INVESTBelize Vol. 5 by Beltraide

vo lu m e

INVEST B E L I Z E

belize

international esl training

entrepreneurship

driving change + INNOVATION

e-government

transformation through TECHNOLOGY

turmeric's

digital copy

entry to the canadian market

W W W. I N V E ST B E L I Z E M AG A Z I N E .C O M

MAGAZINE_workingfile.indd 1

27/04/17 9:31 AM

MAGAZINE_workingfile.indd 2

27/04/17 9:31 AM

MAGAZINE_workingfile.indd 3

27/04/17 9:31 AM

welcome

“

belize's rich investment environment and encourage us to share with you all our commitment in ensuring that belize is a competitive hub for your investment

Belize’s rich investment environment and encourage us to share with you all our commitment in ensuring that Belize is a competitive hub for your investments!

ith an abundance of natural resources, human capital, and a strong financial reserve, Belize is one of the most business friendly countries in the region. Investors looking for opportunities in sectors as diverse as offshore outsourcing to light manufacturing, or even sustainable energy, need look no further than Belize. The opportunities exist for domestic and foreign investors alike. Given our strategic location and close proximity to the United States and the introduction of direct flights from key hubs in the U.S., Canada, Panama and Europe travelling to Belize has become easier. As a result of the increased access to timely flights from strategic hubs, investors can travel to Belize, meet with persons of interest and conduct their business ventures with ease. Belize’s attraction includes the largest barrier reef in the Western Hemisphere, some of the best Mayan Archaeological sites in the Maya world, and a talented and energetic English-speaking workforce. The government of Belize is committed to the continuous enhancement of Belize’s investment climate and this is evident through their investments in infrastructure and adaptation of policies that create an enabling environment for business development and growth. Belize continues to foster a culture of innovation and creativity by building a strong entrepreneurial and small business ecosystem, supported by the strident progress in demand-driven employment training, which takes into consideration the needs and requirements of our diverse industries. Belize saw, in 2016, substantial milestone investments in industries such as the domestic aviation, beverage manufacturing, luxury condo-hotel, knowledge process outsourcing, and tourism transportation. Such ventures epitomize invest belize | vol.5

MAGAZINE_workingfile.indd 4

The Ministry of Investment, Trade, and Commerce over the past couple years have been working diligently to improve the ease of doing business in Belize evident from the GEM survey results for 2016 where the percentage for Total Early-Stage Entrepreneurial Activity (TEA rate) increased from 7.1% in 2014 to 28.8% in 2016, placing Belize as the country with the third highest TEA rate in the Latin American and Caribbean Region, next to Ecuador. Moreover, in January 2017, the Statistical Institute of Belize recorded a 51.2% rise in exports as compared to January 2016, attesting that even though Belize is one of the youngest nations in this region, we are fast becoming a very serious contender in export commodities. More importantly, investors will find that Belize’s credentials as a gateway to Central America and the Caribbean, are more evident than ever before. They will find a production location in Belize that guarantees tariff-free access of goods and services to markets to all the English-speaking Caribbean countries (CARICOM) and enjoys a Partial Scope Trade Agreement with Guatemala. Additionally, as a member of CARICOM, production in Belize benefits from bi-lateral agreements with Costa Rica, Venezuela, Cuba, Colombia, and the Dominican Republic; with Belizean goods enjoying special market access to the United States, Canada, and countries in the European Union. I take this opportunity to congratulate BELTRAIDE on its latest INVESTBelize magazine and invite investors, both domestic and foreign, to take a closer look at Belize, your competitive destination hub for investments! We are here to support those who recognize the unique investment opportunity represented by Belize and extend a warm welcome to all new and future investment partners.

HON. TRACY TAEGAR – PANTON

Minister with Responsibility for Investment, Trade and Commerce, Ministry of Economic Development, Petroleum, Investment, Trade and Commerce

27/04/17 9:31 AM

bilingual language skills cultural affinity

proximity and timezone advantage

international connectivity + top tourist destination

stable currency pegged to usd at 2 : 1

reasons to

INVEST in B E L I Z E

skilled labor force and ease of employment

multiple trade and investment agreements

competitive investment incentive programs

stable business environment and strong government support

MAGAZINE_workingfile.indd 5

27/04/17 9:31 AM

message FROM THE CEO This edition of INVESTBelize will focus on Belize as a competitive hub for investments, a theme which effectively captures the essence of Government’s plan to further improve Belize’s investment climate and the diversification of its investment portfolio to encapsulate investments in production for the development and expansion of the export sector as well as the advancement of our small business support ecosystem.

our years ago, the Belize Trade and Investment Development Service (BELTRAIDE) launched its inaugural volume of the INVESTBelize magazine in response to the interest of our various stakeholders, yearning to know more about Belize and its potential as a viable investment destination. It was clear that even though Belize had made its mark as a dynamic tourism destination, investors were eager for information on the unique business opportunities Belize had to offer. The INVESTBelize magazine was created to fill this information void, and at the same time celebrate our numerous success stories, highlighting the Belizean business experience. In the first edition, we decided to focus on the Business Process Outsourcing (BPO) industry, since, in recent years, Belize has been hailed ‘a rising star’ compared to the international competition in this industry. This is mainly due to the natural features of the country – our geographic location, the language, and the aptitude and attitude of the workforce – as well as the business facilitation landscape, open to investors in this industry. Previous volumes featured cruise tourism, overnight tourism and agri-business as priority investment areas. Since the launch of the first magazine, our readers now span worldwide and include countries in North, and South America, Europe, Asia, the Middle East, and of course our sister countries in the Caribbean and Central America. The INVESTBelize magazine has become an investor’s digest with a reach in excess of 120,000 and growing.

This volume features multiple investments demonstrating competitiveness in a growing and dynamic business ecosystem. Mr. Han Kim, a Korean-American, recognizing the need for English language training in South Korea, found Belize to be ideal to establish his company, EPIC English. The company leverages English speaking talent in Belize, utilizing innovative strategies that offer bite-sized English classes designed for students on the go. The demand to his services has been so high, that Kim is expanding his services in Asia, particularly to China, Japan, and the Philippines. Another featured investment, looks at emerging opportunities in agri-business, adding to the diversification of Belize’s export products. Ms. Umeeda Switlo, through Naledo Belize Ltd., has tapped into the market of value-added yellow ginger (turmeric). This unique investment seeks to impact communities in Southern Belize by providing farmers with new and sustainable economic opportunities. I close by saying that it is indeed a pleasure for me to introduce our fifth edition of the INVESTBelize Magazine and share with you a glimpse of the opportunities for investment in Belize. Enjoy some of the successful investment stories we share as well as the breath-taking images, highlighting the beauty of our little piece of paradise, Belize! For more information or assistance, please contact the Belize Trade and Investment Development Service (BELTRAIDE). Our team stands ready to serve.

AMPARO MASSON

Chief Executive Officer for Investment, Trade & Commerce, Ministry of Economic Development, Petroleum, Investment, Trade & Commerce

invest belize | vol.5

MAGAZINE_workingfile.indd 6

27/04/17 9:31 AM

BELIZE B E L I NI N UZ E MBERS land area : 8,867 mi2

statistics

6.48% populace growth

population : 380,010 population density : 42.86 per mi2 labor force : 162, 254 minimum wage : $1.65 / hour

the average cost of electricity per Kwh

$ 0.20 the average cost of water

$4.28 $51.86

3.6% gdp real growth

10%

weighted average income

1% inflation

weighted average deposit rate

$327.7 $862.35

$86.95

domestic exports

merchandise gdp imports

million

$435.95 million

corporate income tax rates

1.71%

$8.95 million

0.75 - 25%

million

gdp per capita

5.2

months

(0-1000 gals) (7000 gals)

gross official international reserves (2016)

import cover of reserves (2016) 7

A L L R AT E S A R E I N U S D

MAGAZINE_workingfile.indd 7

27/04/17 9:31 AM

from

“

fostering investor confidence, entrepreneurship, business growth, and innovation

potential investment opportunities with developers and financiers. We are confident that the Investment Portfolio will showcase a diversity of viable business opportunities for you the investor, thereby allowing for the ease of selecting and executing of projects in Belize. The outcome, ultimately leading to the more efficient delivery of socio-economic benefits to Belize.

ost often when thinking about Belize, a country lined with sandy beaches and lush green rainforests, one does not think of business opportunities. Instead we think about leisure and relaxation. Quite a distinctive place blended with business charisma, Belize offers a perfect combination of endless business opportunities within an enchanting vacation destination. Truly a paradise and your business’ Natural Niche! Nestled amidst the Caribbean and Central America, the country is blessed with pristine natural resources and a friendly business environment that strongly fosters growth. It is the only country in Central America that has English as its official language, making doing business an ease. Apart from the ability to speak fluent English, the rich talent pool of well-educated workforce and a pro-business government all impeccably complement the robust business environment. The Belize Trade and Investment Development Service (BELTRAIDE), a statutory government body, was established with the mission to enhance Belize's prosperity by fostering investor confidence, entrepreneurship, business growth and innovation. Our team of professionals is dedicated to attracting bona fide investments, developing businesses, fostering exports and trade, skills preparedness training, and promoting local products and services.

Belize’s natural assets, progressive development policies, pro-business investment climate, and long-time democratic stability have created an ideal destination for investors seeking a sustainable harbor amidst the waves of global economic hardship. Our Government is wholly committed to supporting the country’s niche-oriented development model, while preserving the country’s distinctiveness and fostering investor confidence. Moreover, the wide array of investment-related incentives has all continued to firmly reinforce the country’s business-friendly reputation. I invite you to contact our team to explore the endless possibilities that can be matched with your dream in Belize!

