operations that were put on hold in 2020.113 In the context of the Caribbean, the cruise market was estimated at $1.12 billion in 2022 and is expected to grow 3% annually, reaching $1.51 billion in 2032.114
Ports are significant transportation nodes that facilitate the transit of goods in both regional and global markets. To ensure secure and productive economic activities, governments around the globe are seeking investments from multiple sources, including public-private partnerships, to improve port infrastructure, thus fueling demand for efficient port operators and management. The global port infrastructure market size was estimated at $153.2 billion in 2021 and is expected to grow at 5.53% annually and hit $248.7 billion in 2030. Asia Pacific currently dominates the market, capturing 47% of the global revenue, and is anticipated to grow at the quickest rate during the projected period. The Latin American and Caribbean region, though capturing only 5% of the market revenue, has tremendous development potential. To enhance transportation, support commodity exports, and meet local consumer demand, the large number of underdeveloped ports in the region would have to be upgraded, thus bringing an opportunity for attracting expanding investments.115
Moreover, as there is an unprecedented increase in port congestion in the US, thus more shippers are seeking low-cost and highly efficient alternative ports in the Caribbean. According to Stefan Verberckmoes, an analyst at ocean cargo data firm Alphaliner, seaports on both the West and East Coasts of the US have experienced the worst congestion ever recorded since the advent of containerization.116 Container port operational performance was further undermined by West Coast port infrastructure weakness because of long-term underinvestment.
While shippers may shift volumes to the Gulf and East Coast ports, this challenging situation also presents a significant opportunity for growth in Caribbean transshipment businesses because of geographic proximity. According to an article in the Journal of Transport Geography, the Caribbean will pick up between 2020 and 2025 when larger ships, which US East Coast ports cannot efficiently handle, will be deployed.117 This growth in transshipment
112 CEPAL (2022), Latin American and the Caribbean shipping industry in the international context, www.cepal.org/sites/default/files/news/files/latin_american_and_the_caribbean_shipping_industry_in_the_international_context.pdf
113 Allied Market Research (2023), Cruise Ship Market Size, https://www.alliedmarketresearch.com/cruise-ship-marketA53567#:~:text=The%20global%20cruise%20ship%20market,7.9%25%20from%202022%20to%202031
115 Precedence Research, ICT- Port Infrastructure Market https://www.precedenceresearch.com/port-infrastructure-market https://www.precedenceresearch.com/port-infrastructure-market
116 Logistics Management (2023), Top US Ports 2023: Challenges persist, volumes dip, https://www.logisticsmgmt.com/article/top_us_ports_2023_challenges_persist_volumes_dip
117 Forbes (2019), The Caribbean's Share In The Global Cargo Industry Is Growing Rapidly, https://www.forbes.com/sites/daphneewingchow/2019/05/21/the-caribbeans-share-in-the-global
can have significant economic implications for Belize, leading to increased port activities, job creation, and investment opportunities, as well as a strengthened position as a regional transshipment location.
FDI in the Maritime Transport & Shipping industry, which is cyclical in nature, has declined since 2018
According to fDi Markets, global FDI projects relating to Maritime Transport & Shippingiii have captured 301 projects since 2018, leading to an estimated $3.78 billion in capital expenditure and over 20,790 new jobs. The number of projects has declined -8.6% since 2018. The number of new jobs generated also dropped (47.1%) from a high of 4,770 in 2018 to 2,523 in 2021. CapEx decreased by 52.5% from $931 million in 2018 to $442 million in 2022.
Recognized as a historically cyclical business sector, data indicates that global FDI for Maritime Transport & Shipping is has been declining since 2018 and the cyclical downturn was greatly impacted by the COVID-19 pandemic. Global Maritime Transport & Shipping has already rebounded, with a 28% increase in FDI projects in 2022, indicating a great opportunity to attract investments.
Source: fDi Markets
The largest source markets include Western Europe and North America.
Thirty-one countries were sources of FDI in the Maritime Transport & Shipping sector over the studied period. In the largest source markets, most FDI projects are sourced from the United States (48), the United Kingdom (35), the Netherlands (30), and Germany (24).
Western Europe was responsible for 60% of projects, North America for 20%., and the AsiaPacific region for 13%.
The largest destination markets include Western Europe and Asia-Pacific.
Figure 26: Global FDI Flows in Maritime Shipping and Transport, 2018-22
Since 2018, the United States (42), Germany (22), and Spain (20) have received the most FDI projects within the Maritime Transport & Shipping sector. Although Western Europe has the largest share of Maritime Transport & Shipping FDI projects at 35%, Latin America & Caribbean accounted for 7% of FDI projects. The largest project based on CapEx was Samsung Heavy Industries, a subsidiary of Samsung Group, which invested $131.8 million to manufacture shuttle tankers in Primorsky Krai, Russia.
Opportunities for Belize to pursue
Shipbuilding
The global shipbuilding industry, valued at USD 138.93 billion in 2021, is expected to surge to USD 181.57 billion by 2030, advancing at a steady CAGR of 3%119. This upward trend is largely fueled by the significant role maritime trade plays in the global economy, with oceanic routes bearing over 80% of international goods trade.120
While the Asia-Pacific region, spearheaded by China’s 43.1% contribution to global shipbuilding deliveries, currently leads the industry, the Caribbean and Central America offer untapped potential. Belize is strategically poised within this context, as the Caribbean's extensive container handling suggests a ripe market for shipbuilding and ancillary services121
Belize's advantageous positioning for maritime routes across both the Caribbean and Central America sets the stage for it to become a nexus for regional shipbuilding and vessel services. Moreover, the area's trade volumes, as evidenced by the 3% growth to 2 billion tons in maritime trade in 2021, spotlight the region's robust maritime activity.122
The maritime sector's substantial contribution to the economy of Latin America and the Caribbean is highlighted by the region's dynamic trade activity, as evidenced by the near parity of exports and imports the former at about $1.18 trillion against the latter's $1.21 trillion123. Such vitality in commerce signals a strong demand for maritime logistics and vessel services, from cargo and tanker ships to passenger liners.
This robust interchange, a hallmark of the region's trade, not only emphasizes the essential nature of maritime transport to and from these locales but also showcases the potential for a burgeoning shipbuilding industry. For nations like Belize, strategically located with access to pivotal shipping lanes, this presents an untapped opportunity. Engaging in shipbuilding could meet regional demands, enhance trade efficiency, and potentially reduce the trade imbalance by adding value through domestically built maritime assets. Examples of targets include Birdon Group US, which recently expanded to Louisiana to augment the state's shipbuilding practices based on its history of workforce and supply chain availability.
Leveraging its skilled workforce, Belize could expand its existing scope to target niche activities, including yacht repair to service the country and further afield. With the proper
122 UNCTAD (2022), UNCTAD’s Review of Maritime Transport 2022: Facts and Figures on Latin America and the Caribbean, https://unctad.org/press-material/unctads-review-maritime-transport-2022-facts-and-figures-latin-america-and-caribbean
123 World Integrated Trade Solution, LatinAmerica&CaribbeanTradeStatistics, https://wits.worldbank.org/CountryProfile/en/LCN
investment and skills, Belize could become a repair center for luxury vehicles in the Caribbean. There is a weaker market for activities such as building smaller vessels, because of the high cost of intermediary goods. Stakeholders reported that building a skiff in Belize would cost three times the amount of building it in its neighboring country, Mexico.
These economic currents offer Belize, and similar nations within the Caribbean and Central American sphere, the impetus to innovate and invest in shipbuilding capabilities that align with the region's maritime trade flow. With targeted development in this sector, Belize could significantly enhance its industrial portfolio, stimulate job creation, and strengthen its maritime services sector.
Port modernization.
Port modernization presents an array of opportunities for Belize, particularly given its strategic position in the Central American region and the Caribbean's bustling maritime trade. As observed in other Caribbean nations, the adoption of advanced port infrastructure and technologies can significantly enhance operational efficiency and economic returns.
For Belize, which seeks to enhance its maritime sector, the modernization of ports can involve the digitization of billing and cargo tracking systems, the adoption of e-payment facilities, and improvements in cargo handling. These steps could streamline port operations, reduce turnaround times, and attract more transshipment activities.
The digitalization and modernization of Belize’s ports is an excellent opportunity for foreign service companies to implement new technologies, such as automated handling equipment and port community systems to connect various stakeholders like shipping lines, customers, and port authorities, and their respective service companies. Stakeholders emphasized an urgent need for more organization and greater monitoring to improve the overall operations and efficiency of Belizean ports. Added technologies can also improve the sustainability of Belize’s ports through the integration of solar energy and amenities for electric fleets. By modernizing its ports, stakeholders felt that Belize could stand out as a link for CARICOM and Central America, rather than solely supplying the local demand as it does currently.
Some key good practice examples include:
The Bridgetown Port in Barbados is leveraging a $50 million loan to enhance its sustainability and modernization initiatives. This funding facilitates the acquisition and setup of both a Waste to Energy system and increased solar power capabilities, aiming to transform the port into an eco-friendly maritime center by 2030124. The projected outcome of these upgrades is the production of roughly 6,347 MWh of electricity each year. This power will be sold back to the national grid, reducing the port's energy expenses, and augmenting its income125 . These steps are integral to Barbados' strategy to evolve the port into a sustainable hub, contributing financially through green energy sales.