LEJIA MELANIE GIDEON

General Manager, Enterprise & Innovation/ Investment Development, BELTRAIDE

As a testament to the continued pursuit to elevating the investment environment, BELTRAIDE launched the nation’s first Investment Portfolio Campaign in November 2016. This meticulously designed initiative is expected to capture the country’s investment generation potential, both local and foreign, by providing a centralized repository of pre-packaged investment concepts and projects. The intent is to match

invest belize | vol.5

MAGAZINE_workingfile.indd 8

27/04/17 9:31 AM

Belize Trade & Investment Development Service

INVESTMENT GENERATION & AFTERCARE Promote investment opportunities in key niche areas under the priority industries in Belize. Connect investors with key public and private sector decision makers, and business support organizations. Build long-term, collaborative relationships with concession holders with the aim to foster re-investments and continued business growth. Enhance business competitiveness through facilitation support, pro-investment policy advocacy, and the administration of investment incentives. SMALL ENTERPRISE DEVELOPMENT One on one business advising and guidance to entrepreneurs, start ups and established businesses. Provide business related trainings & workshops to promote entrepreneurship. Provide guidance in accessing financing for small enterprise development. TRADE PROMOTION & EXPORT DEVELOPMENT Provide trainings and technical assistance to build export readiness. Identify viable export opportunities. Promote Belizean products and services in international markets. SKILLS TRAINING AND JOB READINESS Administer on-demand, industry-specific job preparedness trainings to sustain a qualified workforce.

www.BelizeINVEST.org.bz

MAGAZINE_workingfile.indd 9

27/04/17 9:31 AM

Credits INVEST EDITORIAL TEAM

B E L I Z E

the title invest belize is a registered trademark of beltraide. no part of this magazine may be reproduced or transmitted in any form without written permission from the belize trade and investment development service (beltraide).

editor-in-chief: Lejia Melanie Gideon, General Manager, Enterprise &

Innovation/ Investment Development, BELTRAIDE assistant editor: Shari Williams, Manager, Marketing & Information, BELTRAIDE publisher: Emaun Hyde, Creative Director, COBALT CREATIVE

CREATIVE TEAM art director: Emaun Hyde; Creative Director, COBALT CREATIVE senior editor: Tomás Gongora Sr.; Sr. Marketing Officer, BELTRAIDE

ADVERTISING, SALES, & ADMINISTRATION this magazine was published by

cobalt creative ltd www.cobaltcreative.com

Emaun Hyde; Creative Director, COBALT CREATIVE Gilberto Magaña; Aftercare Specialist, BelizeINVEST Aftercare, BELTRAIDE Yvette Watters; Senior Aftercare Specialist, BelizeINVEST Aftercare, BELTRAIDE Orlando Magaña; Financial Officer, BELTRAIDE

BELTRAIDE :

CONTRIBUTORS :

hon. tracy tagaer panton, Minister with Responsibility for Investment, Trade and Commerce, Ministry of Economic Development, Petroleum, Investment, Trade and Commerce amparo mason, Chief Executive Officer for Investment Trade & Commerce, Ministry of Economic Development, Petroleum, nvestment Trade & Commerce lejia melanie gideon, General Manager- Enterprise & Innovation/ Investment Development shari williams, Manager, Marketing & Information brian lin, Sr. Manager, INVESTMENT Development hero balani, Manager, BelizeINVEST Generation fiona coleman—espejo, Manager, BelizeINVEST Aftercare

RESEARCH TEAM : nicole zetina, Analysis & Research Officer , BELTRAIDE gilberto magaña, Aftercare Specialist, BelizeINVEST

PHOTOGRAPHY: emaun hyde, cobalt creative tomas gongora, tgmarketing andrew usher, maya island air melvin diego, life graphix damien chamberlain

mike singh, Chief Technology Officer, Central Information Technology Office jonelle hemmans, Business Development Officer, Ministry of Tourism and Civil Aviation nilda riverol, Manager, SBDCBelize, BELTRAIDE christine smith, Manager, BTEC, BELTRAIDE noriko gamero, Director, Destination Planning and Cruise, BTB hero balani, Manager, BelizeINVEST Generation, BELTRAIDE shahera mc'koy, Manager, EXPORTBelize, BELTRAIDE christy mastry, General Manager, Belize Infrastructure Limited josé e. trejo, Director, Bureau of Standards, Ministry of Economic Development, Petroleum, Investment, Trade & Commerce hadida grabow, Director, Operations, CORE Company Ltd j. scott newman, Founder & CEO, Transparent BPO umeeda switlo, President, Truly Turmeric simone bell, Marketing Manager, Caribbean Premier Products Ltd julie robinson, Manager, Belize Oceans, The Nature Conservancy

cover : tomas gongora, tgmarketing

view the online version of our publication. simply open the qr - reader app on your mobile device and scan. invest belize | vol.5

MAGAZINE_workingfile.indd 10

27/04/17 9:31 AM

18 21

from farm to table

Grass worth Gold :

fisheries diversification in seaweed

Alliances, Connections, & Infinite Possibilities :

an update on the airline industry in Belize

E-Government :

creating an investory friendly environment through technology

Smooth Sailing :

26 31

a cruise industry surprassing expectations

Byte Sized English : on the go

Belize BPO :

a benchmark for high-quality service delivery

Investing in Our Future : preparing for global competitiveness

Building a Landscape :

MAGAZINE_workingfile.indd 11

to partner & to invest

40 42 46

Change :

the driver for innovation & competitiveness in Belize

TABLEOFCONTENTS

Truly Turmeric :

27/04/17 9:31 AM

belize Tour ism + L eisur e

Fisheries + Aqu acu ltu re

Manu f a ct u r ing + Logis t ics

Tourism continues to be one of the eminent growing industries in Belize expanding fourfold over the past decade alone. The Government of Belize continues to pledge its commitment to entrench tourism as a top national priority making Belize a consistently award winning destination with record overnight and cruise tourism arrivals of over 1.4 million in 2016. The National Sustainable Tourism Master Plan for Belize (2030) speaks to authentic low density, high value development in six (6) main tourism products identified as: cruise, nautical, cultural, nature, sun & beach and leisure & entertainment. As arrivals and connectivity through new flights increase, keen investment opportunities exist in accommodation facilities, destination planning and Medical Tourism as an emerging industry.

Belize offers an ideal marine environment that has bolstered continued growth and diversification in the fisheries and aquaculture sector with the growth and export of various capture and culture species. Some primary capture fisheries in Belize for export include spiny lobster, queen conch, sea cucumber and various finfish. Current culture species include the Pacific white shrimp, Nile tilapia and cobia with potential for other species of marine and freshwater cage farming systems, earthen embankment ponds as well as raft and rope culture to farm oysters, seaweed or other commodities. Additional opportunities also include value added fisheries products and bio prospecting for cosmetics or medicine. Current export markets primarily include USA, Canada, CARICOM, Asia and Central America.

As a central hub for commerce between Central America and the Caribbean with multiple international trade agreements, Belize provides a unique opportunity in light manufacturing and logistics. Through its close proximity to major markets such as USA, Canada, Mexico, Central America and the Caribbean, numerous products can be packaged and assembled in Belize for export such as furniture, garments, bottles, and other value added areas in agro-processing and fisheries. International Connectivity to Belize is facilitated through road infrastructure with borders to Mexico and Guatemala, two (2) active sea ports, one (1) international airport and two (2) cruise ports with multiple opportunities to develop additional logistics investments and services in each modality.

invest belize | vol.5

MAGAZINE_workingfile.indd 12

27/04/17 9:31 AM

INVESTMENT PRIORITY INDUSTRIES

O ffsh o r e O u tso ur cing

Su stainable Energy

Agribu sines s

Historically, the Offshore Outsourcing services sector of Belize has experienced tremendous growth of over 80% in recent years starting with only one (1) center opening its doors in 2005 to over 20 centers presently employing over 2,400 agents. Belize offers an excellent value for money proposition with a compelling blend of a young and skilled neutral accent English speaking workforce, excellent bilingual capabilities in Spanish, geographic and timezone advantages located in Central America and commercial and fiber optic telecom infrastructure. A keen focus remains in the “niche” of inbound and outbound business process outsourcing (BPO) services with continued value added diversification in Information Technology Outsourcing and Knowledge Process Outsourcing (ITO/ KPO).

In the ongoing global quest to mitigating climate change, Belize remains an active supporter joining the chorus of fostering sustainable developments. In line with the aim for long-term prosperity, Belize is also striving vigorously on the path to energy independence, with dedicated emphases on reducing carbon footprints where possible – the answer to this… the movement towards a realm powered by renewable energy! With a history of development in Green economy, Belize has been powered by primarily renewable sources, namely Hydro and Biomass Energy with growing opportunities in Solar Energy. The ultimate aim of the Government of Belize is to achieve 89% energy efficiency by 2030 and thus reducing the country’s dependence on imported fossil-derivatives for energy.

Agribusiness and agro-processing serves as the foundation of the Belizean economy and continues to be the base force propelling the local productive sectors onward. To date, the once traditional agricultural productions of citrus, banana and sugarcane, have been undergoing gradual yet planned transformation – broadening its pillars to encompass new sectors in agro-processing, green gold crops (i.e. grains, chocolate beans, cottons), renewable energy crops (i.e. sorghum, sugar crops) and other organic crops farming. Additional opportunities also exist in livestock farming with cattle meat production, dairy and other value added products increasing exports in citrus juices, fine sugar, coconut and cohune oils, chocolate, gourmet pepper sauces, and other assorted sauces and powders.

MAGAZINE_workingfile.indd 13

27/04/17 9:31 AM

fast track T O

I N V E S T M E N T

s part of its efforts to further strengthen Belize’s position as an attractive and competitive investment destination for both domestic and foreign investors, the Government is now aggressively implementing a campaign to fast-track investment efforts by embarking on a proactive approach that formulates a platform for investors to discover easily key business opportunities in the country. The campaign dubbed as the first phase of the compilation of the Belize Investment Portfolio (BIP), was launched in November of 2016 and takes a clear and practical approach in attracting investments in priority areas of opportunity in specific geographic locations in Belize. It is designed to foster the development of a national portfolio to fasttrack investment generation efforts, both local and foreign, through targeted matchmaking of pre-packaged investment concepts and projects. The BIP campaign, which is now in full swing, is being implemented by the Belize Trade and Investment Development Service (BELTRAIDE), through its technical unit BelizeINVEST, which serves as the Investment Promotion arm for the country. To date, there are over 23 developers, who have expressed interest in joining this historic campaign. The key objectives of the campaign include: to fast-track investment generation efforts; to encourage increased domestic investment and re-investment; to stimulate increased foreign direct investment through matchmaking; to align investments with current national

MAGAZINE_workingfile.indd 14

plans and visions; to encourage sustainable job creation; and to ultimately spur targeted and organized economic development.The BIP, also, expects to further substantiate investment concepts submitted by key public sector Government Ministries and Partners into actionable business cases aligned with national development priorities. The campaign strives to support private sector investment projects or “shovel ready” business opportunities, through various regional platforms, including Connect Americas, a business matchmaking platform developed by the Inter-American Development Bank (IDB) partnering with Google, VISA, DHL, and Alibaba; as well as the Caribbean Association of Investment Promotion Agencies (CAIPA). These two organizations are key supporters and collaborators of the campaign and with their status as regional promotion agencies, they will serve as launching platforms for the portfolio of opportunities in Belize to the wider global investment community. But who can submit investment projects to the Belize Investment Portfolio (BIP)? Any company considered to be a private sector developer, real estate developer, existing enterprises or micro, small and medium-sized enterprises (MSMEs) seeking investment partners for new projects, re-investment expansions, or financing opportunities, qualify to submit investment projects to the BIP. The portfolio is open to public and private sector companies and stakeholders in fostering the matchmaking endeav-

27/04/17 9:31 AM

our with potential investors or financiers. Companies that submit projects to BIP will be able to enjoy numerous benefits. These benefits may include the publication of the business project online on BELTRAIDEâ&#x20AC;&#x2122;s website, and on its blog and social media platforms; as well as promoted on regional investment promotion platforms, such as CAIPA/Connect Americas; and at international trade and investment conferences throughout the world, among others. As part of the BIP Campaign, BELTRAIDE