The digitization of billing, e-payments, and cargo delivery processes represent key facets of the modernization agenda for transshipment ports in the Caribbean. For instance, the Jamaica Customs Agency has implemented ASYCUDA, which significantly streamlines customs processing. This system has been pivotal in improving revenue, with estimates suggesting a potential increase of 10 to 20 percent from enhanced compliance alone126 A similar system could be implemented in Belize’s ports.
These initiatives reflect a broader industry trend where technological integration into port operations is seen as a strategic investment, crucial for increasing competitiveness and enabling ports to adapt to the rapidly evolving global trade landscape.
5.3.5
What are the trends?
The maritime industry accounts for roughly 2.8% of global greenhouse gas (GHG) emissions.127 Because it is an industry that can practically lower GHG emissions, there has been immense pressure on the maritime industry to adopt sustainable practices. The IMO set ambitious goals to achieve Net Zero Emissions by 2050, which will drive technological innovation, supportive policies, and collaboration across the value chain 128 The industry has experienced several trends to achieve the net zero targets, highlighted below.
Digitalization and Technology
Digitalization has emerged as a prominent and transformative trend within the maritime transport and shipping industry. The sector's operations have undergone significant reshaping because of technological advancements. The digital aspect of maritime sectors is immense. The global maritime digital products and services market is estimated to generate $159 billion.
One notable area where digitalization has demonstrated its benefits is port operations. Port digitalization has become increasingly prevalent and widely adopted across the industry in recent years. This entails the implementation of digital technologies to enhance the efficiency, transparency, and competitiveness of ports, terminals, and pilot stations.129 One major technology in port digitalization efforts, for instance, is blockchain. By leveraging blockchain technology, ports can enhance the security, traceability, and efficiency of transactions and data exchanges within their ecosystem. This decentralized and tamperproof system enables improved transparency, reduces paperwork, and streamlines processes, benefiting both port authorities and stakeholders.
The benefits of port digitalization extend to the entire maritime transport supply chain, as enhanced efficiency and transparency in port operations facilitate smoother cargo flows, optimize vessel turnaround times, and could be a potential mitigation to port congestion. New technology can also be used for trade facilitation, as it helps reduce trade costs and improve
126 American Shipper (2015), Jamaican Customs Makes Modernization Strides, https://www.freightwaves.com/news/jamaica-customs-makesmodernization-strides
127 UNCTAD (2022), Roadmap to decarbonize the shipping sector: Technology development, consistent policies and investment in research, development and innovation, https://unctad.org/news/transport-newsletter-article-no-99-fourth-quarter2022#:~:text=The%20maritime%20sector%20presently%20accounts,volume%20is%20transported%20by%20sea).
productivity with the trade process. For example, the IDB has supported blockchain-enabled solutions allowing information sharing among Mexico, Peru, and Costa Rica.
According to the UNCTAD report, maritime trade itself is also being reshaped by the digitalization of transport and logistics, as digital trade facilitation speeds up the trading process of customs clearance and the release of goods. Given the Caribbean’s limited ability to compete or influence prices globally, digital technology is essential in trade facilitation by reducing associated operational costs, thus generating better margins for small regional players in the maritime sector.130
Decarbonization and Sustainable Development
Sustainability and decarbonization have gained significant momentum across various sectors – particularly within maritime transport & shipping. There is a growing global trend towards “greener shipping,” supported by the strategic framework established by the IMO. The 2023 IMO Strategy on Reduction of GHG Emissions from Ships sets ambitious targets to address harmful emissions. Under this revised strategy, there is a collective commitment to achieving net-zero GHG emissions from international shipping by around 2050 and to ensure the uptake of alternative zero and near-zero GHG fuels by 2030 and indicative checkpoints for 2030 and 2040. 131 In addition to the maritime sector's focus on sustainability and decarbonization, businesses across various sectors are increasingly setting their own ESG goals and, thus, are actively seeking partnerships with shipping suppliers who share a dedication to sustainable efforts. With 40% of the maritime cargo comprised of fossil fuels, the energy transition will alter the demand for shipping, vessel types and sizes, and the fuels used by ports and ships, with shipping companies looking for alternative fuels and powers to reduce their GHG emissions.132 Growing demand is also expected in zero-emission technologies, fast ferries, zero-emission propulsion systems, and alternative fuel technologies, among other innovative solutions to reduce carbon emissions.
Port Privatization
Maritime trade recovery faces unprecedented port congestion after the Covid-19 disruptions in global logistics. The interlinked nature of the global economy and its maritime connectors has created cascading effects that impact both developed and developing economies. In the US, for example, long-term underinvestment in West Coast port infrastructure undermined container port operational efficiency. At the same time, Latin America and the Caribbean suffered significant reductions in direct connections, losing 10% of their shipping lines.133 The pressing need for operational efficiency and commercial flexibility by port management has thus demanded a progressive reduction of regulation and increasing participation of the private sector, which often possesses financial capital, technology innovation, and efficient
130 IADB, A Caribbean Settlement Network: Can Blockchain Ease Intraregional Trade in the Caribbean? https://publications.iadb.org/publications/english/viewer/A-Caribbean-Settlement-Network-Can-Blockchain-Ease-Intra-regional-Trade-in-theCaribbean.pdf
market-responsiveness ability and thus better positioned to increase autonomy, efficiency, and competitiveness of ports.134
The Caribbean has already sought investments from private sectors through public-private partnerships or transferring concessions and operation rights to private investors. For example, a new container port on the Caribbean end of the Panama Canal is in the pipeline. Mediterranean Shipping Company (MSC), a world-leading container shipping and logistics company with port operations worldwide, has entered into a partnership with private investment firm Notarc Management Group (NMG) for the concession of the Panama Colon Container Port (PCCP). With $1.4 billion investments in place, the project would further upgrade the capacity of the transshipment facility from 2.5mn to 5mn TEU.135
Public-private partnerships are also a trend for cruise ships. Royal Caribbean Group (RCCL), an innovative cruise industry leader, has invested in Port of Falmouth, Jamaica. The Jamaican Government guaranteed $125 million in financial capital, and RCCL committed $45 million in investment. The projects proved to bring significant benefits to the local economy. With the new port, cruise passenger arrivals in Falmouth increased from 0 in 2010 to 600,000 in 2011, and local communities and vendors are involved in the operation of 10,000 m2 of shops as well as land-based touristic activities, bringing more revenue for the tourism industry and contributing to Jamica’s overall economic growth.136 These projects demonstrate how participation from the private sector in port construction and operation could add strengths to the viability of the maritime sector.
134 Reason (1993), Port Privatization: An International Perspective, https://reason.org/wpcontent/uploads/files/6a983123788632131171e022e6466a7a.pdf
135 International Trade Administration (2023), Panama-CountryCommercialGuide, https://www.trade.gov/country-commercial-guides/panamamarket-overview#:~:text=The%20Col%C3%B3n%20Free%20Trade%20Zone's,employs%20around%20around%2030%2C000%20people
136 Posidonia Sea Tourism (2011), Royal Caribbean Cruise Port Investments and Privatization Examples, https://www.assoporti.it/media/2208/tercek-poseidonia-21-6-panel-2-6-11.pdf
6 Skills Gap Analysis
This gap analysis highlights the difference between the skills needed to help advance the blue economy in Belize, compared to what currently exists in the workforce. The analysis is divided into three sections:
1. The skills needed to be successful in the blue economy in three high-potential subsectors, Coastal & Ocean Tourism, Aquaculture & Fisheries, and Maritime Transport & Shipping
2. The ecosystem of existing skills in Belize
3. Recommendations and best practices from other countries
6.1 Methodology
To undertake the analysis, OCO utilized a variety of methodologies to develop a comprehensive assessment of Belize’s skills ecosystem.
• Data Analysis – Data from LinkedIn was used to better understand which skills Belizean employees in the key sectors claim proficiency in. Using LinkedIn Sales Navigator, we used country and industry-specific metrics to create a group we were able to search in for keywords and tagged skills. This data was benchmarked against the competitor countries, to understand how Belize’s skills ecosystem compares.
OCO also sought data from the Statistical Institute of Belize, World Bank Indicators, the International Labor Organization (ILO), the Ministry of Labor, BELTRAIDE, the Ministry of Education, Belize Training and Education Center, and recruiting agencies. However, none had specific data on skills in the Blue Economy that could be used in this analysis.
While a lack of data created challenges in the analysis, we were able to utilize qualitative information from the European Union, Future Skills Centre and Belize Chamber of Commerce. Because the lack of data could lead to inaccuracies in its analysis, OCO Global has created a questionnaire on skills in the Blue Economy for BELTRAIDE and the Ministry of Blue Economy to use in the future, as described at the end of this section. Moreover, the short-term recommendations describe how competitor countries are addressing collecting this data to understand their skills gaps.
• Stakeholder Interviews – OCO conducted a total of 23 interviews with local and international stakeholders. The local stakeholders from Belize, included government officials, existing investors (both local and foreign), and industry associations. The interviews conducted with international stakeholders, included Blue Economy institutes, non-profits, and leaders driving the Blue Economy industry, to fully comprehend the global demand. A full list of stakeholders is provided in the Appendix.
• Literature Review & Desk Research – OCO Global’s team conducted a substantial literature review of official reports and documentation on the skills needed to be successful in Coastal and Ocean Tourism, Aquaculture and Fisheries, and Maritime Transport & Shipping and Belize’s skills ecosystem. To study the Belizean skills
environment, OCO used information from existing institutions with training programs, studies on curricula and skills mismatches, and business social media platforms.137
6.2 Skills Needed to be Successful in the Blue Economy
In this section, the three subsectors identified in the demand and supply side analysis have each been considered in turn:
• Coastal and Ocean Tourism
• Aquaculture and Fisheries
• Maritime Transport and Shipping
The skills needed in each sector have been summarized into three key groupings: sectorspecific, general blue economy, and core competencies. This reflects the specialist nature of the skill, i.e. to what extent it is blue economy specific. Sector-specific skills indicate skills that will only be pertinent to either Coastal & Ocean Tourism, Aquaculture & Fisheries, or Maritime Transport & Shipping. Blue Economy skills that are specific to progressing the blue economy, including all its sectors. These skills will also be topical to Belize's skill ecosystem. Core competencies are skills that can be applied to any job but are also relevant to Belize's ecosystem.
Sector-specific skills cover
• skills unique to each of the three sectors, like tourism management.
• Blue economy skills cover more general skills for the blue economy that are important to investors for the success of the respective industry.
• Core competencies are sector-agnostic skills that include some soft skills.
This list of skills cited in each sector is not exhaustive but is based on those prioritized in stakeholder engagements and OCO’s literature review. For each skill, a definition is provided and its importance explained for the success of the industry.138
Each skill is considered at an individual level with an indication of what sector each respondent works in and the survey is quantified to create measurable data. This questionnaire can be distributed by BELTRAIDE and other government agencies as a SurveyMonkey or an attachment to build national data on skill strengths and gaps that can better inform program implementation and skills workshops in the future. This data can also be used to demonstrate strengths to potential investors and augment Belize’s value proposition for each sub-sector to exhibit a qualified workforce.
To ensure that this survey is the most accurate it can be, it should be distributed to a wide range of blue economy stakeholders, i.e. companies, government workers, fisherfolk, etc. In
137 The Statistical Institute of Belize, World Bank Indicators, the International Labor Organization (ILO), the Ministry of Labor, BELTRAIDE, the Ministry of Education, Belize Training and Education Center.
138 Future Skills Centre (2023), Blue Occupation Pathways Career Transitions to the Sustainable Blue Economy, https://fsc-ccf.ca/research/blueoccupation-pathways/
line with other ILO skills assessments139, the sample size should be around 100 total stakeholders or about 30 per sub-sector.
Based on a framework used by the ILO, skills are defined into either low-skill, medium-skill, or high-skill levels.140
• Low-skill level jobs typically will require basic skills in literacy and numeracy. Typically, employees in low-skill level jobs will have completed primary education.
• Medium-skilled jobs will require the completion of secondary education, typically with the completion of specialized vocational or on-the-job training.
• High-skill jobs are usually obtained after completing tertiary education. A high level of literacy to understand complex written material and problem-solve effectively would be needed.
Coastal and Ocean Tourism
In recent years, the coastal and ocean tourism sector has emerged as a vital component of the global travel industry, attracting millions of visitors annually. However, as this sector experiences unprecedented growth, there is a significant challenge in providing the skills necessary to be successful in attracting and supporting investors in the blue economy. The table below defines specific skills and levels within the sector.
Table 25: Skill groupings, specific skills, and skill levels
• Definition: This involves strategically planning, coordinating, and overseeing various aspects of the tourism industry to ensure its success. It involves proficiency in marketing, customer service, sustainability practices, and adaptability to address challenges and optimize the overall tourism experience.
• Importance: Without proper management, there could be extreme consequences for the sustainability of the marine habitat and its fauna. For countries with Coastal and Ocean Tourism industries, strong tourism management skills are necessary to ensure the industry contributes to sustainable development and provides income opportunities to coastal communities.141 Stakeholders noted that Belize had the proper educational courses and degrees to encourage strong skills in Tourism Management, but did not often see these skills transferred to the local workforce who were in management positions at hotels, tour operators, etc. Thus, making sure those with the proper degrees and training have the opportunity to showcase their skills in management positions would enhance the overall Coastal and Ocean Tourism industry.
• Example role: Tourism / Destination Managers are responsible for planning, organizing, and directing the operations of tourism establishments or destinations. They oversee marketing strategies, manage budgets, coordinate with various stakeholders, and ensure the overall satisfaction of tourists. These positions are popular among travel marketplaces, like GetYourGuide.
2. Ecotourism and Sustainability
• Definition: Involves the responsible and mindful management of tourism activities to minimize environmental impact and promote conservation. This skill set includes implementing practices that support local communities, preserve biodiversity, and prioritize the long-term health of natural ecosystems within tourism destinations.
• Importance: The importance of eco-tourism skills is two-fold and environmental sustainability has increasingly become a concern for investors and the local community alike.
o Investors: Businesses are continuously embedding sustainability and resilience principles across the lifecycle of infrastructure projects because they reflect consumers’
141 Vision Setting: A Sustainable Coastal and Marine Tourism Sector: Part One | Blog Posts | WWF (worldwildlife.org)
interests.142 In 2022, a staggering 67% of consumers in the United States expressed heightened worries about sustainability compared to the previous year.143 Thus, to attract more investors, it is increasingly important that companies in the Coastal and Ocean Tourism industry have a workforce skilled in the mindful management of ecotourism practices.
o Local Community: Without these skills, there's a higher risk of overexploitation of natural resources, degradation of ecosystems, and disturbance to wildlife, leading to long-term environmental harm. Additionally, communities may suffer from social and cultural disruptions, as tourism without proper sustainability measures can contribute to the erosion of local traditions, unequal economic benefits, and strained community relationships.
• Example role: Conservation Officers manage and protect natural resources, wildlife, and cultural heritage within tourist destinations. Their primary goal is to ensure the sustainability of tourism activities while minimizing negative impacts on the environment and local communities. These skills allow for proper monitoring and enforcement of tourist activities to ensure compliance with wildlife protection laws and educational outreach through engaging with tourists and local communities.144 Monkey Bay Wildlife Sanctuary in Belize is currently hiring for this role.
1. Environmental Knowledge
• Definition: In the context of Coastal and Ocean Tourism, this refers to a comprehensive understanding of the ecosystems, biodiversity, and environmental dynamics associated with coastal and marine environments. It involves awareness of the potential impacts of tourism activities on these delicate ecosystems and the application of sustainable practices to preserve the natural beauty, biodiversity, and ecological balance of coastal and oceanic areas.
• Importance: It is an essential skill for the workforce to understand economic, sociocultural, and environmental sustainability, and their interconnection to achieve balanced growth.145 Understanding the unique characteristics and resources of coastal and maritime surroundings is a prerequisite for sustainable development and what investors will want to see in the workforce.
144 Michigan Civil Service Commission, Job Specification: Conservation Officer, https://www.michigan.gov//media/Project/Websites/mdcs/JOBSPECS/C/ConservationOfficer.pdf?rev=08a5f2e1308f4ef1ac839a776eb94022
145 Skills4CMT | Sector-Specific Skills Development in Coastal and Maritime Tourism – Funded by: Erasmus+ Programme of the European Union
Blue Economy Skills
• Example role: Tour Leaders educate tourists about coastal ecosystems, wildlife, and conservation practices through guided tours, Tour companies, like G Adventures who is currently hiring a Tour Leader for Central America, require applicants to be ‘committed to environmentally and culturally responsible tourism.’146
2. Maritime and Navigational Skills
• Definition: In the Coastal and Ocean Tourism industry, this encompasses the ability to navigate and operate vessels safely in various marine environments. Professionals with these skills demonstrate expertise in maritime laws and regulations, proficiency in using navigational tools, and a deep understanding of oceanography, ensuring the safety and efficiency of travel experiences in coastal and oceanic destinations.
• Importance: These skills are essential to sustainable Coastal and Ocean Tourism because they understand oceanography and subsequently can recommend routes and destinations that safely navigate the marine environment.147 Especially in areas like Belize, which have shallow reefs that could be easily damaged, proper maritime and navigational skills are necessary to promote the sustainability of the natural ecosystem.
• Example role: Captain/Mates must have exceptional maritime and navigational skills necessary for Sailing Tourism. Sail Caribbean, which provides sailing, watersports, and diving services out of the British Virgin Islands, requires both Captains and Mates to have extensive experience in large yacht or small boat sailing, seamanship, sailing instruction, coastal cruising, navigation, helmsmanship, and safety at sea.148
3. Food Systems
• Definition: These skills encompass the knowledge and expertise necessary for the sustainable sourcing, preparation, and presentation of food within coastal destinations. This includes understanding local seafood ecosystems, promoting responsible fishing practices, and ensuring that culinary activities align with environmental conservation efforts in coastal and oceanic areas.