MAGAZINE_workingfile.indd 15

has created an easy to use online portal to make electronic project submissions. For more information or if you wish to submit an investment concept or project to the portfolio, please visit: www.belizeinvest. org.bz/investmentportfolio, email us at investment@belizeinvest.org.bz, or call us at +501-822-3737.

by hero balani Manager, BelizeINVEST, Generation

27/04/17 9:31 AM

A D VA N C I N G

COMPETITIVENESS through

ftentimes, the assumption is made that prospective employees possess the prerequisite knowledge and skills required of them in the workplace. The Belize Training and Employment Centre (BTEC), a unit of BELTRAIDE, is an innovative concept that was developed to bridge the gap between demand for industry-specific skilled labour and the employer needs in the workplace. BTEC’s primary objective is to increase the access to employment by ensuring meaningful collaboration with the private sector to identify skillset demands necessary for continued growth. Prospective employers, through BTEC’s targeted industry-specific trainings, have access to a pool of trained persons, who can seamlessly transition into their work environment and contribute to the company’s competiveness. Once the industry-specific skillset demands are identified, BTEC’s trainings are developed in collaboration with industry expertise and partners, to enable trainees to have a competitive edge through the technical and practical nature of the trainings. BTEC’s training have been designed for persons desirous of working in existing and emerging industries. These trainings provide both soft and technical skills to participants. The soft skills are designed to prepare them with the right attitude and behaviours being able to positively contribute to the organization’s productivity. While the technical skills provide them with the basic

SKILL DEVELOPMENT

tenets of their respective industry so that they enter the workplace at a point above the learning curve. For example, the Government of Belize has identified Business Process Outsourcing (BPO) as one of the key industries to enhance economic growth and increase viable employment opportunities. It recognizes the fact that the growth of the BPO industry has a multiplier effect on the economy, bolstering additional investments, increased job creation, and improvement in quality of life. (BPO Strategy 2013).

“Interviewing and hiring graduates from BTEC has been a real value to Protel BPO. Their amazing training program sharpens individuals ensuring that they present the most appropriate candidates.” Misael Cowo, Operations, Protel BPO BTEC has made positive strides by recognizing that there is a need to create training opportunities to meet the needs of the changing markets and businesses and have gone a step forward by designing and offering these training opportu-

BTEC has since worked closely with the BPO industry to develop a comprehensive training that provides participants with the knowledge and skills that allows them to become successful customer service and sales representatives. Programme graduates have been able to be compete in the work environment due to the advanced exposure to the industry through simulations and the metrics used to measure performance (scorecards). Total Graduates

756 Graduates Employed

Employment Rate

80%

564

invest belize | vol.5

MAGAZINE_workingfile.indd 16

27/04/17 9:31 AM

"competiveness is no longer associated only with exchange rates, industrial policies, labour costs, and natural endowments. today, it also includes workforce skills, management of how skills are used, and governmentâ&#x20AC;&#x2122;s ability to formulate and implement education, training, and skills-based policies." (ADB Briefs: Skills for Competiveness, Jobs, and Employability in Developing Asia-Pacific, No.18, November 2013)

nities. To date, BTEC has conducted trainings in the areas of hospitality, home healthcare, and horticulture. With the increased collaboration between industry partners and BTEC, the demand for more training programs in a variety of fields are being developed as emerging opportunities for employment arise. BTEC will continue to develop training programs that provide partici-

pants with a distinctive edge, thereby strengthening the workforce and providing companies with proficient human capital, who can serve as assets in the business to foster innovation and strengthen competitiveness.

by christine smith Manager, Belize Training and Employment Centre (BTEC)

MAGAZINE_workingfile.indd 17

27/04/17 9:31 AM

TURMERIC F R O M

F A R M

T O

T A B L E

raditionally, agriculture in Belize has been known for the commodity crops of sugar, citrus and bananas, which for decades has continuously contributed to the growth of the Belizean economy, by generating employment, foreign exchange, and providing much needed revenue to government. In global markets, Belizeâ&#x20AC;&#x2122;s agricultural sector has evolved with the addition of value-added products, such as rum, citrus juices and concentrates, chocolate, as well as ice cream into niche markets. More recently, new emerging nonâ&#x20AC;&#x201C;traditional crops such as grains, cacao, yellow ginger, and their value-added products are the new sensation in global markets, attracting investors from across the globe as Belize remains a competitive hub with diverse market opportunities. One such agro-processing company is Naledo Belize Limited, founded by Ms. Umeeda Switlo, who first visited Belize as a volunteer in 2014,

invest belize | vol.5

MAGAZINE_workingfile.indd 18

27/04/17 9:31 AM

providing advisory services to young people in Belize. She soon began to understand the challenges young persons were facing in starting a business, particularly in the agriculture industry. There was a lack of general ability to identify and connect agricultural opportunities and business creation. In her travels, Switlo found a wonderful quality of yellow ginger in Toledo, with the yellow ginger produced in the District having 7.6% curcumins. This is three times more the curcumin content of roots and powders when compared to other parts of the world. Additionally, yellow ginger is a high-yield crop, producing up to 9,000 lbs per acre, and does not require any agricultural inputs and it is ready to harvest in approximately nine months. Switlo saw an opportunity to create a new export product for Belize. After over a year she had created and tested an innovative recipe that had a twoyear shelf life. It was delicious and could be easily used in cooking. When market tested in a Canadian retail health food trade show, the response was overwhelming. The timing was perfect as Canadians were becoming aware of the anti-oxidant and anti-inflammatory properties of yellow ginger (also known as turmeric) and begun using it in teas, smoothies, curries, and many other recipes. This then led Switlo to form Naledo Belize Ltd. in 2016, The company produces a high-quality turmeric paste from a yellow ginger base, which is processed

from farm to shelf in the Toledo District in southern Belize. The company uses as much locally sourced ingredients in its paste, including limes, cold-pressed coconut oil, and black pepper. In little over two years, Naledo Belize Ltd., has produced over 30,000 bottle of yellow ginger paste, under the trademark, “Truly Turmeric”. The company is even exporting to Canada, now. The company, structured with the principles of a social enterprise, operates by its creed “Better Business, Better Lives”. The company buys from a network of approved growers, young and old, who do not use pesticides or herbicides and grow the yellow ginger sustainably in and amongst other crops in the forest.“We have registered over 200 growers with our company to ensure we can meet the demands of our Truly Turmeric in 2017 and forward” said Ms. Switlo.

The Belize Training and Employment Centre provides effective, demand-driven, user-friendly and value-based programmes that will develop, deliver and sustain a quality workforce. Trainings available in: Job Preparedness - Business Process Outsourcing (BPO) - Tourism + more Professional Development - Customer Service Gold - The Art of Selling + more

Through these practices, the company produces a high-quality product using artisanal methods, which produces a distinctive product made in small batches, giving Truly Turmeric a unique place on Canadian specialty food store. In 2017, Naledo Belize Ltd. plans to increase its production capacity by at least eight-fold to access new markets in the USA, CARICOM and other parts of the world, continuing its quest to bring Belizean Truly Turmeric from our farm to your shelf. Truly Turmeric will continue to place a keen focus in the southern district of Toledo, contributing to its economic development and export diversification.

Also available: Training Facility Rentals

by umeeda switlo President, Naledo Belize Ltd.

Photo courtesy : Emaun Hyde

MAGAZINE_workingfile.indd 19

27/04/17 9:31 AM

breathe in our new world

The Radisson Fort George Hotel & Marina overlooks the turquoise water of the Western Caribbean Sea. Offering a unique get away for relaxation or adventure. Whether traveling for business or pleasure or a little bit of both, the Radisson guarantees a comfortable and relaxing stay. Our hotel features 102 air conditioned rooms (most with a view of the Caribbean Sea), 2 restaurant, a bar, 2 outdoor pools and a spa. We also have a tour desk where you can book your adventure tour.

MAGAZINE_workingfile.indd 20

Radisson Fort George Hotel and Marina 2 Marine Parade, P.O. Box 321 Belize City +011-501-223-3333 radisson.com

27/04/17 9:31 AM

Grass worth Gold f i s h e r i e s d i v e r s i f i c at i o n i n s e a w e e d

or as long as there’s been a fishery in Belize, fishers have been harvesting “seaweed” from the wild. Seaweed, Eucheuma isiforme, is a red algae naturally occurring throughout the Caribbean. Fishers have been traditionally harvesting seaweed while on their fishing trips as supplemental income to their traditional catch of conch, lobster and fish. Seaweed is a valuable commodity, fetching a price of up to US$15 per pound of dried seaweed on the local market. As global demand for seaweed grows in the international market, there is an opportunity to continue to diversify in creating niche market for sustainably farmed seaweed. Seaweed that has positive ecological, social and economic impact on the coastal communities of Belize. Founded in 1951, The Nature Conservancy (TNC) is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-theground solutions to our world’s toughest challenges so that nature and people can thrive together. Since we began working in Belize in 1979, we have focused our efforts on conserving the country’s highest priority habitats and improving fisheries management in order to help sustain fish supplies and support resilient fishing communities. The global commercial seaweed market was valued at US$10.31 billion in 2015, with a continued strong growth trajectory of more than 8% per annum. New applications for seaweed are also increasing the demand worldwide, especially given its health boosting properties being used in pharmaceuticals, cosmetics and as a health food. Farmed at low densities, in shallow clear coastal waters, the seaweed industry that TNC is supporting, produces high quality seaweed, while providing ecosystem and socio-economic benefits to coastal communities.