146 G Adventures, TourLeader(CEO)-CentralAmerica, https://gadventures.wd3.myworkdayjobs.com/en-US/GAdventures/details/Tour-Leader CEO -Central-America_JR16?jobFamilyGroup=e89ea7ddd37301188113fbfaabe80002&locations=e89ea7ddd373011868c92a7b51280000
147 Blue Generation Project, CoastalTourism, https://bluegeneration.guide/coastal/
• Importance: Without adequate food system skills, critical long-term impacts may occur, including overfishing, habitat degradation, and unequal access to resources and markets.149 Inadequate understanding of responsible fishing methods and habitat protection measures may result in destructive practices that harm critical habitats, such as coral reefs and seagrass beds, further exacerbating the environmental impact and jeopardizing the long-term health of coastal and oceanic environments.
• Example role: Food and Beverage Supervisors must exhibit strong skills in food systems. In hotels, resorts, and restaurants, food and beverage managers play a key role in sourcing sustainable ingredients for their menus. They work with suppliers to source local and organic produce, seafood from sustainable fisheries, and ethically raised meats. They also ensure that food waste is minimized through efficient inventory management and menu planning. They are currently in high demand as well with resorts like the Sago Palm Hotel in Ocho Rios, Jamaica currently hiring for the role.
Core Competencies
1. Customer Service
• Definition: This involves the ability to provide exceptional assistance and support to travelers, ensuring a positive and memorable experience in marine environments. This includes effective communication, safety awareness, and responsiveness to diverse customer needs, fostering customer satisfaction and contributing to the sustainable and enjoyable exploration of coastal and oceanic destinations.
• Importance: Hospitality skills play a pivotal role in the success and sustainability of the tourism industry. The integration of hospitality skills enhances the quality of tourism experiences, ensuring both the satisfaction of travelers and the long-term health of destinations.
• Example roles: Hotel Front Desk Agents require excellent customer service skills to handle various guest requests and ensure a pleasant stay. Front desk agents are responsible for checking guests in and out, answering inquiries, and addressing guest concerns. These jobs are always in demand with the rise of hotel developments and expansions.
2. Cultural Competence
149 FAO (2022), The State of World Fisheries and Aquaculture, https://www.fao.org/3/cc0461en/online/sofia/2022/transforming-aquatic-based-food.html
• Definition: In the Coastal and Ocean Tourism industry, this involves a nuanced understanding and appreciation of the diverse cultural identities, traditions, and heritage associated with coastal communities and maritime environments. It requires the ability to navigate and respect cultural nuances, fostering positive interactions with local populations while promoting cultural preservation and sustainable tourism practices along coastal and oceanic regions.
• Importance: There is a significant opportunity to strengthen the Tourism industry through incorporating a destination’s history. This area of Tourism follows consumer trends, as ‘increasingly, tourists are attracted less by traditional “sun & beach” style vacations and are instead opting for innovative activities such as coastal and marine archaeology, subaquatic tourism and culinary traditions.’
150 There have been many examples of tourism museums, like the Wooden Boat Museum of Newfoundland and Labrador or the Bermuda Aquarium, Natural History Museum, and Zoo. To execute this properly, employees skilled and knowledgeable in the cultural history of the Blue Economy, specifically within Coastal and Ocean Tourism, are essential.
• Example role: Cultural Heritage Managers manage heritage sites, museums, or cultural institutions to preserve and promote cultural heritage through strong cultural competency skills. They develop educational programs, coordinate exhibitions and events, engage with local communities, and implement strategies for sustainable tourism development.
151
3. Risk-Management
• Definition: These skills entail the ability to identify, assess, and mitigate potential threats and challenges associated with the maritime environment. This involves a strategic understanding of factors such as weather conditions, safety protocols, emergency response plans, and environmental conservation measures to ensure the well-being of tourists, protect natural resources, and maintain the industry's overall resilience.
• Importance: These skills are necessary because climate change and coastal erosion pose a threat to existing developments in the Coastal and Ocean Tourism industry. Being in a hurricane-prone area can also create great risk to travelers, so employees with skills in handling these risks and executing emergency action plans are crucial to the success of the industry.
150 Blue Generation Project, CoastalTourism, https://bluegeneration.guide/coastal/
• Example role: Tour Operator or Travel Agency Risk Specialists need strong risk management skills as tour and travel agencies deal with a wide range of risks, including geopolitical issues, natural disasters, health emergencies, and customer safety concerns. Employees with risk management skills can help these organizations navigate potential threats and ensure the safety and well-being of their clients.
4. Business Management and Facilitation
• Definition: This involves overseeing and organizing various aspects of operations to ensure the smooth functioning of tourist-related activities. This includes financial management, marketing strategies, and accounting practices to optimize resources, enhance customer experience, and ensure the financial sustainability of coastal and ocean tourism ventures. In higher management positions within hotels, employees must oversee all day-to-day activities, including accounting, business development, sales, marketing, and more.152
• Importance: Inadequacy in these skills can lead to financial instability, inefficient operations, and poor customer satisfaction. Without effective financial management, ventures may struggle with budgeting, resource allocation, and sustainability. Inadequate marketing and accounting practices can further hinder growth, reduce competitiveness, and impact the overall success of coastal and ocean tourism businesses.
• Example role: Hotel/Resort General Managers oversee the overall operations of hotels, resorts, or other accommodation establishments in the hospitality sector. This includes managing staff, ensuring guest satisfaction, implementing policies, and financial management.
A typical investment in the Coastal and Ocean Tourism industry would bolster the existing infrastructure to meet consumers' needs, like hotel development. Recently, Suntex Marinas announced the expansion of its facilities to Blue Water Cay in the Bahamas. Its new development in 2023, Legendary Marina Resort, is a family-friendly club that caters to the yachting lifestyle and features premium engine service and general repair facilities, concierge
152 Blue Generation Project, CoastalTourism, https://bluegeneration.guide/coastal/
Figure 27: Case study – demand for these skills in a real example
and vessel provisioning services, 24-hour manned security, customized pre- and post-launch services, and onsite amenities such as a clubhouse, restaurant, and pool.153
Prime Minister Philip Davis expressed excitement for the development, quoted as saying that it would generate “up to 200 projected jobs for Bahamians” and “an estimated $158 million in added government revenue for the next 25 years.”154
Because this project is still in the development phase, the exact number of employees Suntex will be hiring for the Bahamian Legendary Marina Resorts is unknown. However, using information from FDI Benchmark, OCO was able to gauge the percentage. This information was then used to create a percentage of the jobs required for a Tourism project and applied this to the needs for the Bahamian development.
Table 26: Case study roles and skills required
Role
Marina Managers - 2-3 years of previous management experience required, including accounting and related budgeting activities, inventory control advertising, and customer relations.
- Marine-related experience required
- General accounting knowledge with a basic understanding of financial statements.
Equipment Operators - Industry experience
- A strong knowledge of boating
- Ability to complete safety training.
Percentage of Role Required in a Typical Project
Medium 5% of jobs are in Managerial positions
Low 5% of jobs are in operator roles
153 Legendary Marina Resort (2023), $110 Mill. Legendary Marina Resort Breaks Ground in Southeastern New Providence, https://legendarybluewatercay.com/110-mill-legendary-marina-resort-breaks-ground-in-southeastern-new-providence/
154 The Tribune (2023), Upto200jobsfrom$110mmarinainvestment, https://legendarybluewatercay.com/wp-content/uploads/2023/05/legendary-bluewater-cay-press-tribune-042523-min.pdf
Marina Administrative Managers
- Associate’s degree in a related field
- Minimum of five years of experience in progressive office management and/or bookkeeping responsibilities
- Computer and presentation skills a plus
Accountants - Bachelor’s degree required with CPA or Masters in accounting a plus
- 3-5 years of experience in accounting
- Extensive knowledge of Microsoft products, Netsuite, and/or FloQast a plus
Dockhand - Previous customer service experience in a marine environment
- Previous boating experience preferred
- High School Diploma or equivalent, or evidence of current enrollment in a secondary school.
Medium 5% of jobs are in Administrative Manager roles
High 5% of jobs are in accounting and financial management positions
Low 20% of jobs are in client-serving positions like a Dockhand
From these listings, there is a large emphasis on business management skills, especially regarding accounting and financial management. Less emphasis was placed on the formal education of applicants in these sectors but rather focused on their years of experience. With investors focusing less on formal education, there is a great opportunity for government agencies to train their industry professionals in these skills to prime them for success when applying for jobs like those available at Legendary Marina Resorts.
Aquaculture and Fisheries
Where the demand for seafood continues to rise to meet the needs of the global population, there is an increasing need to ensure that the skills of those employed in the industry match the speed with which it grows. As the aquaculture and fisheries sector grapples with evolving technologies, sustainable practices, and shifting market dynamics, there exists a discernible
imbalance between the demand for skilled professionals and the available workforce equipped with the requisite expertise.
The table below defines specific skills and levels within the sector.
Table 27: Skill groupings, specific skills, and skill levels
Sector-specific Feeding & Nutrition
Sector-specific Water Quality Management
Sector-specific Health Management & Disease Prevention
Blue economy Aquaculture & Fisheries Management
Blue economy Marine Biology X
Core competency
Core competency
Sector-Specific Skills
Business & Financial Management
Supply Chain Management
1. Feeding and Nutrition
• Definition: Involves expertise in formulating and managing balanced diets for aquatic species, considering their nutritional requirements for growth, health, and reproduction. This skill set encompasses knowledge of feed composition, feeding strategies, and sustainable practices to optimize the efficiency of aquaculture operations while maintaining the health and well-being of the cultured organisms.
• Importance: Feed and nutrition skills are crucial to optimize the growth, health, and reproductive success of farmed aquatic species. A well-balanced diet ensures efficient feed conversion, reduces susceptibility to diseases, and contributes to environmental sustainability by minimizing nutrient runoff. Expertise in feed and nutrition is essential for achieving economic viability, producing high-quality aquaculture products, and complying with regulatory standards.155
• Example role: Aquaculture Nutritionists design and develop nutritionally balanced diets for various aquatic species. They work on formulating feeds that meet the specific nutritional requirements of fish, shrimp, and other aquaculture organisms at different life stages. In a job opening posted in the Aquafish Innovation Lab in collaboration with the
United States Feed the Future campaign, Aquaculture Nutritionists must “formulate fish and/or shrimp feeds for all life stages based on the most current scientific knowledge, develop nutritional strategies to address industry needs, assess the nutritional and economic value of dietary regimes, and provide technical field sales support.”156
2. Water Quality Management
• Definition: Involves expertise to monitor, assess, and maintain optimal conditions for aquatic organisms within cultivation systems. This includes proficiency in managing factors such as oxygen levels, nutrient balance, temperature, and contaminants to ensure the health and well-being of aquatic species, promoting sustainable aquaculture practices.
• Importance: Water quality management is an essential skill in aquaculture to ensure optimal conditions for the aquatic species. Proper management prevents disease outbreaks, facilitates efficient nutrient utilization, and contributes to the sustainability of aquaculture operations by minimizing environmental impact.
• Example role: Aquaculture Technicians work on fish farms in freshwater or marine environments. They are responsible for feeding, grading, and processing fish in preparation for sale, monitoring water quality, and checking for diseases and predators.157
3. Health Management and Disease Prevention
• Definition: This includes proficiency in water quality monitoring, biosecurity measures implementation, disease identification, quarantine protocols, vaccination strategies, and the application of sustainable aquaculture practices.
• Importance: Skills in disease prevention can mitigate economic losses, sustain production, and protect the welfare of aquatic species. Without proper health management and disease prevention, there can be heavy consequences for impacted farms. For example, if shrimp on a farm happens to contract Early Mortality Syndrome, it can reach 100% of the population, which could destroy the affected farm.158 Prioritizing
disease prevention also reduces dependence on medications, promoting sustainable and ethical practices in aquaculture.
• Example role: Quality Assurance/Control Managers responsible for ensuring that aquaculture products meet quality and safety standards. They may oversee processes related to health management, hygiene, and product testing. Most aquaculture facilities will have these positions.
Blue Economy Skills
1. Aquaculture and Fisheries Management
• Definition: These encompass the effective supervision of operations associated with the cultivation, harvesting, and overall functioning of aquatic organisms. Proficiency in water quality management, disease prevention, facility operations, production optimization, and adherence to sustainable practices are vital components.
• Importance: Farm management is integral to aquaculture because contributes to environmental sustainability, community relations, and continuous innovation for the long-term success of aquaculture operations. 159 Poor pond management can trigger disease outbreaks in farmed species because it often includes the management of feed, water quality, health, waste, and biosecurity.160
• Example role: Aquaculture Farm Managers are responsible for overseeing all aspects of aquaculture operations, including fish health, feeding, water quality management, and production planning. They ensure that aquaculture practices comply with regulations and environmental standards.
2. Marine Biology
• Definition: This involves a specialized understanding of the biological and ecological principles governing marine organisms, particularly those relevant to aquaculture practices. Professionals with these skills possess knowledge in areas such as aquatic species behavior, reproduction, and health, applying this expertise to optimize cultivation conditions, address environmental concerns, and promote sustainable practices within the aquaculture sector.
• Importance: Aquaculture employees must be well-versed in the biological requirements of their species to monitor its well-being and become alert if something occurs that
159 How to Become a Fishery Manager | EnvironmentalScience.org
threatens the farm.161 A sound understanding of marine biology also enables employees to assess and minimize the environmental impact of their operations.
• Example role: Fishery observers are professionally trained biologists who work on commercial fishing and processing vessels. When fish are hauled on board, an observer will be on deck collecting samples and recording the number and weight of the species caught. These data help keep track of the overall fish population and any protected species that may have been caught unintentionally as bycatch.
Core Competencies
1. Business and Financial Management
• Definition: These skills are essential in aquaculture for operating farms successfully, reducing risks, and optimizing profitability. Typically, these skills involve adeptly overseeing financial operations, budgeting, and resource allocation to ensure the economic sustainability of aquaculture ventures. This skill set includes proficiency in accounting practices to accurately track financial transactions and performance, as well as strategic marketing abilities to promote aquaculture products effectively, explore market opportunities, and enhance the industry's competitiveness.
• Importance: These skills contribute to the long-term sustainability and success of aquaculture enterprises in a competitive and dynamic industry. Financial mismanagement may result in budgetary constraints, hindering optimal resource allocation and potentially jeopardizing the overall economic viability of aquaculture operations. Ineffective accounting practices can lead to inaccuracies in financial reporting, impacting decision-making processes and hindering the ability to attract investment. Additionally, a lack of strategic marketing skills may limit the industry's growth potential, reducing its ability to reach wider markets and capitalize on emerging opportunities.
• Example role: Business Development Managers focus on a company’s market position, identify and qualify net-new opportunities, lead pricing activities, and mature existing account relationships, all of which require strong business and financial management skills
• Definition: Involves the efficient coordination and optimization of processes related to the production, processing, and distribution of aquatic products. Professionals with these skills ensure a seamless flow of resources, from sourcing raw materials and managing production to implementing effective distribution strategies, thereby enhancing the overall efficiency and sustainability of the aquaculture supply chain.
• Importance: Supply chain management plays a pivotal role in ensuring sustainable, quality, and timely delivery amid growing seafood demand. Unique challenges in aquaculture, including environmental factors and disease management, necessitate adaptive supply chain management strategies. For example, traceability ensures transparency and guarantees product quality and safety.162
• Example role: Supply Chain Managers/Directors oversee the entire supply chain process within an aquaculture company. Responsibilities include planning, coordinating, and optimizing the flow of goods, services, and information from suppliers to customers. They ensure efficient procurement, production, inventory management, and distribution of aquaculture products.
Figure 28: Case Study – demand for these skills in a real example
Aquaculture investments typically will resemble the establishment of either an onshore or offshore fish farm. For example, over the last five years, the global salmon farming company Cermaq opened multiple open-pen salmon fish farms along the Nova Scotia coast, creating 300-350 jobs. The first fish is expected to be in the water at these farms in 2024/25.163
For this project to be successful, Cermaq will hire employees with skills in Water Quality Management, Marine Biology, and Health Management. However, it is important to note that the complexities behind managing an aquaculture facility require strong skills in engineering, which Belize would benefit from considering in the recommendations as well. Because this project is still in development, OCO used indicative numbers from the Canada branch of Cermaq's LinkedIn.
Freshwater Hatchery Worker - Understanding and adherence to hatchery biosecurity, procedures, and protocols
- Able to learn and apply technical procedures
- Knowledge and experience with salmon hatchery operations would be an asset
Proactive attitude to foresee and solve problems and ability to work as a team member
-
Animal Welfare Technician - Preference will be given to candidates with either postsecondary aquaculture education or related work experience
High 15% of jobs are in hatchery roles
High 20% of jobs are in fish health management roles
- Proficient MS Word, MS Excel, and technical report writing skills
Site Manager - Minimum of two complete cycles of fish production including smolt entry, bloom season, and harvest
- Preference will be given to candidates with a post-secondary education in aquaculture or an equivalent experience.
- Apply appropriate feeding strategies to grow and manage fish welfare, either through handfeeding or autofeeding techniques
- Monitor fish activity and conduct environmental monitoring and
High 10% of jobs are in supervisory positions
sampling activities to ensure proper fish welfare
Maintain a clean and safe site by performing simple maintenance, following biosecurity, setting up sites, and closing sites -
Cermaq’s hiring showcases the growing need for applicants with technical skills, especially as governments focus more on aquaculture. Companies wanting to invest in on or offshore aquaculture will need employees trained in water quality management, animal nutrition, engineering, disease prevention, and marine biology.
Maritime Transport and Shipping
Maritime shipping is a sector at the center of global trade and commerce. As the maritime shipping sector evolves to meet the demands of an interconnected world, the rapid integration of advanced technologies, coupled with the imperative for sustainable practices, presented the need for skilled talent in the industry.
The table below defines specific skills and levels within the sector.