The known ecosystem benefits of seaweed farming include filtration, nitrogen and phosphorus removal, decreasing of carbon dioxide levels, and reducing the local effects of ocean acidification. TNC’s seaweed farming techniques in Belize provide specific ecological and socio-economic benefits such as: • Protection of habitat and species by creating no-fishing areas where farms are located, • Creation of natural habitat for post-larval settlement of spiny lobster, • Provision substrate for coral recruitment and restoration, • Reduction in fishing pressure allowing for stock rebuilding, • Creation of jobs in processing and farming • Promotion of gender equity, and • Adaptation to climate change through diversification of income sources for coastal communities. TNC partnered with BELTRAIDE, through its EXPORTBelize unit, late last year to start work on assisting the local fishing co-ops to improve the commercialization of seaweed first in the domestic market and eventually to exporting high-quality seaweed to niche markets world-wide. It is expected that while TNC works with various co-ops to improve their seaweed farming techniques, EXPORTBelize will work with the co-ops in developing and implementing business and marketing strategies. The partnership is expected to last through middle of 2018. Our vision is to restore and rebuild fisheries and biodiversity while supporting livelihoods in coastal communities and increasing the country’s resilience to climate change through the implementation of best practices for seaweed mariculture and the development of a sustainable industry for Belize. To learn more, visit www. nature.org/belize

by julie robinson Manager, Belize Oceans, The Nature 29 Conservancy

MAGAZINE_workingfile.indd 21

27/04/17 9:31 AM

Alliances Connections & Infinite Possibilities Photos courtesy : Andrew Usher

onnectivity is increasingly important to the global economy, as the Travel & Tourism sector is expected to grow faster than the wider economy and many other industries over the next decade. With rising income levels, advances in technology and shrinking travel time, competition in the tourism industry is likely to intensify. The ability to connect people and to move goods quickly, reliably and at a reasonable price will be key for development in countries, like Belize, that have embraced the service and travel industries as one of their main pillars of economic growth. While tourism continues to grow at an exponential rate, competitively above the regional growth trends, a continued development of our air connectivity services and facilities have become a strategic focus for the Government of Belize and its partners. Complemented by a robust program to establish visa-free travel to Belize in which a hundred and one (101) countries and their territories1 enjoy barrier free access, the Government of Belize over the past two years, in particular, have engaged in an aggressive airlift expansion campaign. This campaign has seen a continued expansion of legacy airline service from major North American hubs to Belize, and has successfully introduced three new carriers, namely Copa Airlines (through Panama), Southwest Airlines (through Houston), and WestJet Airlines (through Toronto, Canada). This expansion in airlift, is a resounding reaffirmation of Belize’s equity in the travel and trade market, and it’s exciting to see that the new airlift introductions have not only lowered ticket costs to Belize, but have also been able to respond to the demands of key source and secondary markets. As Belize continues to open its doors to travel and trade,

Belize’s comparative advantages, its geographic location, its natural and cultural endowment, its hospitality, and its high investment potential, require an added level of intervention where it relates to the enhancement of the air travel experience to, from and throughout Belize. As a result, the Belize Airports Authority (BAA), a Statutory Body of the Ministry of Tourism & Civil Aviation responsible to administer the country’s aerodromes, has commenced an unprecedented campaign to enhance the country’s public aerodromes in accordance to international aviation standards and to improve overall passenger experience. Implemented at a cost of BZD $17 million, the Belize City Municipal Airport Rehabilitation Program (2013-2016) has equipped the now, Sir Barry Bowen Municipal Airport, with a Class 1A runway with a parallel taxi way (Hot Mix Asphalt), a Lighting System, Security Perimeter Fencing, a Centralized Fuel Farm, a Parking Lot accommodating 153 vehicles, a new access road with drainage system and walk ways and formidable Seashore Protection. This investment creates a viable financial opportunity to realign key areas that are support structures (facilities, services, concessions programs) through Public-Private Partnerships. Other areas of interest for the BAA are the development of key strategic aerodromes, namely the Basil Jones and Douglas D’Silva, in Ambergris Caye and Mountain Pine Ridge, Cayo, respectively, to serve as added catalyst to development in both these critical tourism corridors for the Country. In compliment with the Government’s effort to facilitate new entrants into the market and to increase frequency and reliability of service, the Philip S.W. Goldson International Airport continues to expand its terminal building and cargo facilities enabling the once constrained international airport the ability to add new destinations and higher frequencies on existing routing.

invest belize | vol.5

MAGAZINE_workingfile.indd 22

27/04/17 9:31 AM

Belize is gaining market share, increasing its accessibility and providing a foundation for a robust investment climate within one of the Caribbean and Latin American regionâ&#x20AC;&#x2122;s must-visit destinations.

by jonelle hemmans Business Development Officer Ministry of Tourism and Civil Aviation

â&#x20AC;&#x153;

the new airlift introductions have not only lowered ticket costs to Belize, but have also been able to respond to the demands of key source and secondary markets

" 23

MAGAZINE_workingfile.indd 23

27/04/17 9:31 AM

an authentic, i n s p i r i n g , & r e wa r d i n g i n v e st m e n t pa r a d i s e

HARVEST CAYE Photo courtesy : Damien Chamberlain

ibrant and diversified cultural groups, sandy beaches and the warm turquoise sea, lush tropical rainforests, numerous ancient Maya cities and extensive terrestrial activities are just a few of the varied tourism products that Belize has to offer to the inspired traveler. Bordered by Mexico to the north, Guatemala to the west and the turquoise Caribbean Sea to the east, with just 8,867 square miles- big surprises really do come in small packages! Belize has everything to appease the traveler’s interest, whether it is hardcore adventure or leisured history. Tourism remains one of the main contributors to Belize’s economy. As a result of Belize’s diversified activities and natural resources, there continues to be successful investments such as, the new Harvest Caye Port in Southern Belize managed by Norwe-

gian Cruise Line, development of authentically chic accommodations as Naïa Resort and Spa in one of our destination hotspots; Placencia.

invest belize | vol.5 Photo courtesy : Damien Chamberlain

MAGAZINE_workingfile.indd 24

27/04/17 9:31 AM

Photo courtesy : Demian Solano / Naïa Resort & Spa

naÏa

resort & spa Harvest Caye provides the ultimate Belizean experience where guests can enjoy its 7 acre white sandy beaches, luxurious villas, a 1500 square foot pool, and a variety of dining and bar options inclusive of international and local cuisine. Harvest Caye’s lush landscape allows guests the opportunity to enjoy up close the flora and fauna with its Manatees, Scarlet Macaws and our national Bird the Toucans and for the very brave at heart various native reptiles such as the Boa Constrictors. In addition, there is a spectacular shopping village featuring locally made spirits, chocolate, artwork, craft and grilled skewers; just to name a few. Adventures and exploration are also accommodated via excursions such as river rafting, Maya temples and nature tours. Nestled within a private 200-acre reserve on the Placencia Peninsula, Naïa Resort and Spa is an intimate, natural playground where guests can enjoy an authentic Belize experience on land and at sea. Offering barefoot luxury, Naïa extends along a mile of palm-studded beach and is home to 35 secluded Beach Houses, each one offering breathtaking views of the Caribbean Sea. At the heart of Naïa lies a unique destination spa with 5 treatment rooms and a private island couple’s retreat, tucked away on a series of enchanting lily-covered lagoons. In additional to the extensive list of investment opportunities, Belize offers the opportunity to get away from the hustle and bustle of big cities and retire in paradise with our new and improved Qualified Retired Persons Incentive Program (QRP). Offering great incentives, Belize is sure to meet all your adventure and leisure needs and expectations. If you wish to be a part of the QRP program, go the BTB website, www.travelbelize.org for more information and the application form.

MAGAZINE_workingfile.indd 25

27/04/17 9:32 AM

: A CRUISE INDUSTRY S U R P A S S I N G E X P E C TAT I O N S

ince its inception in the 1980’s, the Belize cruise industry has only grown exponentially. And in 2016, Belize reached a historic milestone, welcoming over one million cruise passengers to its shores. Only Cozumel and Bahamas, leading cruise destinations, exceeded the three-million passenger marker. Based on the Caribbean Tourism Organization cruise statistics, within the Eastern and Western Caribbean, only eight countries, out of a total of twenty-four, have ever exceeded this record. Despite being a tender port, which in most instances can be perceived as a competitive disadvantage, Belize’s cruise passenger arrivals grew 4.9% in 2016 from 2015. Cayman Island, also a tender port, reflected a decrease of 0.3% in 2016, however. This is a testament to the diversity, beauty, and attractiveness the Belize destination experience offers.

To further amplify the growth of the cruise trade, in mid-November 2016, Belize opened its new docking port in the south of Belize. The spillover of this new southern port has allowed for new tour operations to come online, more tour guides being recruited, as well as more destination experiences being created. Belize, also, has seen an increase in calls from European lines, such as MSC, AIDA and TUI. To remain competitive, the Belize Tourism Board has invested in multi-lingual audio and laminated scripts, particularly in German, Italian, and French. Belize is also focusing on bolstering the destination product though infrastructure uplifts, capacity strengthening, and, skills development.

“our country’s great destination experience over the years has allowed belize to rank at ninth place, out of 35 countries”

Our country’s great destination experience over the years has allowed Belize to rank at ninth place, out of 35 countries in 2015, according to the Business Research and Economic Advisors (BREA) studies. Specifically, 68.7% of cruise passengers purchased tours for Belize, above the regional destination average of 55.5%. Ultimately, this signifies more visitors are spending in country, advancing the industry and contributing to the local economy. Cruise expenditure in Belize was estimated at US$86.3 million and accounted for 2,492 employed, making Belize achieving a rank of 10th place in total passenger expenditure.

Overall, Belize has a great and diverse product offering that has made the growth of the cruise industry strong and vibrant. To remain competitive and to ensure the upward growth trend for the industry, Belize has prioritized and positioned the necessary steps to ensure sustainable growth in the industry and continue to allow the destination guest experience to be enjoyable and memorable. Belize anticipates 2017 will be another breakthrough year, continuing to make the guest experience unforgettable, together with surpassing its one million cruise visitor mark

by noriko gamero

Director, Destination Planning and Cruise, Belize Tourism Board

invest belize | vol.5

MAGAZINE_workingfile.indd 26

27/04/17 9:32 AM

MAGAZINE_workingfile.indd 27

27/04/17 9:32 AM

SETTING THE STANDARD FOR CONDO HOTEL DEVELOPMENT IN BELIZE

Palm Reef Resort Features... • • • • •

Turnkey professional hospitality / hotel rental program Professional hotel management Fully furnished Smart Design residences Sub-Zero™ refrigerators and Viking™ appliances Upscale bar & restaurant with indoor / outdoor dining options

• • • • •

Luxurious full feature spa Incredible pool bar with wet and dry sections 24 hr reception and concierge Fully serviced beach Private rooftop function areas for conventions and destination weddings

Contact us today to reserve your residence in one of Belize’s smartest real estate developments. Toll Free (US & Canada): 1-800-248-3982 • Belize (+) 501 610 5111 info@palmreefresort.com

MAGAZINE_workingfile.indd 31

27/04/17 9:32 AM

THE ARA VISION Ara Resort & Marina stands apart as Belize’s premier luxury lifestyle estate & master planned community. The Ara vision represents the culmination of years of work & passion for designing and creating balanced, harmonious living spaces, spaces that in turn create vibrant communities, each complementing each other to create the ultimate lifestyle - Ara Living. 1. 2. 3. 4. 5.

Peninsula Beach & Harbour Home Sites Harbour Island Home Sites Hotel Development Site Future Condominium Site 24 HR Secure Access Gate

6. 7. 8. 9. 10.