Table 29: Skill groupings, specific skills and skill levels
Sector-Specific Skills
1. Cargo Handling and Management
• Definition: Involves the efficient coordination and oversight of loading, unloading, and securing cargo on vessels. Professionals with these skills are adept at optimizing storage space, adhering to safety regulations, and managing logistics to ensure the timely and secure transportation of goods by sea.
• Importance: Proficient cargo management enables optimal utilization of cargo capacity, maximizing revenue for shipping companies.165 Efficient handling contributes to customer satisfaction by facilitating on-time deliveries and reducing damage to goods.
• Example role: Port Operations Managers are responsible for overseeing all aspects of port operations, including cargo handling, vessel scheduling, and ensuring compliance with safety and environmental regulations. Many Caribbean countries require this position, like the Port Authority of Jamaica which recently hired an Operations manager in their Port Community Systems Department.
2. Weather and Navigational Technology
• Definition: These skills involve proficiency in utilizing advanced tools and systems for monitoring weather conditions and navigating vessels safely. This includes expertise in interpreting meteorological data, employing GPS and radar technologies, and adapting to real-time weather changes to ensure secure and efficient maritime operations.
• Importance: Accurate weather forecasting aids in optimal route planning, reducing transit times and fuel consumption.166 Navigational technologies enable swift responses to emergencies and dynamic conditions, enhancing overall operational resilience.
• Example role: Ship Captains/Masters are in overall command of vessels at sea. They oversee all aspects of the ship's operations, including navigation, safety, crew management, and cargo handling. Captains rely on their experience, navigational skills, and weather knowledge to make critical decisions such as route planning, weather avoidance, and emergency response.
Blue Economy Skills
1. Ship Operations and Maintenance
• Definition: This encompasses the expertise required to efficiently and safely manage the day-to-day activities of a vessel. This skill set involves knowledge of navigation, engine operation, equipment maintenance, and adherence to maritime regulations to ensure the smooth and reliable functioning of ships.
• Importance: Ship operations and maintenance skills ensure vessel safety, operational efficiency, and environmental responsibility. Proficient skills contribute to cost-effective maintenance practices, extending the lifespan of vessels and reducing overall operating costs.167 Effective emergency response and crisis management skills, coupled with continuous crew training and development, enhance the resilience of maritime transport operations to external factors.
• Example role: Port mechanics oversee maintenance and repairs of ships while they are in port. They coordinate with ship owners, operators, and maintenance crews to ensure timely and efficient servicing of vessels.
2. Boat Building
• Definition: Boat building requires expertise and craftsmanship to construct, repair, and maintain various types of watercraft. Those with boat-building skills possess a deep understanding of naval architecture, materials, and construction techniques to ensure the structural integrity, seaworthiness, and safety compliance of vessels within the maritime sector.
• Importance: Skilled boat builders customize vessels to meet specific operational needs, contributing to the versatility of the maritime fleet.168 The durability and longevity of wellcrafted vessels reduce maintenance costs and enhance the overall lifespan of the fleet. Additionally, boat-building skills drive innovation and the integration of technological advancements, making a significant impact on the industry's competitiveness and commitment to environmental sustainability.
• Example role: Boat builders specialize in constructing boats and ships. They work with various materials such as wood, fiberglass, aluminum, and composites to build vessels according to design specifications. Shipwrights may also be involved in repairing and refurbishing existing boats and ships.
Core Competencies
1. Communication Skills
• Definition: This involves the effective exchange of information among various stakeholders, including ship crew, port authorities, and maritime agencies. This skill set encompasses clear verbal and written communication, the use of industry-specific terminology, and proficiency in maritime communication technologies to ensure seamless and safe operations within the complex and dynamic maritime environment.
• Importance: Communication skills are indispensable in the maritime transport industry for ensuring safety, emergency response, and international collaboration. Clear communication facilitates efficient port operations, navigation updates, and coordination within global supply chains. During crises, effective communication is vital for coordinating responses and managing incidents.169
• Example role: Maritime Safety and Security Officers are responsible for ensuring compliance with safety, security, and environmental regulations. They communicate safety protocols to the crew, conduct drills, and coordinate emergency responses with relevant authorities.
Case Study – demand for these skills in a real example
Tropical Shipping, a leading maritime transportation company specializing in cargo shipping across the Caribbean, Bahamas, and Central and South America, provides a good case study to analyze what investors will be looking for in skills after the extension of its agreement with the US Virgin Islands. Recently, the Virgin Islands Port Authority and Tropical Shipping signed agreements that allowed Tropical to continue its commercial and containerized shipping, warehousing, and related administrative activities at the Crown Bay Cargo Port in St. Thomas and the Wilfred Bomba Allick Port and Transshipment Center in Krause Lagoon, St. Croix. 170
Employing 65 persons on St. Thomas and 55 employees on St. Croix, with specialisms in shipping, warehousing, and administrative work, Tropical Shipping’s work in the USVI requires roles such as Operations Coordinators, Warehouse Workers, Customer Service Representatives, and Port Mechanics.171172
Table 8: Case study roles and skills required
Role
Operation Supervisor - One to three years of experience with equipment monitoring and control
169 Wartsila
Percentage of Role Required in a Typical Project
Low 10% of jobs are in operations and quality control roles
170 Virgin Islands Port Authority (2021), VIPABoardApprovesLong-TermLeaseAgreementsforTropicalShippingandCrowleyCaribbeanTransport, https://www.viport.com/post/vipa-board-approves-long-term-lease-agreements-for-tropical-shipping-and-crowley-caribbean-transport
- Two years of experience in Maritime cargo and vehicle receiving and handling, customs and import cargo clearance
- High School Diploma or equivalent.
- One year working in a Tropical warehouse
- OSHA certification in forklift and head handler operation
Customer Service Representative - High School Diploma or equivalent.
- Three years of Customer Service experience required with some experience in Sales or Traffic
High 10% of jobs are in unskilled production operative roles
Port Mechanic
- High School Diploma or equivalent.
- One year working with S-Cam Air Brakes
- Certificate of Training for ABS brake systems, Certificate of S-Cam foundation brakes, and OSHA commercial tire training.
Low Less than 5% of roles are in Customer Service roles
Medium 25% of jobs are in skilled mechanic and engineering roles
Maritime Transport and Shipping require more vocational skills than the other sectors. Considering Tropical Shipping’s hiring practices, the industry is dependent on certain certifications that qualify applicants for the job. However, as ports look to modernize and incorporate emerging technologies like AI, the technical nature of the industry will advance 6.3 Belize’s Skills Ecosystem
6.3.1 Strengths
Table 9: LinkedIn Skills Analysis
Coastal and Ocean Tourism
Transport and Shipping
Weather and Navigational Technology
BE Ship Operations and Maintenance
SS- Sector-Specific; BE- Blue Economy; CC- Core Competency
1. Findings from the LinkedIn Analysis
To evaluate strengths within Belize, OCO performed a quantitative analysis using data from LinkedIn. Filtering the results by country and industry (Hospitality, Fisheries, and Transportation, Logistics, Supply Chain), we were able to gather the total number of employees on LinkedIn in each country for the subsectors. Using LinkedIn Sales Navigator, we then searched for skills to understand how many of the cohort listed themselves as proficient in the searched skill. This number was then divided by the total number of employees on LinkedIn to get a percentage of the workforce173. The highlighted cells are instances where Belize performs above the average calculated score.
Based on this data, Belize performs particularly well in tourism management, marine biology, and customer service, especially when compared to its competitors. Of those in the blue economy sectors on LinkedIn, 9.8% of users claimed proficiency in tourism management and 1.2% in social media, which is higher than the average competitor score of 7.8% and 0.2%, respectively. 23% of users were proficient in customer service, which is higher than the average of 19% among competitors.
2. Belize’s Strong Ecosystem for Interventions
Belize has a strong ecosystem to quickly implement interventions to strengthen training in the key blue economy sectors. Several government agencies, like the Belize Tourism Board, offer
sector-specific skills training, while the Small Business Development Center (SBDC) and Belize Training and Employment Center (BTEC) offer sector-agnostic skills training that apply to all industries.
BTEC currently offers several professional development courses for the soft skills needed for the blue economy, like customer service excellence and relationship management, communication, hospitality job preparedness, supervisory skills development, and more. However, in stakeholder interviews, it was expressed that these trainings are often one-offs, so they do not have a lasting impact on the adoption of learnings generally.
The Nature Conservancy, which has a presence in Belize, has historically delivered trainings in some of the opportunities listed in this report, like seaweed farming, in other countries. These types of training could be an interesting opportunity for BELTRAIDE to engage with.
3. Subsector Specific Strengths
Coastal and Ocean Tourism
• Hotel Manager Skills: In an ILO study of how employees in Belize’s Tourism industry assessed their skills, there were self-reported strengths among higher-level management employees in understanding local tourism information, compliance with health and safety regulations, planning events, and providing customer service.174 According to LinkedIn analysis, Belize scored higher than the competitor's average in hotel management with 10% of users adding proficiency in the skill on their profile. Hotel management is an integral skill for the success of Coastal and Ocean Tourism, so this is a key strength to ensure the success of the blue economy.
• Tour Guide Skills: In the ILO Tourism industry skills assessment, tour guides reported confidence in the environmental knowledge, ensuring customers’ safety, and customer service. This confidence was corroborated in the report as interviewers found the skill was adequately supplied by the relevant educational institutions. Additionally, when probed about which skills were strongest in Coastal and Ocean Tourism, a government stakeholder involved in tourism corroborated these findings by indicating that tour guides are very knowledgeable about their activities and how to conduct their tours sustainably.
Aquaculture and Fisheries
In doing the report’s literature review, OCO found a lack of qualitative and quantitative data on the general skills ecosystem in Belize, including its strengths. However, the Food and Agriculture Organization conducted a sector overview of Belize’s Aquaculture industry, which briefly discussed some of the ancillary services the industry impacts and must have proficiencies in. “These include customs brokerage, mechanical and electrical repair and
maintenance services, refrigeration installation and maintenance services, trucking, shipping, and air freight services, as well as processing, packaging, and marketing services.”175
• Environmental Knowledge: Belizean Aquaculture and Fisheries employees have great environmental knowledge, especially regarding the fish stock. Over the last few decades, the entire fishing export industry in Belize has been a product of the thousands of fisherfolk understanding the oceanography of the area and harvesting products accordingly.
• Collaboration: Through the many cooperative systems in Belize, there is excellent communication between the fisherfolk and the leaders of the cooperative. Stakeholder interviews reported that the system kept fishers connected and accountable.
Maritime Transport and Shipping
• Certifications for Seafarers: Established in 2010, the Belize Maritime Training Center was created as a maritime training service provider to offer courses as required by the Standards of Training and Certification and Watchkeeping (STCW) competencies for the continuing education and training of seafarers. STCW endorsements come at different levels:
1. Entry Level Ratings: rating forming part of a navigational or engineering watch or able seafarer for the deck or engine
2. Operational Level Officers: officers in charge of either the navigational or engineering watch
3. Management Level Officers: Chief Mate/Master or Chief Engineer176
• There has been a growing focus for STCW competencies to also include e-navigational systems. Through the STCW endorsement program, Belizean seafarers can certify that they possess certain skills. It also correlates to these skills being used for promotion into higher management positions.
6.3.2 Gaps
1. Business and Financial Management
Interviews with supply and demand stakeholders indicated that an overarching gap across the entire blue economy was in business and financial management. Stakeholders found many employees in the blue economy did not know financial management and could not balance financial sheets because the focus prior had been on strong technical skills. This is a trend for
other areas of business management as well, like business development, marketing, forecasting, and basic IT literacy to operate Microsoft Office and Quickbooks. These findings were corroborated by a 2019 ILO study that surveyed Belizean employees in the Tourism industry to understand where a curricula mismatch occurred.177 When interviewing hotel managers, it was determined that national learning institutions adequately covered competencies like customer service, complying with occupational health and safety regulations, and hotel management. Most skills that hotel managers felt they lacked were concentrated on business and financial management, specifically ‘undertaking budgeting for the establishment’ and ‘overseeing accounting and purchasing activities.’178
BELTRAIDE’s Small Business Development Center offers workshops to mitigate this gap, like Costing and Pricing, Start-Up Essentials, QuickBooks 101, Financial Statement Analysis, and Small Business Management Principles. However, because these gaps persist, barriers must exist in the implementation of the learnings from the workshops, or that these workshops are not being sufficiently attended. Mechanisms can be in place to ensure attendance and retention, like in the form of incentives or online modules to reinforce learnings.
2. Subsector Specific Gaps
Coastal and Ocean Tourism
• Hospitality Skills: One of the gaps most mentioned by invested companies in the Coastal and Ocean Tourism sector was the lack of a formal training institution in hospitality. There are three Tourism Management degrees through Galen University, the University of Belize, and the University of the West Indies, but stakeholders felt that these did not always adequately cover skills necessary for the job, including customer service, hospitality, and front-line training. There are also courses and certificates in Tourism Hospitality and Management at Cayo Centre for Employment Training and TVET, but these were not often mentioned in our consultative interviews, which may indicate a lack of community awareness on these programs.
• Yacht and Boat Building: As Belize begins to focus on the diversification of the blue economy away from ‘traditional’ sectors, there is a large opportunity for yacht and boat building. However, the cost to build boats is expensive because of the intermediary materials, which results in a lack of emphasis on strong boatbuilding skills in Belize currently. Building a Belizean skiff costs 30,000 BZD, which is three times the price of Mexican skiffs. Thus, focusing on higher-end products, like yachts, and strengthening local skills around boat building can create an opportunity for a greater Tourism offering.
Aquaculture and Fisheries
• Lack of Technical Skills Needed for Aquaculture: In 2019, a skills mismatch index was developed by the Belize Chamber of Commerce and the ILO, which covered key
technical competencies for aquaculture workers like health management and disease prevention, aquaculture management, water quality management, and marine biology. According to this index, the Belize High School of Agriculture and the Agricultural and Natural Resources Institute (ANRI) did not cover any of these key competencies.179 This finding was in stark contrast to other studied industries, where ANRI’s curriculum was considered comprehensive and adequately covered relevant skills.
• Access to education: Stakeholder interviews also found that the education system was not accessible to locals trying to get degrees in Aquaculture or Marine Biology. Often, investors will rely on foreign academics for management rather than locals, which exacerbates the skills mismatch as it disincentivizes locals to improve their management skills.
Maritime Transport and Shipping
• Skills Needed for Port Modernization: The global trend in port management is witnessing a transformative shift towards modernization and privatization, driven by the pursuit of enhanced efficiency, economic sustainability, and increased competitiveness. Ports are increasingly adopting modern technologies and innovative practices to streamline operations, optimize cargo handling, and improve overall performance. Concurrently, governments seeking private sector expertise and investment to revitalize aging infrastructure and bolster financial viability is becoming a prominent strategy globally for port modernization 180
To adapt to these trends and grow the Maritime Transport sector in Belize, professionals would need financial acumen to attract and manage private investment, legal expertise to navigate complex regulatory frameworks, project management skills to oversee the transition process, and strategic foresight to align port operations with evolving industry needs. Effective negotiation, stakeholder engagement, and environmental stewardship skills are equally crucial for fostering collaboration, managing community relationships, and ensuring sustainable and responsible port practices. Stakeholders listed many of these skills, like financial acumen, project management, and negotiation skills, as a gap in Belize’s skills ecosystem. As Belize considers modernizing its ports, these skills are important to consider for its successful implementation.
6.3.3 Evaluating Existing Skills with Investor Needs
179 Belize Chamber of Commerce (2018), SkillsMismatchintheAgricultureandICTLaborMarkets, https://www.belize.org/wp-content/uploads/bsk-pdfmanager/2019/11/belize-chamber-of-commerce-skills-gap-2018.pdf
180 Deloitte (2020), Global Port Trends 2030, https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/consumer-business/deloitte-nl-cb-globalport-trends-2030.pdf
Marina Managers LOW
Marina Administrative Managers LOW
Equipment Operators HIGH
Accountants MEDIUM
Dockhand HIGH
Belize is not well positioned for this role given the low emphasis that it places on business and financial management. These are skills that both the literature review and stakeholder interviews indicated needed strengthening.
As with Marina Managers, Belize is not well positioned for this role because of its lack of skills in office and financial management However, computer literacy skills are a strength in Belize with most industry professionals having basic IT literacy.
The environment in Belize supports professionals in getting industry experience, especially in boating.
Industry professionals do not have the skills necessary for this role. However, there may be professionals skilled in accounting that do not currently work in the Blue Economy that could fill this gap.
Belize is highly skilled in customer service and the prevalence of the Blue Economy is likely to prepare professionals for industry experience in boating.
Aquaculture and Fisheries Case Study
Freshwater Hatchery Worker LOW
Animal Welfare Technician LOW
Site Manager LOW
The hatchery skills needed for Aquaculture incorporate technical skills like Water Quality Management. In Belize’s aquaculture industry, there is more training needed on this skill to prepare the workforce for these types of jobs.
Like the Freshwater Hatchery Worker role, the Animal Welfare Technician role requires highly technical veterinary and health management skills, which Belize is not strong in.
This position requires strong and well-rounded Aquaculture & Fisheries Management skills, as well as an acute sense of business and financial management. Both these skills are areas where Belize can strengthen through formal training and workshops.
Maritime Transport and Shipping Case Study
Operation Supervisor MEDIUM
The certification system and Belize’s logistics environment complement its strong skills in Cargo Handling and Management. However, if Belize considers privatization and modernization of ports, it will need stronger management skills that adapt to the innovations.
Warehouse Worker
Customer Service Representative
Port Mechanic HIGH
Belize’s education system and ability to gain certifications would position it well for a Warehouse Worker role.
Belize’s education system and strong Customer Service skills would position it well for a Warehouse Worker role.
Belize’s education system and ability to gain certifications would position it well for a Warehouse Worker role.