Condos, Commercial, Retail Piazza, Marina Future Residential Sites Future Maisons, Waterfront Apartments Conceptual Future Phases Breakwater Ocean Access

(10) (1) (3)

(4) (2)

(6)

(9)

(8) (7)

(5)

Ara Resort & Marina is designed to be the ultimate master planned, Residential, Lifestyle and Resort community in Belize. This stunning development is located on the picturesque Placencia Peninsula on Belize’s sunny southern coast. Ara sits proudly on one of the finest locations in the Caribbean; over 600 acres of pristine waterfront land, containing approximately one mile of beachfront on the Caribbean Sea and an extraordinary network of canal front home sites that offer uninterrupted water and mountain views. Contact us today to reserve your residence in Belize’s premier real estate opportunity. Belize (+) 501 503 3036 www.arabelize.com

MAGAZINE_workingfile.indd 28

27/04/17 9:32 AM

EXCLUSIVE PENINSULA BEACHFRONT & HARBOUR HOME SITES

MAGAZINE_workingfile.indd 29

27/04/17 9:32 AM

PHASE ONE LIMITED RELEASE

MAGAZINE_workingfile.indd 30

27/04/17 9:32 AM

BYTE ENSIZED G L I SH O N T H E GO

ay by day, our world becomes increasingly interconnected. Travel, education, and business

are now conducted on an unprecedented global scale, and with it, the pressure to learn English as a common international tongue has never been stronger. In economic hubs such as South Korea, China, and Japan, learning English as a Second Language (ESL) is quickly becoming a necessity.

ty of cheaper, but less proficient teachers. The availability of many students is limited due to their hectic lifestyles. One company, KWT English Ltd., has

customizable, bite-sized English classes designed for students on the go. This fresh, innovative design was an instant hit with their students. However, Mr. Han Kim, the founder and CEO of KWT English Ltd., did not want to sacrifice quality in its effort to streamline their classes.

"the company’s success has attracted the interest of several foreign entities and has sparked a discussion about the value of Belize as an affordable source of quality ESL instruction"

Unfortunately, many potential ESL students are deterred by the high cost of private tutors or frustrated by the low quali-

risen to the challenge. From humble beginnings in a small office in Wisconsin six years ago, KWT English Ltd., has risen to the top of its industry and is one of the most respected education companies in South Korea. Their solution? Highly

“We only hire native English speakers from the U.S. or North America for our students. Each instructor undergoes a rigorous training process so that we can ensure the best learning experience possible. We take pride in the work that we do and are fully dedicated to helping our students succeed,” he asserted.

31 Photo courtesy : Tomas Gongora

MAGAZINE_workingfile.indd 33

27/04/17 9:32 AM

And succeed, they have! The demand for these classes skyrocketed, pushing the company to expand into China, Japan, and the Philippines. Its most recent milestone has been its expansion project as CORE Company Ltd., established in Belize in early 2016 with Ms. Hadida Grabow as its Director of Operations. As the first educational outsourcing company in Belize specializing in English – Language, CORE Company Ltd., garnered substantial interest from surrounding communities, not only by planning to create more than 500 jobs within the next five (5) years and additional opportunities at their office location in Ladyville, but also by injecting the local economy with significant financial resources. The company has already invested over US$500,000 in local infrastructure and is projecting additional investment of over US$2.5 million within the next ten years. Furthermore, the long-term nature of the students’ contracts allows CORE Company Ltd., to provide long-term, stable employment with the possibility of upward mobility. The company also provides a professional training scaffolding to help their workers grow. Substantial on-the-job training with additional support from the Belize Training and Employment Centre (BTEC), helps guide young professionals and aspiring teachers in their prospective career paths. “The potential for our instructors is there,” said Ms. Grabow. “We give them the training and the skill set needed to make their lives better.” In addition to its own resources, the company’s success has attracted the interest of several foreign entities and has sparked a discussion about the value of Belize as an affordable source of quality ESL instruction. Due to their interest in a foreign niche market as well as their use of a pre-contracted student base, CORE Company Ltd., is able to avoid direct competition with existing call centers and diversify what Belize has to offer foreign investors. “Belize is an untapped gold mine,” said Mr. Kim, “and I’ve been the first to discover it.

WE GET IT THERE

FA S T

by hadida grabow

Director of Operations, CORE Company Ltd.

STEWART PATTON U.S. Tax Attorney and Tax Return Preparer

Cross-border business structuring International investment planning and compliance Offshore IRAs

MAGAZINE_workingfile.indd 34

Located at The Great House in Belize City www.ustax.bz stewart@ustax.bz

t us: g.bz 737 MAGAZINE_workingfile.indd 35

27/04/17 9:32 AM

Living

elize is a unique location overflowing with investment opportunities; the population consists of 380,000 people, most of whom drive the country forward through Tourism, the number one growth component of the economy. This little nation, rich with flora and fauna, offers great incentives for foreign investors with ease of international travel as it is bordered on the east by the beautiful Caribbean Sea, on the north by Mexico, and on the west and south by Guatemala. Belize is serviced by six international carriers, offering over a dozen incoming flights daily. Belize, a democratic nation, is the only English-speaking country in Central America with a steady currency exchange rate of USD $1 to BZ $2 which allows free trade and financial stability for meaningful investments. The local government provides an enabling environment for foreign in-

AND INVESTING IN THE JEWEL

by dan dunbar Managing Director, CPC Real Estate Solutions Ltd. vestment, offering incentives like the foreign ownership of land, retiree incentives, establishment of Export Processing Zones, and much more. Visitors to Belize can enjoy lush rainforests, rich marine life, pristine beaches and lots of fresh air, this is the ideal vacation spot with a chance to get away from it all! Belize isn’t just a vacationer’s paradise, it’s also an investment haven. Acquiring real estate in Belize is pretty straightforward. In many respects it is no different than buying property in Canada or the U.S. It is always advisable, however, to go with a well-established and knowledgeable agent. One who knows your area of interest and the locals well enough to present you with listed properties, and properties that aren’t yet on the market. Best of all, there is no Capital Gains Tax, so if you do decide down the road to resell your property, or your business there is no Belize tax on the money gained. An additional plus to purchasing property in Belize is that annual property taxes are so low that you’ll be taking a second look in disbelief at your tax statement when you first see it.

fers the freedom to do more of the things you want to do with your money. With all the great things this little jewel has to offer, now is as good a time as any to make a sound investment in Belize!

In addition to the ease of property ownership, the local government offers a Qualified Retired Person’s Incentive Program. This program allows retired persons forty-five years and over from anywhere in the world to live legally in Belize without having to pay taxes and import duties on the personal effects that they bring into the country. It further exempts qualified retired persons from the payment of all taxes and duties from income and receipts earned from a source outside Belize. The real estate market in Belize is booming with potential and whether you choose to purchase a retirement property, or relocate to invest in a new business, the low cost of living and tax exemptions in Belize of33

MAGAZINE_workingfile.indd 36

27/04/17 9:32 AM

building& A

L A N DS CAP E TO PA RT N E R TO IN VE ST by christy mastry General Manager, Belize Infrastructure Limited

s countries throughout the region compete for investment, Belize has always been geographically poised to appeal to both the Caribbean and the Central American markets with its strategic location centrally accessible to either. Belize’s diverse natural resources are a fortunate merging of the best of both regions – a mainland country with its incredible island lined coast. While the country has been naturally privileged by these advantages, there is always more a government can do to not only invite travelers to experience Belize; but even more so to build an investment climate that will attract local, regional, and global partners to invest in our growing economy. With this article we will show you, as a prospective investor, that our government is doing just that. Over the past five years there has been significant and undeniable changes in the landscape of our country.

te a iv tor r psec

MAGAZINE_workingfile.indd 37

This landscape shift, however, is not within our lush green forests or deep blue seas. It is in the emerging and expanding manufactured environment we have created throughout our country, such as the horizontal reaches of our agriculture expansion, recreational open spaces, and road infrastructure; as well as the vertical offerings of growing airlift, expanded service sector buildings, and the growth of our tourism, sporting, educational and community facilities unmatched by any other time period in our country’s independent history. The pace continues for one reason only, commitment. Our Government has notably and remarkably transformed the landscape of our country with its strategic goal of infrastructure investment. This commitment to development within the country remains at the forefront of policy decisions being made by our Government as we continue to expand and improve the transportation network through road, sea and air; opening access to

pub sec lic tor

27/04/17 9:32 AM

emerging destinations and continuing the effort to streamline service delivery. The initial framework has now been set by our Government, but this trajectory of development will not continue without private investment. The growth of any economy thrives when the private sector is invited to invest within a platform that streamlines the investment process, vets and prioritizes projects, creates clarity in a country's vision and offers strong government assistance. The Government today acknowledges this necessary framework, and is now actively introducing Public-Private investment opportunities to construct a more mature partnership climate where both public and private assets can be transparently and contractually merged to create value-added services and infrastructure components needed for the advancement of our country. In late 2013, Belize Infrastructure Limited (BIL) was established as a public com-

DEVELOPMENT

pany mandated to undertake the design, construction and management of capital projects in Belize on behalf of the Government, with particular emphasis on sporting, recreational and multi-purpose facilities throughout the country. With the successful execution and streamlined delivery of these projects, the Government of Belize remains committed to advancing its development portfolio with BIL, now mandated as the Public-Private-Partnership (PPP) Unit crafting larger scale development opportunities on a national level, while working closely with the Ministry of Economic Development, Petroleum, Investment, Trade and Commerce and BELTRAIDE for effective execution. The Government of Belize continues to acknowledge the growing trend to reach out to the private sector for development partnerships, particularly for projects of current government priority where the private

ARCHITECTURE

sector has proven successful in their ability to maintain, manage and execute such projects. The government also take advantage of the innovation brought to the table through unsolicited proposals where potential opportunities continue to grow. Over the next year, the Government of Belize intends to roll out such partnership opportunities in the various industries of transportation, mixed-use building facilities, tourism enhancement, agricultural growth, public utilities, and several other leading industries of the countryâ&#x20AC;&#x2122;s economy. We welcome you to visit our country with its unmatched natural landscape, and invite you to invest in a carefully crafted partnership landscape with a government committed to investing in its infrastructure, advancing the built environment, growing the economy and serving its people.

PLANNING

CONSTRUCTION

WWW.IE-WORLDWIDE.COM

35 New Road - Belize City, Belize w. 501.223.6996 info@ie-wordwide.com MAGAZINE_workingfile.indd 38

27/04/17 9:32 AM

FAQ’S directorate general for foreign trade ministry of economic development, petreoleum, investment, trade & commerce

What are reliable sources for Belize’s trade statistics?

How many members are there in CARICOM and the CSME?

The major in-country sources of trade data include the Statistical Institute of Belize and the Central Bank

There are 15 Member States in CARICOM and 13 of those are Members of the CSME.

Does Belize have any trade agreement with other countries apart from the European Union (EU)?

What is the Most Favored Nation (MFN)?

Yes, the Partial Scope Agreement (PSA) with Guatemala; CARICOM; CARICOM Bi-lateral Agreements with Costa Rica, Venezuela, Cuba, Colombia and the Dominican Republic.

What is a Partial Scope Agreement (PSA)? A PSA is a trade agreement that grants preferences to a limited number of goods.

What is the difference between a Free Trade Agreement (FTA) and a Partial Scope Agreement (PSA)? FTAs cover substantially all trade while PSAs cover a limited number of goods of mutual interest to both countries. These types of agreements are allowed under the WTO GATT Agreement under Article XXIV and the Enabling Clause respectively.

The MFN is one of the World Trade Organization’s (WTO) principle of non- discrimination. Member states of the WTO should grant to other member states treatment that is no less favorable than that afforded to other countries (non- member states included).

What is the Harmonized System (HS)? The HS is an international coding system defined by the World Customs Organization (WCO) for the classification of products. It was introduced in 1988 and has been adopted by almost all countries worldwide. It is a common basis for the customs authorities to use while classifying goods.

What are the top destinations for Belize’s primary exports? Belize mainly exports to the EU ( 49.6% ), US ( 29.1% ), CARICOM ( 13.4% ), Central America ( 1.6% ), and other countries account for 6.2% of our country’s exports, with Puerto Rico accounting for 2.1%. 37

MAGAZINE_workingfile.indd 39

27/04/17 9:32 AM

gateways International

houston, texas (iah) houston, texas (hou) dallas, texas (dfw) denver, colorado (den) miami, florida (mia) fort lauderdale, florida (fll) los angeles, california (lax) chicago, illinois (ord) newark, new jersey (ewr) charlotte, north carolina (clt) atlanta, georgia (atl) toronto, canada (yyz) london, uk (lhr) san salvador, el salvador (sal) panama city, panama (pty) cancun, mexico (cun) flores, guatemala (frs) roatan, honduras (rtb) san pedro sula, honduras (sap)

invest belize | vol.5

MAGAZINE_workingfile.indd 32

27/04/17 9:32 AM

A P E RMA N EN T CEN T ERPIEC E :

N AT I O N A L Q U A L I T Y INFRASTRUCTURE

he Government of Belize, through the Ministry for Investment, Trade and Commerce, has expressed its commitment to ensure that its trade facilitating agencies, such as the Belize Bureau of Standards (BBS), are institutionally ready to facilitate and promote trade at the national, regional and multilateral level.

As an assurance to all investors that Belize is developing such competency, both human and institutional, to meet the needs of not only domestic but foreign manufacturers, processors, and service providers that have an interest in setting up operations in Belize, BBS has been mandated to establish a National Quality Infrastructure for Belize. On this platform, investors can confidently trade from and to Belize knowing that

its national quality infrastructure is internationally pegged to recognized international standards. In the space of ten years, the Belize Bureau of Standards, has been slowly turning the wheels to make the National Quality Infrastructure a permanent centrepiece in the dialogue for national policy and development. But what is Quality Infrastructure and how can we

invest belize | vol.5

MAGAZINE_workingfile.indd 40

27/04/17 9:32 AM

break down what seems foreign into common language so that there can be, not only understanding, but also general acceptance for its absolute need and importance? The world in which we eat, live, work and play, depends on standards. Whether you are in India or Argentina or somewhere in between, your next bite of your favourite food has standards written all over it, from the packaging and labelling to the manufacturing plant where it was produced or processed. Of course, it involves a lot more in between than just the two extreme ends of production and consumption, and it certainly does not end with food - food for thought, and no pun intended. Essentially, standards give us a peace of mind that the world we eat, live, work and play in, is safe and healthy, while at the same time providing a frame of reference against which we can ensure things we produce meet these criteria as well. At its core, Standards is a vital building block of a National Quality Infrastructure, since its other key components such as Metrology, the science of measurement, and Conformity Assessment would not function properly without it. Let us examine this a bit. In everything we do in our daily lives, we measure. We are ever so mindful of the time it takes to get from one place to the other, and this involves time, speed and distance. A quick stop at the food market involves weighing our fresh fruits and vegetables to ensure value for money. The cell phones, which we use for the transmission of voice and data, depend on frequency, as signals bounce from one tower to the next. But what guarantees the accuracy of our measurements for time, speed, distance and frequency, you may ask? Do not think too long and hard, but the answer lies in a system of measurements based on international standards. Now that we have drawn a direct link between Standards and Metrology, let us focus on conformity. Standards

would be pointless to have in our society were it not possible to prove that they are being complied with. After all, isnâ&#x20AC;&#x2122;t this the point? To demonstrate that specified requirements relating to a product, process, system, person or body are fulfilled or met is essentially what is at the heart of conformity. Simply put, conformity translates to sticking to the requirements so that the purpose of having a standard are fulfilled. These pillars of Standards, Metrology, and Conformity Assessment are crucial for a functional a National Quality Infrastructure. The Bureau recognizes this and has worked arduously to ensure that it becomes a key factor in national development. One major accomplishment towards this objective has been the construction of its metrology laboratories, which was made possible with the assistance of the European Union through grant funds to the tune of US$1.7 million. This comes, also, with the support and commitment from the Government of Belize, regional organizations, such as the CARICOM Regional Organization for Standards and Quality (CROSQ), and other international institutions, such the German National Metrology Institute, in the form of various interventions and technical assistance. Additionally, a national standardization programme has been developed, which now brings into focus standardization across key economic sectors for the next five years. As the Bureau continues to raise its profile it will remain ever so committed and confident to the overall welfare of the nation, with the four pillars (Standards, Metrology, Conformity Assessment) of a National Quality Infrastructure deeply rooted in national development policy and objectives. Furthermore, these advances made in building its National Quality Infrastructure is an assurance to investors that Belize is developing the competency, both human and institutional, to meet the needs of not only domestic, but also foreign manufacturers, processors, and service providers that have an interest in setting up business operations in Belize.

by josĂŠ e. trejo Director, Bureau of Standards, Ministry of Economic Development, Petroleum, Investment, Trade & Commerce

MAGAZINE_workingfile.indd 41

27/04/17 9:32 AM

C R E AT I N G A N I N V E S T O R F R I E N D LY ENVIRONMENT THROUGH T EC H N O LO GY

here is a growing recognition of the role that e-government has on promoting country attractiveness to foreign or domestic investors, hence, governments around the globe are deploying e-government services as a promotion technique that helps to eliminate investment barriers, in particular those related to information retrieval and accessibility, business procedures, and bureaucratic protocols facing investors in a host country. The Government of Belize has taken on this challenge by implementing an aggressive program of governance reform centered on core process and technology improvements in all service areas to citizens and businesses. This program was kick-started in mid 2016, with a key structural change in government’s ICT focus. The Central Information Technology Office (CITO) was realigned to report directly to the Prime Minister’s office, with the aim to proactively implement a newly approved eGovernance policy and strategy. Since this change, a framework for eGovernance has been developed and several foundational initiatives have begun upon which the future structure of government is being built.

intent of Government is to leapfrog technology and to utilize mobile and biometric technology to ease access, and to reduce the steps needed to apply for service, to receive official authenticated documents, and to improve document flows among agencies. The third important eGovernance foundation, already launched in 2016, is the National Payment System (NPS) developed by the Central Bank of Belize. This national payment switch now allows for instant clearance of inter-bank transactions, and now sets the stage for a system-wide online payment network for government services, which is being developed in 2017. In order to build a strong ICT structure, CITO is investing in expanding its data center in Belmopan, and works closely with ministries in reviewing process flows and in installing systems such as electronic document management (EDM) that will make processes work more quickly and with fewer delays and fewer human errors.

The primary initiatives include the development of a Data Exchange Platform (DXP) which will allow for all existing IT systems to exchange information and to open interaction between citizens and government. The DXP, consisting of a software and hardware virtual data hub will be installed in 2017. It will allow for greater interoperability among government agencies, and for the rollout of a number of online services to the public. This new layer, based on advanced security protocols, will guide service providers and applicants through efficient use of improved processes and the latest online tools, with user-friendly interfaces. Parallel to this, a standard protocol to create a “single view of the citizen”, by incorporating a new national ID system will allow for easy authentication of citizens and cooperate entities that will procure government services online. The

invest belize | vol.5

MAGAZINE_workingfile.indd 42

27/04/17 9:32 AM

As these important initiatives continue to roll out, CITO has been working with a number of key government agencies to improve their internal ICT systems and to prepare them for citizen access. Among these already, plans are underway to replace ageing tax software with a more robust integrated Revenue Management System that will feature electronic filing and auditing processes, along with online reporting and payment by tax payers. Similarly, a new multi-channel application processing system called BelAps, will allow for online application for a number of trade-related permits, such as import permits, agriculture clearance, health permits, etc., and finally, a new National Transportation Management System will consolidate online processing of transport permits such as driverâ&#x20AC;&#x2122;s licenses and vehicle registrations, and will allow for use of data by other service providers. CITOâ&#x20AC;&#x2122;s leadership

Photos courtesy : Emaun Hyde

is changing the culture of institutions, pushing them to re-think processes and to seek the right technology to power their services to citizens and businesses. The vision of CITO is for an administration that is inter-connected within its own institutions, and that is connected to citizens and businesses; where transactions become efficient, transparent, and accurate. For investors, this means that the cost of doing business will reduce and the level of predictability will increase. Change does not come easy, and the management of that change is difficult, but the government is committed to the work of transformation using technology.

by michael singh Chief Technology Officer Government of Belize 41

MAGAZINE_workingfile.indd 43

27/04/17 9:32 AM

BELIZE BPO

A BENCHMARK FOR HIGH-QUALITY SERVICE DELIVERY

fter years of outsourcing his contact center seats around the world, Transparent BPO’s founder and CEO, Scott Newman, chose Belize. With the foundation of the business established, Transparent BPO started the search for the perfect destination to execute this concept. As one of the fastest-growing economies in Central America, Belize stood out as the perfect fit for Transparent BPO’s operations. It offers an educated English-speaking population, reliable telecommunications, and an overall friendly environment. With Spanish being the second major language in Belize, Transparent BPO was be able to offer highly qualified bi-lingual agents. Although the BPO space in Belize was undeveloped at the time, the founders felt there was a tremendous opportunity to establish the benchmark for others to follow.

Transparent BPO opened in Belize in 2009, in a small facility with just thirty employees. Focusing on the customer experience and investing in its people, the company quickly established a name in Belize and in the United States. It was not long before major brands were signing on to outsource their work to Transparent BPO in Belize, supporting them in acquisition, customer service, technical support, and back office data entry. As of November 2016, Transparent BPO employs over 800 people in Belize in contact center roles as well as back office support. It has, also, expanded its operations into two facilities in Belize City. The company has developed a reputation in the region for being a high-quality service delivery provider. Focusing on the customer’s experience first by using world-class training, technology and management, Transparent BPO has formed

by j. scott newman Founder & Chief Executive Officer, Transparent BPO

invest belize | vol.5

MAGAZINE_workingfile.indd 44

27/04/17 9:32 AM

strong client relationships. Even as new competition has entered Belize or surrounding markets in the region, Transparent BPO maintains its focus on providing excellent job opportunities, which has allowed the company to maintain a strategic advantage and attract excellent talent and live its core values. Transparent BPO has invested in the Belizean economy by providing hundreds of new jobs in Belize over the past seven years. The company provides an atmosphere where employees can grow their skills and reach their professional goals. As part of its mission, Transparent BPO

has become an integral part of the community, supporting local organizations, and offering employees opportunities to volunteer their time. The company now looks to continue its growth in Belize. The company, partnership with the Belize Training and Employment Centre (BTEC), plans to establish an industry-leading call center school in Belize City to train applicants to enter the industry with a competitive advantage, continuing its investment in Belize and its citizens.

Photo courtesy : Tomas Gongora

AS ONE OF THE FASTEST GROWING ECONOMIES IN CENTRAL AMERICA BELIZE STOOD OUT AS THE PERFECT FIT FOR TRANSPARENT BPOâ&#x20AC;&#x2122;S OPERATIONS

MAGAZINE_workingfile.indd 45

27/04/17 9:32 AM

MAGAZINE_workingfile.indd 46

27/04/17 9:32 AM

MAGAZINE_workingfile.indd 47

27/04/17 9:32 AM

INVESTING IN OUR FUTURE P R E PA R I N G F O R G L O B A L COMPETITIVENESS

n an economy primarily driven by tourism, agriculture and fisheries, there is a budding light-manufacturing industry invested in creating a diversity of products to position Belize as a significant player in the global agro-processing industry. Through key economic development partners, such as BELTRAIDE, a statutory body in the Ministry of Economic Development, Petroleum, Investment, Trade & Commerce, the Government of Belize has embarked on a strategic initiative to equip this industry with the tools necessary to take advantage of global opportunities, to provide additional avenues for foreign exchange earnings, and to avert potential shocks created by disruptions in the global economy. Caribbean Premier Products Ltd. (CPPL), manufacturers of artificial and natural fruit beverages, purified water, and frozen novelties, is one of the local companies, who has embraced the challenge of economic expansion and diversification. A recipient of the 2014 Enterprise Innovative Challenge Fund (EICF) and a multiple awardee of grant funding from the Caribbean Economic Development Agency (CEDA), the company continually employs technological innovation to improve efficiencies and capacities. The company’s most recent investment, a state-of-the-art hot filled aseptic bottling line capable of filling 90-40foot containers per month, has increased its production capacity by 1,200% and takes the company from a current state of producing items with a six-month shelf-life to a maximum shelf stability of up to two years for certain products. Complementing this production expansion, CPPL has begun the process to achieve the international certification, FSSC 22000 Food Safety Management System. These two notable milestones reinforce CPPL’s commitment to quality improvement and enables it to capitalize on both regional and inter-

national market opportunities. “The timing of our investment is critical. With the recent proliferation of regional trade agreements such as the CSME and the partial scope agreement with Guatemala, the increased capacity will not only meet our local product needs, but allow us to use the excess capacity for exports”, cited Kahlil Salazar, Managing Director of CPPL. In 2016, CPPL has invested heavily in market research in external markets and has validated the existence of many expansion opportunities for co-packaging, private labelling, as well as a demand for its own products. We have a distinct advantage of operating in a bilingual country that is a member of CARICOM. With the increased demands of trans-national trade, we are looking for as many ways to incorporate our products into the global supply chain. Salazar continues to emphasize that the company is reaping the benefits of trans-national trade, learning from and exporting to its trade partners. The exposure has led to technological innovations increasing efficiency, maximizing output, and lowering costs, allowing for lower consumer prices. “We will maintain this … subscribing to international standards and ensuring that our labour force is equipped with the requisite training and resources. The demands of the external markets are much higher than our local standards – this can only be beneficial for Belize!” – Kahlil Salazar, Managing Director – Caribbean Premier Products Ltd.

by simone bell Marketing Manager, Caribbean Premiere Products Ltd.

invest belize | vol.5

MAGAZINE_workingfile.indd 48

27/04/17 9:32 AM

"with the recent proliferation of regional trade agreements such as the CSME and the partial scope agreement with Guatemala, the increased capacity will not only meet our local product needs, but allow us to use the excess capacity for exports"

Photos courtesy : Tomas Gongora

Belize INVEST

H A L F PA G E A R T W O R K G U I D E

pure nature md health drink

BLEED AREA

Extend your background to fill the full ‘bleed area’ to make sure you don’t end up with white edges surrounding your design

all natural no added sugars safe for diabetics

DO - Edit and save your file in CYMK at a minimum of 300 DPI - Outline your text before saving and embed all images - Delete this guideline group layer before saving - Submit an editable file (Adobe Illustrator PDF or Photoshop PSD)

SAFE AREA Keep all the important bits of your design - text, logo, icons - inside this area.

DON’T - Flatten your design before saving - it will reduce the print quality - Add any additional bleed, print, or crop marks to your file - just save to the size of this template

K I N D LY S U B M I T Y O U R D E S I G N B Y FEBRUARY 24TH, 2017

SAFE AREA : 8.375” x 5.375“ TRIM AREA : 8.5” x 5.5” BLEED AREA : 9.5” x 6.5”

TRIM AREA This is the full area of your design, but ensure your background does not end here.

w w w. p u r e n at u r e m d.c o m MAGAZINE_workingfile.indd 49

27/04/17 9:32 AM

XPORTBelize, a unit of BELTRADE, came on stream in May 2014, and is charged with fostering an enabling environment to promote the diversification and competitiveness of Belizeâ&#x20AC;&#x2122;s export sector. Through its capacity building and promotion efforts, EXPORTBelize is working to build export readiness and to improve market access and penetration for Belizean goods and services. In an ever changing global marketplace, it is imperative for small economies, like Belize, to invest time, efforts and resources in a differentiation strategy that highlights the competitive advantages and uniqueness of its export offerings. In an era of fierce price wars and market saturation, Belize is strengthening its position as a supplier of quality goods and services, and EXPORTBelize is a key partner in ensuring that this position is maintained. When developing a sustainable export strategy at the macro and micro levels, one must carefully examine the export-marketing mix along with other opportunities and threats to market expansion. A competitive strategy requires enterprises to take proactive steps to add value to their operations, to engage in continuous improvements, and to conduct environmental scans that will guide decisions. This is complemented

MAGAZINE_workingfile.indd 50

Export Workshops

by the work of trade support organizations and government agencies, through its endorsement of macro policies that support competitiveness improvements across industries. Additionally, information exchange and provision of real-time information on markets and market opportunities must be facilitated to allow for evidence-based decisions. EXPORTBelize and its partners recognize that information is an integral part of every international supply chain and are engaging in efforts to bridge the information gap. EXPORTBelize and Belizeâ&#x20AC;&#x2122;s Directorate General for Foreign Trade, both entities under the Ministry of Investment, Trade and Commerce, have embarked on an information sharing campaign to bring visibility to export opportunities that exist in CARICOM. This campaign includes several components aimed at building awareness of CET Suspension requests emanating from the CARICOM region. Belize, like all other CARICOM Members, applies a Common External Tariff (CET) on imports from extra-regional countries. The CET is a harmonized coding system for the importation of goods from countries outside of the CARICOM region. The request for suspension on the CET is made when a CARICOM member state cannot acquire a desired good from one of the CARICOM countries, conse-

New Markets /Contracts

65 7

Clients

quently seeking suspension or reduction of the tariff by the Council for Trade and Economic Development (COTED). Under Section 83, of the abovementioned Treaty, any reduction or suspension of the Common External Tariff on any item shall ONLY be decided by the Council for Trade and Economic Development (COTED). This reduction or suspension may be granted in the event that: a product is not being produced in the Community; or the quantity of the product being produced in the Community does not satisfy the demand of the Community, or the quality of the product being produced in the Community is below the Community standard or a standard authorized by COTED A time series analysis conducted on CET Suspension Requests revealed that there are many products that have consistently

27/04/17 9:32 AM

by shahera mc'koy Manager, EXPORTBelize, BELTRAIDE

MAGAZINE_workingfile.indd 51

PROUD PUBLISHER OF INVEST BELIZEâ&#x20AC;&#x2122;S 5TH EDITION

These interests originate in countries across Latin America, North America, Europe and the Middle East. It is only fitting that we examine the successes and opportunities and continue on the trajectory of quality and sustainability as our differentiation strategy. Our competitiveness as a country lies in our ability to sustainably harness our natural endowments and capitalizing on the uniqueness of our natural and human resources.

COBALT CREATIVE

made the list, indicating that there are several products being demanded in CARICOM that are not readily available from CARICOM suppliers. These include items, such as coconut oil, soybean oil, soybean meal, palm oil, raw cane sugar, white refined sugar, fruit juices and drinks, turmeric, and other spices. This, in essence, provides an opportunity for Belizean producers to diversify and take advantage of new opportunities in CARICOM. While regional integration is an goal of the macro-level trade policy, there are immense opportunities for Belize to access speciality and niche markets around the world and the stage has been set by a few trailblazers, who have put our name on the map. Our export promotion outreach has identified major interests in primary and value-added products, including grains, sea foods, health foods, exotic foods & spices, beverages and meats just to name a few.

BRANDING MARKETING & COMMUNICATION PUBLIC RELATIONS CONTENT DEVELOPMENT COPYWRITING & COPY EDITING SOCIAL media CREATIVE DIRECTION GRAPHIC DESIGN PHOTOGRAPHY VIDEO PRODUCTION part creative agency, part brand and advertising consultancy firm designed to meet all the dynamic business and creative needs of our clients.

emaun@cobaltcreates.com www.cobaltcreates.com

27/04/17 9:32 AM

t h e d r i v e r f o r i n n o v at i o n a n d competitiveness in belize

his is the story of “Twigs and Pearl.” Founded by Ms. Rebecca Stirm, a young female entrepreneur, who started to create and innovate at an early age. She vibrantly expressed herself through her paintings and music. But, it was through her drawing of apparel that her innovation started to attract people’s attention. Eventually, Rebecca realized her love for designing clothes could become a viable business option for her. She created a home design studio, where she handcrafted her garments from start to finish, using soft, attractive natural fibers and materials. Rebecca was on her path to build her fashion empire. But, she lacked proper guidance in business development and financing. Luckily, Rebecca had a place to turn to! In 2015, Rebecca signed up as client with the Small Business Development Centre, Belize (SBDCBelize), and successfully participated in one of the Centre’s entrepreneurship and seed capital programs. She fine-tuned her business model, developed an investment plan, and structured her cash flows. Critically, as part of her market research findings, Rebecca realized that the Belize market was too small to sustain her then current business model. Rebecca did not give up on your entrepreneurship endeavor with these new findings; but rather, Rebec-

ca took this new challenge and turned it into a new opportunity. She created “Twigs and Pearl”! Twigs and Pearl is Rebecca’s brand for custom-made distinctive totes, handbags, and purses. The intense entrepreneurship training, mentorship and seed funding she received at SBDCBelize had set Rebecca on her new dynamic course with a clear strategic business and market focus. Twigs and Pearl is one of the many micro, small and medium-sized enterprises (MSMEs) that drive the entrepreneurial activity in a small economy like Belize. The importance of establishing competitive strategies and deploying the right mechanisms, are crucial to fostering both viable enterprises and dynamic entrepreneurial spirits. These are keystones to economic productivity, sustainability, and diversity. At SBDCBelize we encourage enterprises to be strategic, innovative, and ready to adopt creative business models that allow them to survive in a changing and competitive environment. Without change there is no innovation, no creativity, not even the incentive to improve. The creation of new businesses, the scalability of existing businesses, job creation, increased sales, and access to capital are all in line with Government’s economic development plans. Belize National MSME Development Policy and Strategy (2012)

invest belize | vol.5

MAGAZINE_workingfile.indd 52

27/04/17 9:32 AM

establishes a legal framework that supports the development and fostering of MSMEs. It is under this policy framework, that SBDCBelize has incorporated an innovative “lean strategy” approach, improving the business environment for national competitiveness. In late 2015, to complement the work set out under the National MSME Development Policy and Strategy, the Belizean government endorsed the National Entrepreneurship Strategy, laying out its medium and long-term national entrepreneurship expansion efforts, addressing key determinants such as the entrepreneurship culture and growth, supportive business environment, productivity and innovation, and internationalization of MSMEs. BELTRAIDE, as the lead national economic development agency, has been rigorously implementing enabling initiatives and mechanisms, geared toward the creation of viable business start-ups, and bolstering those already in existence. The Emprende Belize Fund, launched in 2014, a seed capital initiative, has provided critical start-up financing, ranging from US$3,500 to US$7,000, to over 67 enterprises. Much of the success of this initiative lies within the intense and focused business development trainings each beneficiary received prior to receiving funding. Each start-up now has a better appreciation of idea validation, customer empathy maps, problem/need validation, investment plans, minimum viable product (MVP), and elevator pitch techniques. More importantly, these startups continue to receive advising and mentorship from Business Advisors, as a primary benefit of them being clients of SBDCBelize. In small economies, the concept of creativity, innovation continues to be a challenge, however. But, these small businesses represent the new inflow of entrepreneurship by opportunity, where constant creativity, innovative thought is the driver behind their scalability and growth trajectory. It has been

the continuous mission of SBDCBelize to continue to encourage business models that are innovative, and have growth potential. Happy Maids Belize, another female entrepreneur, reflects such innovative in its business model. Additionally, it supported the creativity, and entrepreneurship by “opportunity”. In small economies, the concept of “innovation” continues to be a challenge; however, it has been a continuous mission to continue encouraging business models that are innovative, and have growth potential. An example of such an innovative business model is encompassed in” Happy Maids Belize”. Carren Williams, founder of Happy Maids Belize, operates her business under the philosophy that change and creativity go hand-in-hand. One must be willing to change to take advantage of opportunities, “for an enterprise’s strategies evolves with the customer”, according to Williams. Her business idea surfaced as she was looking for a professional home cleaning service in her home

Photo courtesy : Twig & Pearl

MAGAZINE_workingfile.indd 53

27/04/17 9:32 AM

Capital Investment

$6,108,383 Advising/ Training Hours

498 Jobs Created

20129

town, Belmopan. Williams quickly found out that there were no such services available in Belmopan and immediately decided to capitalize on the opportunity and launched her business in July 2011. Happy Maids Belize, now, has five full time employees and operates in Belmopan and in Belize City, offering professional cleaning services to residences and enterprises. In late 2016, Williams added a new revenue stream to her existing business. In partnership with the Belize Training and Employment Centre (BTEC), she provides Janitorial and Housekeeping job preparedness trainings, transferring the tools necessary for trainees to become employable in this field. Williams continues to receive the advising from SBDCBelize in the areas of product development, marketing, and entrepreneurship. BELTRAIDE, through its SBDCBelize, continues to support competitive investments, by assisting the critical integration of business development strategies and innovation in enterprises. In fostering innovative thinking, it is imperative for Government and agencies, like BELTRAIDE, to continue to generate and employ business development policies, strategies, and initiatives, that not only support the creation of local firms, but the internationalization of many of those firms. BELTRAIDE continues to advocate for national integrated competitive entrepreneurial ecosystem, partnering with public-private-academia networks, systematically revamping the national business climate, pushing head an innovative culture at all levels.

by nilda riverol Manager, Small Business Development Centre, Belize (SBDCBelize)

invest belize | vol.5

MAGAZINE_workingfile.indd 54

27/04/17 9:32 AM

SPOTLIGHT O N M U S I C F E S T I VA L S I N B E L I Z E

Throughout the Caribbean, countries have utilized music as a draw to develop their cultural tourism sector. Belize has identified the Belize International J azz Festival (BIJF) as a means of encouraging citizens, tourists, and music enthusiasts to appreciate the usage of outdoor venues, heritage sites and local cuisine as well as to experience a rich, culturall y-flavored nightlife. The ten day J azz Festival will be held from June 3rd - 11th, 2017 and honors musical legends through performances from ma jor local and international jazz acts. Apart from performances musical workshops will be offered to help musicians develop their talents. For more information, contact the Belize International J azz Festival at Tel : 501.227.2110 or 501.607.0610 or at b elizeinternationalj azzfest@gmail.com

Photos courtesy : Emaun Hyde

MAGAZINE_workingfile.indd 55

27/04/17 9:32 AM

BELIZE: Fiscal Incentive (FI) Programme

STEP

BELIZE: Export Processing Zone (EPZ) Programme

EPZ

STEP

Submission to BELTRAIDE

Completed application in accordance with the standing Export Processing Zone Incentive guideline as outlined on our website: www.belizeinvest.org.bz

Completed application in accordance with the standing Fiscal Incentive guideline as outlined on our website: www.belizeinvest.org.bz

STEP

Application Advancement to the Ministry and Government Partners

STEP

CABI NET STEP

Application Advancement to the Ministry and Government Partners

Completed application seeking an Export Processing Zone status vetted by the Ministry responsible for Investment, Trade and Commerce and Government Partners

Completed application seeking a Fiscal Incentive vetted by the Ministry responsible for Investment, Trade and Commerce and Government Partners

STEP

Submission to BELTRAIDE

Application reviewed by Cabinet

STEP

EP ZC

Completed application submitted for Cabinet consideration

STEP

Cabinet Decision

Subject to receiving approval from Cabinet, BELTRAIDE executes the publication period and prepares the Statutory Instrument documents.

Application reviewed by Export Processing Zone Committee

Completed application submitted to the Export Processing Zone Committee (EPZC) for consideration

EPZC Decision

Subject to receiving approval from the EPZC, the Ministry executes the Certificate of Compliance

Upon full compliance of the stipulated application format, the application process takes sixty (60) working days.

Upon full compliance of the stipulated application format, the application process takes thirty (30) working days.

Belize: Fiscal Incentives Programme aims to encourage genuine investment in Belize through the granting of Customs Duty Exemptions.

Belize: Export Processing Zone is intended to attract both local and foreign investments to boost production for export markets. Benefits of an EPZ • Exemptions on:

• • • • • • • • • • •

Customs Duty Exemption on the following: Building Materials & Supplies Specialized Tools Plant, Machinery & Equipment Fixtures & Fittings Office Equipment & Appliances Utility & Transport Vehicles Agricultural Machinery & Supplies Raw Material & Packaging Material Marine Crafts Aircrafts & Spare Engines Spare parts for qualified sectors

- Property & Land Tax

- General Sales Tax

- Dividend Tax

Who qualifies for an FI

- Excise & Consumption Taxes

• • • • • • • • • •

• Open Foreign Exchange Bank Accounts

•

Tourism related activties Aquaculture & Fisheries Health Care Manufacturing Auto Rental Agriculture Agro-Processing Forestry Arts, Crafts & Culture Computer & Information Technology Handicraft

Who disqualifies for an FI

• Ammunition & Firearms • Articles of Woods • Management Vehicles • Salvaged Vehicles • Expendables & Consumables • Forest Derivatives

MAGAZINE_workingfile.indd 56

- Export Duty

• Customs Inspection at the Zone

Who qualifies for an EPZ

Who disqualifies for an EPZ

•

Manufacturing

•

Tourism Industry

•

Processing

•

Retailers

•

Assembly

•

Wholesalers

•

Export Services

To learn more about investment incentives available in Belize, scan the QR code

27/04/17 9:32 AM

MAGAZINE_workingfile.indd 57

27/04/17 9:32 AM

Corner Freetown Road / Cleghorn Street Belize City, Belize Tel : 501.223.4123 Fax : 501.223.4114 atlantic@atlabank.com www.atlanticbank.com

#14 Orchid Garden City of Belmopan, Cayo Tel : 501.822.3737 Fax : 501.822.0595 publicrelations@belizeinvest.org.bz www.belizeinvest.org.bz

2nd floor, Withfield Tower #4792 Coney Drive Belize City, Belize Tel : 501.223.3152 / 5306 Fax : 501.223.3528 / 3111 info@atlanticibl.com www.atlanticibl.com

#64 Regent Street Belize City, Belize Tel : 501.227.2420 Fax : 501.227.2423 Toll Free : 1.800.624.0686 info@travelbelize.org www.travelbelize.org

Barrier Reef Drive, San Pedro Town Ambergris Caye, Belize Tel : 501.226.5478 info@acquafino.com www.acquafino.com

ITVET compound, Freetown Road Belize City, Belize Tel : 501.223.0322 btec@belizeinvest.org.bz www.belizeinvest.org.bz

Placencia Peninsula Stann Creek, Belize Tel : 501.503.3036 info@arabelize.com www.arabelize.com

#3 Port Road, Big Creek Independence Village, Stann Creek Tel : 501.523.2003 Fax : 501.523.2124 info@bigcreekgroup.com www.bigcreekgroup.com

#109 North Front Street Belize City, Belize Tel : 501.227.2308 Fax : 501.227.7236 www.belizecitycouncil.org

Placencia Village, Stann Creek Tel : 501.523.3063 / 303.495.5536 Fax : 501.725.9420 info@realestateplacencia.com www.realestateplacencia.com

2 Mls. George Price Highway Belize City, Belize Tel : 501.222.4143 / 501.601.1152 Fax : 501.222.4150 sales@belizefoam.bz

#1521 Cross Avenue Belize City, Belize Tel : 501.615.0055 emaun@cobaltcreates.com www.cobaltcreates.com

#14 Orchid Garden City of Belmopan, Cayo Tel : 501.822.3737 Fax : 501.822.0595 investment@belizeinvest.org.bz www.belizeinvest.org.bz

COBALT CREATIVE

Dangriga, Stann Creek, Belize Tel : 501.523.7299 / 501.636.7750 info@belizeproperty.com www.belizeproperty.com

invest belize | vol.5

MAGAZINE_workingfile.indd 58

27/04/17 9:32 AM