6.4 Recommendations for Upskilling in the Sector for Belize
6.4.1
Short-Term Opportunities
The most immediate opportunity for skill-building in Belize would be through upgraded workshop programs on business and financial management. Participating in workshops focused on these skills presents an invaluable opportunity for individuals and organizations to fortify their strategic acumen and operational resilience. The option offers a dynamic platform for participants to delve into contemporary management techniques, industry best practices, and emerging trends, fostering a deeper understanding of effective business strategies. Through hands-on activities, case studies, and interactive discussions, attendees can enhance their financial literacy, refine decision-making skills, and gain insights into optimizing resource allocation. Additionally, workshops provide a collaborative environment, enabling networking opportunities and knowledge exchange among professionals from diverse backgrounds. By actively engaging in these learning experiences, individuals can translate newfound knowledge into practical applications, equipping themselves and their businesses with the tools needed to navigate the complexities of modern business landscapes and achieve sustained success.
BELTRAIDE currently offers workshops and training through its partners at the SBDCBelize and BTEC. However, stakeholder interviews indicated that the retention of learnings from these events was low because the events were one-off rather than repeated learnings. To maximize the efficiency of these workshops, BELTRAIDE could consider workshop courses, in which classes occur on a bi-weekly or monthly basis. This structure would influence how industry professionals retain the courses’ teachings and increase the probability of students incorporating the knowledge into their professional lives.
SBDCBelize and BTEC can also become certifiers to award industry certifications, like through the Aquaculture Stewardship Council. Courses differ based on types of fish and can vary in price.
BELTRAIDE can also consider collaborating with other ministries to improve data availability for a more accurate understanding of the skills ecosystem. For example, the Bahamian Ministry of Labor, in conjunction with the National Training Agency the Department of Labor, and the National Tripartite Council, launched a National Workforce Skills Gap Survey in 2021 to identify skills required across the business community to make their enterprises more productive and
efficient.181 This effort was also able to feed into its programs aimed at improving the employability of Bahamians, like the Bahamas Apprenticeship Program which provides on-thejob and off-the-job training with an industry-recognized certification at the end for employment into a skilled occupation. Implementing similar collaborations in Belize's business environment could better inform the direction of what skills the blue economy could strengthen.
6.4.2 Long-Term Opportunities
To develop technical skills, Belize could establish an industry-academia partnership for the blue economy, especially for aquaculture and fisheries which is more skill-intensive. Industryacademic collaborations benefit both parties as industries supplement their businesses with skilled workers with specialized training and universities or research institutions can improve and develop pertinent technologies.
A great example can be seen through the Sustainable Blue Economy Partnership. One of its founding projects was through BLUEWAYSE in partnership with Lund University, University of Crete, Universidade de Lisboa, Consiglio Nazionale delle Richerche, and Universitat de Valencia. The project aims to “develop high-quality proteins from European aquaculture and fisheries side streams combined with microalgae systems for applications in nutritional supplements, innovative food, cosmetics, biomaterials, and animal feed, targeting a holistic food-first zero-waste approach.”182 The results will be saving up to 10.5 million tons of CO2 equivalents, increasing the efficiency of marine resource usage, and reducing pressure on marine biodiversity. If a similar program took place in Belize, both industry and academic stakeholder would get valuable knowledge to disseminate through their respective organizations. The implementation of a similar project could also assist in diversifying Belize’s blue economy offering.
As the Aquaculture & Fisheries industry in Belize develops new technologies, like sea cucumber farming, a collaboration with a knowledge transfer option can catalyze innovation while promoting continuous learning from skilled academic partners already integrated into their business. This could help build the technical skills in Marine Biology, Feeding & Nutrition, Water Quality Management, Health Management and Disease Prevention, and Aquaculture Management, which requires more complicated learnings than one-off workshops can provide.
6.4.3 Future Skills Analysis
For future use, OCO created a Belize skills questionnaire. In addition to including all the skills mentioned in this report, the survey also draws from blue economy skills surveys conducted by the Future Skills Centre and leaves space for additional comments.183 Each skill is considered at an individual level with an indication of what sector each respondent works in and the
181Bahamas Chamber of Commerce (2021), Ministry of Labor National Workforce Skills Gap Survey, https://www.thebahamaschamber.com/post/ministry-of-labour-national-workforce-skills-gap-survey-2021
182 Sustainable Blue Economy Partnership, GettoKnowOurFirstProjects, https://bluepartnership.eu/news/get-know-our-first-projects
183 Future Skills Centre (2023), Blue Occupation Pathways Career Transitions to the Sustainable Blue Economy, https://fsc-ccf.ca/research/blueoccupation-pathways/
survey is quantified to create measurable data. This questionnaire can be distributed by BELTRAIDE and other government agencies as a SurveyMonkey or an attachment to build national data on skill strengths and gaps that can better inform program implementation and skills workshops in the future. This data can also be used to demonstrate strengths to potential investors and augment Belize’s value proposition for each sub-sector to exhibit a qualified workforce.
To ensure that this survey is the most accurate it can be, it should be distributed to a wide range of blue economy stakeholders, i.e. companies, government workers, fisherfolk, etc. In line with other ILO skills assessments184, the sample size should be around 100 total stakeholders or about 30 per sub-sector.
Currently, the University of Belize is working on a sea cucumber farming program, but this is not shared with the public.185 The establishment of an industry-academia partnership would be a long-term strategy to build technical capacities in some emerging opportunities, like sea cucumber farming, and ensure knowledge sharing among all stakeholders. Because Belizean universities are already doing the research and there is a good foundational base of trainings, workshops, and university programs to support research initiatives, an industry-academic partnership would be a feasible long-term opportunity to improve the country’s skills ecosystem while progressing the blue economy as a whole.
The Table below showcases the indicators and associated weighting used for the OCO Competitiveness Framework:
The Table below showcases the indicators and associated weighting used to highlight the global demand for each Blue Economy Sector: Figure 21: Demand-Side metrics and weighting used for determining global demand of prioritized sectors
The Table below showcases the indicators and associated weighting used to determine the prioritized markets for FDI attraction:
7.1 FDI Sector definitions and methodology:
All fDi Markets information relating to job numbers and CapEx are estimates and not exact numbers for the projects and sectors. They should be taken as estimates, and not hard data given the way that fDi Markets collects the information.
i FDI projects within the Coastal and Ocean Tourism sector uses analysis gathered by fDi Markets, covering the following subsectors: Accommodation; Other (Hotels & tourism).
ii FDI projects within the Aquaculture & Fisheries sector uses analysis gathered by fDi Markets, covering the following subsectors: Seafood products; Fishing, hunting & trapping.
iii FDI projects within the Maritime Transport & Shipping sector uses analysis gathered by fDi Markets, covering the following subsectors Ships & boats; Boiler, tank, & shipping container.
7.2 List of organizations interviewed for report:
Organizations
Belize Chamber of Commerce and Industry
Belize Federation of Fishers
Belize Fisherman Cooperative Association
Belize Port Authority
Belize Tourism Board
Coastal Zone Management Authority and Institute Belize
Fisheries Department Belize
Ministry of Blue Economy Belize
Ministry of Economic Development Belize
Ministry of Sustainable Development, Climate Change, and Disaster Risk Belize
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The COVID-19 pandemic brought about profound challenges for the Caribbean region, laying bare the vulnerabilities inherent in their economies. Given the region’s natural resources and economic activities, the Blue Economy offers a strategic path toward economic resilience and an avenue to attract vital Foreign Direct Investment (FDI).
To appropriately assess the strengths and gaps in the skills of the industry, BELTRAIDE has produced this questionnaire to survey stakeholders within the industry on the perceived strength of their skills. This list is non-exhaustive, so please feel free to include any skills you think are missing in the comments section at the end of this document. Thank you for your time.
Please indicate the blue economy sector you work most closely with:
Future Skills Centre
In a Future Skills Centre study on the occupations most highly concentrated and rapidly growing within the sustainable blue economy sector, skills were broken into general skills, specialized skills, and technology skills. For this questionnaire, we will focus on general and specialized skills. Please consider each skill and assess your strengths in it, with (1) Strongly Agree indicating that you feel confident using this skill daily and (5) Strongly Disagree indicating that you have not used this skill before. If you are unfamiliar with a skill or do not find it pertinent for your position in the blue economy, please answer N/A.
General:
Specialized skills:
External Consultant Analysis
In conjunction with the Inter-American Development Bank, BELTRAIDE also worked with an external consultant who mapped the skills they believe are important to the blue economy from literature reviews and stakeholder interviews. The mapping focused on the areas that were of the greatest opportunity to Belize: Coastal and Ocean Tourism, Aquaculture and Fisheries, and Maritime Transport and Shipping. The skills needed in each sector were summarized into three key groupings: sector-specific, blue economy, and core competencies. Sector-specific skills indicate skills that will only be pertinent to either Coastal & Ocean Tourism, Aquaculture & Fisheries, or Maritime Transport & Shipping. Blue economy skills that are specific to progressing the blue economy, including all its sectors. These skills will also be topical to Belize's skill ecosystem. Core competencies are skills that can be applied to any job but are also topical to Belize's ecosystem.
Sector-specific skills:
economy skills:
Cultural Competencies:
Blue
If there are other skills not mentioned above that you believe should be included, please let us know here:
