Belize Banana Fibers, established in 2020, focuses on sustainable fiber production by repurposing banana plant waste into various eco-friendly products by transforming the pseudostems of banana plants—which are usually discarded after banana harvest— into durable fibers used in products like biodegradable packaging, textiles, and paper goods.
Belize Banana Fibers is entirely Belizeanowned. The company aims to make banana fiber products a leading industry in Belize, providing income for families and contributing to the Art Community while gaining visibility worldwide in the tourism sector.
David Santilli
Finca Chocolat
Finca Chocolat, a Belizean cacao farm, focuses on sustainable agroforestry and social impact, offering fair wages, stable jobs, and community support through education and reforestation on over 515 acres. Transitioning from cattle ranching, the farm now restores biodiversity and grows crops like lemongrass, vanilla, and cacao.
Since 2020, Finca Chocolat has expanded processing and exports, partnered with local farmers, and attracted investors. In 2024, they’re enhancing facilities for fermentation, drying, and lemongrass oil distillation to boost production and continue their community and environmental efforts.
About The Cover
Jolie Pollard iKOOMA
iKOOMA, founded in May 2019 in Placencia Village, Belize, is a solo-run venture utilizing red seaweed biotechnology to address hair care challenges posed by salt water, humidity, and sun exposure. Committed to sustainability, iKOOMA sources nutrient-rich, sustainably farmed seaweed from Belizean cooperatives and independent farmers.
The iKOOMA Lab, just 15 miles from the nearest seaweed farm, produces up to 50 units daily. iKOOMA products are free from silicones, drying alcohols, phthalates, parabens, formaldehyde, propylene glycol, PEGs, and mineral oils. They also incorporate extra-virgin Belizean coconut oil from B-Corp certified Silk Grass Farms.
This edition’s cover features three dynamic leaders—Humberto Chulin, David Santilli, and Jolie Pollard—each representing a unique facet of sustainable economic development: the Blue, Green, and Orange Economies.
Humberto Chulin symbolizes the Orange Economy, highlighting the creative industries that enhance culture and creativity as vital components of economic growth, demonstrating the powerful intersection of arts and entrepreneurship. David Santilli embodies the Green Economy, advocating for environmentally sustainable practices that foster economic resilience and reduce ecological impacts, showcasing how innovation can drive both profit and planet-friendly solutions. Jolie Pollard stands for the Blue Economy, emphasizing the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems. Together, they represent a holistic approach to economic development, igniting growth and innovation across various sectors.
FROM THE PRIME MINISTER
Investing in Belize: A Future of Growth & Opportunity
Dear Friends,
As the Prime Minister of Belize, it is with great pride that I welcome you to this edition of the InvestBelize Magazine. As Belize positions itself as a global investment destination, the InvestBelize Magazine plays an integral role in promoting the unique advantages we offer. From our rich natural resources and sustainable industries to our strategic location, stable political environment, and investor-friendly policies, this publication showcases the many reasons why Belize is a beacon for opportunity in the region. Belize’s future is bright, and we are committed to ensuring that both local entrepreneurs and foreign investors play a central role in shaping it.
Belize is a nation that thrives on partnerships and our government has worked diligently to foster a businessfriendly environment, creating policies and incentives that attract foreign investment while nurturing our local businesses. By simplifying the ease of doing business, enhancing investment security, and offering incentives that make Belize an attractive destination, we are positioning our country as a regional leader in sustainable and valuable investments.
Belize is a welcoming destination for investment, and we are eager to welcome investors from all corners of the globe. In recent years, we have seen remarkable success through the Belize Investment Summit, where public and private sector leaders have come together to explore partnerships and seize new opportunities. As we move forward, we will continue to build on this momentum, making Belize a destination where innovation meets opportunity.
Investment in key sectors such as tourism, agriculture, renewable energy, and technology offers vast opportunities, not only for profitable ventures but for the growth of Belize’s Micro, Small, and Medium Enterprises (MSMEs), the backbone of our economy. They represent over 90% of businesses in the country, contributing significantly to employment, innovation, and economic resilience. It is essential that we continue to support their growth and global competitiveness.
Through collaborative initiatives with BELTRAIDE we are providing the necessary resources and opportunities for our MSMEs to thrive. We have also launched the Secured Transaction and Collateral Registry which will enhance access to finance, especially for small businesses, by streamlining the utilization of movable collateral, including inventory, accounts receivable, livestock, crops, equipment, and machinery, to secure finance. promoting investment and economic growth. We believe that strengthening our local enterprises will not only create jobs but will also generate wealth and prosperity for communities across Belize.
Our government’s vision is clear: we are focused on creating a diversified, inclusive economy that attracts investment, empowers local businesses, and ensures sustainable growth for generations to come.
As you explore this edition of the InvestBelize Magazine, I invite you to discover the opportunities that await you in Belize. Our doors are open, our policies are in place, and we are ready to partner with you on this exciting journey toward a more prosperous and dynamic future for our nation.
Hon. John Briceño
HON. JOHN BRICEÑO Prime Minister of Belize & Minister of Finance, Economic Development, Investment, Civil Aviation and Immigration
REASONS TO INVEST IN BELIZE
PROXIMITY AND TIMEZONE ADVANTAGE
INTERNATIONAL
CONNECTIVITY + TOP TOURIST DESTINATION
BILINGUAL LANGUAGE SKILLS & CULTURAL AFFINITY
COMPETITIVE INVESTMENT INCENTIVE PROGRAMMES
STABLE CURRENCY PEGGED TO USD 2:1
MULTIPLE TRADE AND INVESTMENT AGREEMENTS
SKILLED LABOR FORCE AND EASE OF EMPLOYMENT
STABLE BUSINESS ENVIRONMENT AND STRONG GOVERNMENT SUPPORT
FROM THE CHAIRWOMAN
Belize's Journey towards Sustainable Economic Growth
As we continue to navigate a rapidly evolving global economy, the importance of sustainable, inclusive growth has never been clearer. Belize stands at the forefront of this shift, with its vast natural resources, cultural richness, and vibrant entrepreneurial spirit. At BELTRAIDE, we recognize that our future prosperity lies in our ability to leverage the potential of the blue, green, and orange economies. At the heart of these economies are Belize’s MSMEs—the lifeblood of our economy, accounting for the vast majority of businesses and contributing significantly to job creation and income generation.
These small businesses are deeply embedded in the fabric of our communities and play a critical role in developing the blue, green, and orange economies. The Blue Economy—rooted in the sustainable use of our marine resources—is a vital component of Belize’s future. With one of the largest barrier reefs in the world, Belize is uniquely positioned to capitalize on oceanbased industries like fisheries, marine conservation, and eco-tourism. Through responsible stewardship of these resources, we can ensure that they continue to contribute to our national economy for generations to come.
The Green Economy aligns with our commitment to environmental sustainability, focusing on renewable energy, sustainable agriculture, and eco-friendly business practices. Belize’s natural beauty and biodiversity offer boundless opportunities for green investments that not only generate economic returns but also protect our environment and address the pressing challenges of climate change.
The Orange Economy, built on creativity, innovation, and cultural industries, reflects Belize’s rich cultural heritage. From local artisans and musicians to fashion designers, this sector holds immense potential for driving economic diversification, fostering job creation, and promoting Belize on the global stage.
Our initiatives, such as the National MSME Roadshow, capacity-building programs, and financing support, are designed to equip entrepreneurs with the tools they need to thrive. We believe that by supporting MSMEs in adopting sustainable practices and embracing innovation, they will become even more competitive and resilient in both local and global markets.
In the years ahead, BELTRAIDE will continue to lead the charge in creating opportunities for MSMEs, advocating for policies that reduce barriers to entry, and promoting entrepreneurship that is both inclusive and sustainable. By doing so, we are not only driving economic development but also ensuring that all Belizeans can share in the benefits of our nation’s growth.
Together, with the collaboration of stakeholders from across the public and private sectors, we can harness the full potential of these dynamic economies, ensuring a brighter, more sustainable future for Belize.
Belize in Numbers
Capital City: CITY OF BELMOPAN
Land Area: 8,867 sq. mi.
Narda Garcia
MRS. NARDA GARCIA Chief Executive Officer for the Office of the Prime Minister of Belize & Chairwoman of
Board for the Belize
(BELTRAIDE)
Population: 410,919
Labour Force: 190,840
Language: English, Spanish
Currency: Belize Dollar
Exchange Rate: BZD $2 = USD $1
Literacy Rate: 82.7%
Temperature: 84° F (29° C)
Time Zone: Central Standard Time (CST)
Seasons: Dry Season (Dec. to May), Wet Season (Jun. to Nov.)
THE EXECUTIVE DIRECTOR
Charting a New Path Forward for Belize's Economy
As I step into the role of Executive Director of BELTRAIDE, I am honored to lead this institution at a pivotal moment for Belize’s economy. Over the years, BELTRAIDE has been a cornerstone in fostering investment, promoting exports, and driving the growth of micro, small, and medium enterprises (MSMEs). Today, as we move forward, the urgency to enhance these key sectors has never been greater.
The global landscape is shifting rapidly, and so too are the opportunities for Belize. It is our responsibility to ensure that we capitalize on these changes by creating an environment where innovation, sustainability, and growth can thrive. The work that BELTRAIDE has already accomplished is a solid foundation, and it is on this foundation that we will continue to build, adapt, and lead.
Investment is the lifeblood of any economy, and for Belize, it represents a pathway to long-term growth and development. The Belize Investment Summit has been a transformative platform for attracting foreign and domestic investment, showcasing our nation’s potential across key sectors like tourism, agriculture, renewable energy, and manufacturing. Through these
strategic gatherings, we have connected with global investors who see the promise of Belize as a hub for sustainable, profitable ventures.
Our export sector is vital to Belize’s economy, and BELTRAIDE remains committed to ensuring that Belizean products reach new and diversified markets. The world wants what Belize has to offer—high-quality agricultural goods, vibrant handicrafts, and world-class services. Through initiatives such as trade missions and export readiness programs, we are positioning our local businesses to succeed globally.
At the heart of our economic strategy is the development of Belize’s micro, small, and medium enterprises (MSMEs). The National MSME Roadshow has been an incredible success in bringing together entrepreneurs, government officials, and financial institutions to support the growth of this sector. This initiative has paved the way for a stronger MSME ecosystem, providing entrepreneurs with the tools they need to thrive in a competitive business environment.
As we look to the future, BELTRAIDE will not only continue to host and expand high-level summits but also focus on deepening our investment promotion efforts. We will continue to work with our MSMEs to enhance their capacity to meet international standards, while leveraging trade agreements to expand our footprint in the Caribbean, North America, Europe, and beyond. Our goal is clear: to make Belize a beacon of opportunity in the region, a place where businesses grow, investments flourish, and people prosper.
I look forward to leading BELTRAIDE into this next chapter, with a deep commitment to realizing Belize’s full potential on the global stage. Our future is bright, and I am confident that together we will achieve remarkable success.
The Belize Trade & Investment Development Service is Belize’s national economic development agency focusing on:
Enterprise Development & Innovation
Skills Training & Job Preparedness
Ishmael Quiroz
MR. ISHMAEL QUIROZ Executive Director of the Belize Trade and Investment Development Service
Investment Priority Sectors
Tourism & Leisure
Tourism is the largest GDP earner in Belize. Over the past decade alone, the industry has expanded and developed fourfold. The Government of Belize has continued to pledge “its commitment to entrench tourism as a top national priority and promote tourism as a main engine for an upturn in the overall economic growth of the country.”
The Belize tourism industry has maintained its authenticity by catering to experienced-based tourists. Belize’s excellent natural resources and strong cultural heritage allow for eco-tourism, adventure, and cultural tourism to flourish.
With the steady increase of visitors and investors there has been an expansion in other sectors for investment growth such as real estate for second home buyers, expansion of trade markets (logistics), Medical Tourism, the Orange Economy, niche manufacturing, expansion of the existing accommodation sector. Secondary tourism motivations range from nautical, cruise, and leisure & entertainment.
Aquaculture & Mariculture
The Aquaculture Industry has grown by leaps and bounds since taking off in the 1980’s, the main species currently farmed in Belize are the Pacific White Shrimp and the Nile Tilapia. The main market destinations for Aquaculture and Mariculture commodities have been USA, Canada, Asia, Europe, Mexico, Guatemala, and CARICOM markets. The key competitive advantage of Belize in the region is the proximity to these markets.
Belize has also grown in tilapia and edible red seaweed farming with opportunities that also exist to produce and export snapper, grouper, red drum, octopus among other fisheries commodities such as the invasive Lionfish.
Since the implementation of the Blue Bonds for Ocean Conservation (2021), Belize has committed to designate 30% of its blue space (Ocean territory) as protected area. As such the development and implementation of a Marine Spatial Plan is geared towards minimizing the impact made on the ecosystem.
Renewable Energy
The Government of Belize aims to achieve 89% energy efficiency by 2030, thereby reducing the Country’s dependency on imported fossil fuels and by extension reducing our carbon footprint. Currently, the country produces up to 52% renewable energy, mainly Hydro and Biomass Energy. There is growing investment interest in Solar Energy, in any case energy sustainability is a key area of investment for Belize.
Logistics
Belize is geographically positioned to be a prime commercial hub with proximity to various regional markets and multiple trade agreements and international relationships. We offer easy connectivity through a well-established road network as the gateway to Central America and the Caribbean, functional domestic aerodromes, 2- port facilities and 1international airport.
Belize’s logistics profile offers various investment opportunities such as docking and berthing facilities, expansion of the current airport and its facilities all of which will essentially support other sectors increasing exports in namely, manufacturing, aquaculture and mariculture, food processing.
Global Digital Services
The Global Digital Services sector has been recognized as one of the niche priority sectors to lead Belize’s socio-economic growth by the Government of Belize and its stakeholders. Belize’s Offshore Outsourcing sector is on a strong growth trajectory owing to the advantages of a talented population, natural flair of a service-based economy, a competitive business environment, world class telecom infrastructure, specialized incentives, and strong active government support. Assessing the supporting factors, Belize has been recognized as a great value destination due to its high workforce availability and bi-lingual capabilities.
Over the years, outsourcing service providers have diversified from Business Process Outsourcing (BPO) into new service areas including Information Technology Outsourcing (ITO), and Knowledge Process Outsourcing (KPO). Professional services also continue to remain at the forefront of trade in services as various organizations and developments benefit from the myriads of cost effectiveness and competitive advantages that Belize has to offer in this sphere.
Agri-business & Food Processing
One of the key foundations of the Belizean economy is the agriculture and food sector, which makes substantial contributions to the GDP (13.06%), employment (17.9%), revenue production, and the security of food and nutrition. Due to its significant contribution to foreign exchange earnings and savings, this industry is also crucial to macroeconomic growth and development.
The Government of Belize remains committed to diversifying Belize's agricultural industry to increase food security and gain access to new market opportunities. Areas of investment opportunities include the expansive potential to produce value-added products alongside green gold crops, renewable energy crops, and nonconventional organic farming methodologies.
tAshA AlmeNdArez, Business Advisor, SBDCBelize, BELTRAIDE
PHOTOGRAPHY:
belize tourism boArd beltrAide
BELTRAIDE:
hoN. JohN briceño, Prime Minister of Belize & Minister of Finance, Economic Development, Investment, Civil Aviation and Immigration.
NArdA gArciA, Chief Executive Officer for the Office of the Prime Minister of Belize and Chairwoman of the Board for the Belize Trade & Investment Development Service (BELTRAIDE).
ishmAel Quiroz, Executive Director, Belize Trade & Investment Development Service (BELTRAIDE)
GO DIGITAL
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CONTRIBUTORS:
JAelyN crAWford Ministry of Tourism
Abil cAstAñedA Ministry of Tourism
simoNe bell Belize Tourism Board
dr. ANdreW e trumbAch, Co-Founder, Co-CEO and CFO, Awaysis Capital Inc.
huNter hAles, Proposal Development Officer, Climate Finance Unit
belizArio cArbAllo, Technical Officer, Blue Bond and Finance Permanence Unit
hugo moguel Association of Real Estate Brokers of Belize (AREBB)
diomNe hAbet, Marketing Coordinator, The Belize Collection
kim vAsQuez, Director, Institute of Creative Arts, National Institute of Culture and History
luis Pook, Communications Director, Ministry of Agriculture, Food Security and Enterprise
JAvier sAQui, Owner & Manager Ya'axkin Butterfly Farm
feliciA cruz, Director, Ministry of Blue Economy and Disaster Risk Management
JultoN WAgNer, Trade Economist III, Directorate General for Foreign Trade
dr. Jorge PolANco, Director, Hospital Services & Allied Health
sAleem chAN, Mariculture Specialist and Safety Officer, The Nature Conservancy
JAlimA gold, President, Belize Women's Seaweed Farmers Association
JohN mAlic Belize Business Process Outsourcing Association
kAtheriNe meighAN Belize Business Process Outsourcing Association
emilio thomAs, Founder, Project Inebesei
The title INVEST BELIZE is a registered trademark of the Belize Trade and Investment Development Service (BELTRAIDE). No part of this magazine may be reproduced or transmitted in any form without written permission from BELTRAIDE.
Jose urbiNA, Chief Executive Officer, Ministry of Public Utilities, Energy, Logistics, and E-Governance
esther AlPuche, Marketing Supervisor, Atlantic Bank Ltd.
dAvid sANtilli, Managing Director, Finca Chocolat
Belize 2030: Leading the way in Sustainable Tourism
Belize for decades has been a leader in sustainable development, and in 2011 anchored its commitment to tourism sustainability through the adoption of the country’s very first National Sustainable Tourism Master Plan (NSTMP) 2030. With the same goal as the original plan endorsed in 2011, the 2024 Updated NSTMP exemplifies a forward-thinking approach, prioritizing sustainable development, economic optimization, social inclusion and good governance. This revision was necessary to adapt a tourism strategy committed to combatting the challenges of a postpandemic world, including evolving global travel trends and concerns such as climate change and global inflation.
With 2024 projected to be the year that tourism surpasses its pre-COVID 19 performance, Belize’s tourism sector now has a path towards continued growth and prosperity. The Updated NSTMP highlights the country’s commitment to enhancing the overall tourism experience in Belize, beginning with a focus on improving the country’s urban areas. This includes the development and enhancement of several recreational spaces, pedestrian pathways and investing in surrounding amenities such as restaurants, hotels, entertainment venues and conference facilities. Already, urban enhancement projects through the Belize Tourism Board are underway in Belize City, San Ignacio/ Santa Elena Town, San Pedro Town, Punta Gorda Town, and Corozal Town.
As a powerful economic driver for many countries, tourism offers several opportunities for cultural exchange and heritage exposure. Unfortunately, it also raises social and environmental concerns. In response to these potential risks, countries like Belize have made it their mission to combat these challenges before they multiply. The updated master plan highlights activities that will see improved visitor management, quality facilities, and enhanced experiences at the country’s worldclass natural and cultural protected areas. As global trends reveal that travellers are now seeking experiential and authentic experiences, Belize has prioritized the development of its living cultural heritage, through the development of music, culinary, festival and community tourism products. With regard to the latter, the empowerment of local communities is necessary for the level of tourism Belize aims to reach. Respecting and supporting community leaders and cultural practitioners create an authentic cultural experience where strong connections with visitors are formed within each community they visit, leaving a lasting impact for all.
The outlying cayes, islands and reef in Belize are special and delicate places that are globally regarded for their uniqueness, charm, and global ecological value. They also underpin a major segment of the tourism offer for Belize, with sun and beach, nautical tourism, nature-based tourism, cruise tourism and the like depending on Belize’s invaluable blue landscape. Attractions such as the Hol Chan Marine Reserve exemplify how the protection of our coral reefs, and marine biodiversity can coalesce with tourism. On the other hand, tour operators, eco-lodges and resorts that operate across the country’s coastline continue to encourage the use of sustainable practices by both their visitors and their operations to do their part in the preservation of our marine environment and coast. This is further supported in the Updated NSTMP with a call for the strengthening of conservation works within our marine and reef environment, establishment of visitor use criteria and carrying capacities, as well as ensuring that tourism drives coastal stabilization, resilient coastal development, and smart construction practices.
With tourism investments representing around 22.3% of national investments in Belize, according to World Travel and Tourism Council, our country ranks in the top ten of countries worldwide that prioritizes foreign and local direct investments. Belize is poised for an extraordinary growth and development of its overnight and cruise tourism sector, creating a major demand for hotels, marinas, restaurants, ports, attractions, and transportation services. The Updated NSTMP further emphasizes the critical importance to invest nationally in trunk infrastructure, accessibility and connectivity. As a result, Belize is projecting a significant increase in tourism-related investments for the next decade, and therefore has recently updated its fiscal incentive program for tourism developers to become part of Team Belize.
Sustainability for Belize is not a choice, but an ethos. In Belize sustainable tourism is not a concept, but rather it is the blueprint by which the country seeks to achieve its economic development goals while at the same time preserving the integrity of its people and our planet. The Updated NSTMP is a guiding principle and the prologue to a Belize that charts towards a future where tourism enhances, rather than diminishes the natural and cultural treasures that makes Belize a truly exceptional destination. We therefore invite you to join this journey in sustainability, and the new wave of tourism growth and development in Belize.
By: Jaelyn Crawford & Abil Castañeda Ministry of Tourism
Air Connectivity: The Lifeblood of Belize’s Tourism Growth in 2024
Belize is emerging as a prominent destination in the global tourism marketplace, celebrated for its rich biodiversity, pristine landscapes, and commitment to sustainable tourism. Its strategic location in the Western Caribbean and Central American corridors offers unique investment opportunities, with access by land, sea, and air facilitating its appeal. Belize’s diverse attractions— ranging from stunning beaches and private islands to lush rainforests and ancient Maya temples—are complemented by our warm hospitality.
Expansion of Air Connectivity: A Key Growth Driver
A significant driver of Belize's rising prominence in the tourism sector is its enhanced air connectivity. The government has taken a very aggressive posture in air route development. Major carriers, including
American Airlines, Alaska Air, JetBlue, Delta, United, Southwest, West Jet, and COPA, now connect Belize to over 21 cities and 7 countries across North and Latin America. The addition of direct flights from key cities such as New York, San Francisco, and Baltimore has resulted in an impressive 8.8% yearover-year growth in airline seat capacity to Belize in 2024 when compared to 2023, outpacing the global average growth rate of 6.6%. This increased connectivity enables travellers to spend less time in transit and more time enjoying all that Belize has to offer including the Belize Barrier Reef—a UNESCO World Heritage site.
Tourism Growth and Investment Potential
Robust air connectivity has had a tangible impact on Belize's tourism metrics. In the first half of 2024, overnight tourist arrivals exceeded 2019 levels by 15% and surpassed 2023 figures by 26.5%,
positioning Belize as a leader in regional tourism recovery post-COVID. The surge in visitor numbers has spurred growth in both boutique and branded hotel and vacation rental markets. Notable entrants, including Marriott International, Hyatt Destinations, and The Four Seasons, are set to elevate areas like San Pedro, Placencia, and Northeast Belize, with occupancy rates showing positive increases.
Enhancing the Visitor Experience
Local hoteliers are adapting by offering inclusive packages featuring local cuisine, beverages, and tours, targeting the allinclusive and MICE (Meetings, Incentives, Conferences, and Exhibitions) markets.
The Belize Tourism Board (BTB) is actively supporting this growth through international marketing campaigns, strategic partnerships, and increased consumer engagement. These efforts have led to an increase in the average length of stay to 6.7 days, fostering deeper engagement with Belize's natural and cultural attractions. This extended stay translates into broader economic benefits for the tourism sector, including job creation and sustainable development.
Infrastructure Investments: Preparing for Future Growth
The surge in air travel demand has prompted significant investments in Belize’s airport infrastructure. The Philip S.W. Goldson International Airport (PGIA) is undergoing a $260 million upgrade to handle projected passenger movement of 3 million by 2045. This expansion includes modern terminals, enhanced security, and additional facilities such as a Fixed Based Operator (FBO) and expanded parking. These improvements are crucial for accommodating future growth and enhancing the overall travel experience.
Moreover, the BTB, in collaboration with strategic partners, is pursuing PublicPrivate Partnerships (PPPs) to expand and diversify accommodation options in alignment with the National Sustainable Tourism Masterplan Update for Belize 2030 (NSTMP). This plan will guide the development of additional room stock, tourism attractions, and supporting infrastructure over the next six years.
Future Prospects and Strategic Focus
Looking ahead, the future success of Belize’s tourism industry depends on the effective implementation of the NSTMP, which aims to balance development with environmental sustainability. Ongoing collaboration between government bodies, airlines, and tourism stakeholders will be crucial in meeting growing demands, enhancing visitor experiences, and positioning Belize as a premier global tourism destination.
As Belize continues to attract attention as a top-tier destination, its emphasis on air connectivity and infrastructure development ensures it remains accessible to investors and travellers seeking exceptional opportunities and experiences in Central America and the Caribbean.
As Belize garners recognition as a premier destination, its strategic focus on enhancing air connectivity and developing world-class infrastructure ensures seamless access for visitors and investors alike. Whether you’re drawn by Belize’s vibrant culture, breathtaking natural beauty, or unparalleled business potential, the country’s commitment to accessibility and growth promises a truly exceptional experience for all who set foot on its shores. Discover why Belize is more than a destination—it’s the gateway to unforgettable adventures and limitless opportunities in the heart of Central America and the Caribbean.
By: Simone Bell Belize Tourism Board
Belize Revamps Its Legal and Regulatory Structures To Be A Leading Global Financial Services Center
By: Dr. Andrew E. Trumbach Co-Founder, Co-CEO, of CFO Awaysis Capital Inc.
"Belize...as a leading global financial center"
Belize, a small nation nestled on the eastern coast of Central America, is known for its stunning beaches and lush jungles. However, its financial landscape presents a unique blend of opportunities and challenges that are worth exploring.
The financial services sector has been gaining momentum in recent years due to the significant impetus placed by the Government of the day to diversify and boost economic growth. It remains an appealing hub for financial activities with its introduction of modern and innovative financial products and services. The country has excellent internet and roadway infrastructure. It also has a reputable, safe, and secure business environment with a stable currency pegged to the US Dollar. It has a legal system modeled off that of the United Kingdom’s, as well as a competitive tax system including low capital gain taxes and corporate taxation rates. It offers a Qualified Retirement
Program (QRP) for eligible retirees that provides for an immigration pathway and various tax incentives as well as an incentive program for diaspora returnees. There is also a pool of qualified professionals.
The government has taken major steps to strengthen its legal and regulatory framework to make Belize even more attractive as a leading global financial services center. The impetus to the Securities Industry Act in Belize occurred when the International Financial Services Commission was rebranded as the Financial Securities Commission (FSC) with expanded responsibilities to champion the financial and securities industry development in the country. This necessitated the enactment of the Securities Industry Act and the Securities Industry Regulations to develop the foundations of the capital market industry. These paved the way for a detailed implementation work plan and necessary amendments to the legislative framework which bridged the gap
in the Securities Industry Act Regulations relative to international securities standards set by The International Organization of Securities Commissions. With a strengthened legal and regulatory framework, Belize was able to join the International Organization of Securities Commissions and the Caribbean Group of Securities Regulators.
In addition, following the modernization of the Companies Law that saw the IBC Act and the Companies Act repealed and replaced with the new Belize Companies Act, both domestic and foreign company’s registries were consolidated into a modern Online Business Registry System that reduces time for the incorporation of a company to one day. We have also seen the introduction of new digital laws including data protection laws to further enhance Belize’s competitiveness.
There has been an increase in international pressure on transparency and regulatory oversight which has globally impacted all international financial centers. The FSC was able to successfully remove Belize from the EU blacklist of tax havens to enhance its reputation. Recent developments spearheaded by the FSC are addressing these evolving obstacles and positioning Belize as a modern and competitive global financial center.
Additionally, increasing public awareness and enhancing investor education are areas that require ongoing attention. The FSC supported by the Government of Belize has spearheaded the creation of Finance Belize to promote and market the country as a global financial services center.
The progress over the past five years has been monumental! Belize is continuing to modernize its financial infrastructure, including leveraging technology to streamline operations and enhance market accessibility. Belize now boasts a modern online company registry system, new and innovative Securities Laws and regulations, a competitive taxation regime and a good reputation with international regulatory and monitoring agencies.
Belize is in a continuous process of modernizing and introducing new legislation to grow its financial sector to mitigate and diversify its economic dependency on tourism and agriculture. Belize also is now developing a new and innovative Trust Regulation that will strengthen Belize’s position as an attractive blue chip global financial services center. This new piece of legislation is expected to be completed and enacted in parliament in the early part of 2025.
Belize's Path to Climate Resilience
By: Hunter Hales Proposal Development Officer, Climate Finance Unit
The Ministry of Economic Development (MED) is the lead ministry in formulating, coordinating, recommending, and implementing national economic development policies, plans, and strategies to reduce poverty, unemployment and inequality for all Belizeans.
Of the two main units in MED, the Climate Finance Unit (CFU) is the most recent addition. It was established as an outcome of COP26, where the Government of Belize saw the immense potential to tap into funds for climate resilience. The CFU is a team of seven, with the mandate to maximize Belize’s access to climate finance, advocate for our climate agenda in international fora, and ensure our project pipeline is aligned with Belize’s national development goals and international climate targets.
A key trend guiding MED’s future activities is the increased political and economic imperative to integrate climate considerations into development plans. Within the #PlanBelize Medium-Term Development Strategy, we have a strategic objective solely focused on protection of the environment. We can also clearly see targets from the Sustainable Development Goals and our Nationally Determined Contributions woven into each section of the document – including poverty reduction, economic transformation and growth and trade deficit reduction.
The imperative to access climate finance is growing because of Belize’s involvement in multilateral policies like the Paris Agreement, as well as from the practical needs of governments to transition our national economy toward a lowcarbon, climate resilient pathway. The CFU currently holds the Green Climate Fund, Adaptation Fund and NAP Global Network portfolios. These institutions offer a suite of financing instruments, including grants, concessionary loans, technical assistance, equities and guarantees.
To access climate finance from these multilateral donors, countries must demonstrate alignment between requested financial support and national plans for climate action, national development strategies, and other middle- and long-
term planning documents. Achieving this alignment requires significant coordination, planning, and leadership from public institutions like the MED to ensure that a “whole of economy” approach is reflected, and our individual sectors are included in these initiatives.
Climate Change Impacts and Climate Financing via the Green Climate Fund Belize, a country known for its rich biodiversity and coastal ecosystems, is increasingly vulnerable to the impacts of climate change. Rising sea levels, increased frequency of extreme weather events, and shifting agricultural patterns threaten the livelihoods of many Belizeans. In response, climate finance is crucial to begin mitigating these impacts and building resilience. One key player in this effort is the Green Climate Fund (GCF), the world’s largest dedicated climate fund, established to support developing countries in limiting or reducing their greenhouse gas emissions and adapting to climate change. For Belize, accessing GCF resources has allowed us to significantly enhance our safeguards for marine and terrestrial ecosystems, build the capacity of critical sectors like agriculture and water, and begin the shift toward climate resilient infrastructure development.
Since 2017, Belize has accessed over 47.7 million USD in grants and concessionary loans from the Green Climate Fund, and 9 million USD in readiness support. To access these funds, Belize must work with accredited entities who have met the rigorous fiduciary standards of the GCF. The Protected Areas Conservation Trust (PACT) is the only national accredited entity, which means that we sometimes have to look to regional and international entities to access these funds from the GCF if certain projects are outside the scope of accreditation for PACT.
To prevent potential bottlenecks and to build the capacity of our national entities, the Ministry of Economic Development has received the endorsement from Cabinet to seek GCF accreditation alongside the Belize Social Investment Fund and the Development Finance Corporation. Not only will this increase Belize’s ability to directly access climate finance, but it will also foster job creation, reduce our dependence on external expertise and give Belize more control
over the design, implementation, and management of our projects.
While MED is still in the early stages of accreditation, we have sought out different ways to accelerate the potential for Belize to access climate finance and implement our own projects. Over the past two years, the ministry has undergone a Financial Management Capacity Assessment (FMCA) with the GCF to determine our capability to implement readiness projects without engaging with an accredited entity.
The FMCA evaluates aspects such as financial reporting, budgeting, and internal controls, which are essential for transparent and accountable use of climate finance – it can be seen as a more concise version of the accreditation process, through which entities can manage small-scale readiness projects to build their portfolio as they await full accreditation.
Last year, the ministry was approved to access readiness funds under the FMCA, which led to the development of our first GCF Readiness project that was approved in December 2023. This was a landmark achievement, making MED the first entity in Belize to successfully undertake this process. The approved readiness grant is aimed at strengthening MED’s governance framework and enhancing our internal systems for project development, implementation and accessing climate finance. This is a key initiative designed to build the capacity of Belize’s Ministry of Economic Development for accreditation to the GCF.
The CFU is leading the accreditation process for the Ministry of Economic Development, while simultaneously overseeing USD 74 million in ongoing climate change projects. What started as a small unit is now expanding to include proposal development officers, monitoring and evaluation officers, communication liaisons and project managers. We have also identified new funding agencies like the IDB Clima, and projects that will have significant impact for Belize’s economy, our natural assets, and most importantly, improving the quality of life of our Belizeans.
Blue Innovation for Blue Economic Growth: Benefiting Nature and People
By: Belizario Carballo Technical Officer, Blue Bond and Finance Permanence Unit
On November 4, 2021, the Government of Belize (GoB) and The Nature Conservancy (TNC) finalized what was, at the time, the largest single debt conversion agreement. Known as the Belize Blue Bonds, this initiative effectively reduced the country's national debt by 12% and lowered debt servicing costs, enabling the government to invest in long-term financing for marine conservation and sustainable Blue Economic Development over the next 20 years. At its core, the Blue Bonds initiative is committed to protecting up to 30% of Belize’s ocean space, benefiting the nation’s nature-based economy, the livelihoods of its people, and the wellbeing of all Belizeans.
In November 2022, Belize launched the planning process for the Belize Sustainable Ocean Plan (BSOP), which is expected to be finalized by 2026. This plan represents an innovative, spatial approach to the development and utilization of Belize’s ocean space and its associated resources. The BSOP reinforces Belize’s leadership on the global stage by creating a framework to attract investment and sustain livelihoods in key economic sectors such as tourism and fisheries, as well as potential emerging sectors. The BSOP is people-centric and inclusive, ensuring that current dependence on and access to Belize’s ocean space are considered, while also promoting responsible and sustainable future development.
The successful implementation of the Blue Bond Program requires coordinated efforts across the entire government, private sector, resource users, and non-governmental organizations (NGOs). To date, the Government of Belize has invested BZ$20.285 million in marine conservation and responsible blue economic growth through its Conservation Payments. The Belize Fund for a Sustainable Future, a conservation fund established to support the Blue Bonds Agreement, has approved BZ$18 million in funding, with BZ$7.3 million already disbursed to support 14 critical projects. These projects benefit 14 Marine Protected Areas and impact 40 coastal communities through collaborations with government agencies, NGOs, academia, and community-based organizations.
The Belize Blue Bond Program exemplifies the Government of Belize’s policy direction towards a nature-positive economy, considering the need for a healthy ocean space that supports a vibrant and successful blue economy. The Blue Bonds Program aligns with the PlanBelize Medium-Term Development Strategy, supporting key pillars such as Poverty Reduction, Economic Transformation, and Environmental Protection. It also reinforces Belize’s commitment to the 2030 Agenda for Sustainable Development, specifically in advancing SDG 14: Life Below Water, by promoting the sustainable use and conservation of marine resources.
Building on the success of the Blue Bonds initiative, Belize is now designing the Resilient Bold Belize (RBB) Project Finance for Permanence initiative to secure further long-term financing for its coastal and marine areas. The government is also partnering with multilateral organizations to strengthen national capacity and establish robust frameworks for valuing conservation efforts and natural capital. By monetizing natural capital, Belize is pioneering a transformative approach to mobilizing resources, enabling us to achieve ambitious national targets that benefit both people and nature. This forwardthinking strategy underscores our unwavering commitment to a People-Centric Conservation Agenda, ensuring that Belize remains a global leader in sustainable development and environmental stewardship.
The Evolution of Real Estate in Belize
By: Hugo Moguel Association of Real Estate Brokers of Belize (AREBB)
The past few years have marked monumental growth for Belize in more ways than one. This is most evident perhaps in the record-breaking number of overnight visitors to the country between 2023 and 2024—a factor that is intricately connected to the ongoing surge in demand in Belize’s real estate industry. The Association of Real Estate Brokers of Belize (AREBB) welcomes this growth with open arms. From the day of our formation in 2006, we have been dedicated to the growth of our industry and, by extension, Belize’s economy. Now, eighteen years later, we stand proud of the contributions that we have made to the economic growth of our beautiful nation, and we look forward to future milestones we have yet to reach.
One of AREBB’s primary missions is addressing issues that could be detrimental to the real estate industry, and since our inception, there has been none so great as the COVID-19 pandemic. When the world came to a standstill, Belize found herself faced with a foreign exchange crisis. For the association, this signaled a need to double down on attracting foreign investment to the country. Amid adversity, we found opportunities for innovation that would ultimately help the country stay afloat.
Those opportunities included the chance to fix industry bottlenecks by creating easier methods for real estate transactions and investment. This was accomplished through calls for amendments and a welcome change to Belize’s Foreign Exchange Control Act that allowed transactions between residents and non-residents to close more quickly and, ultimately, allowed for a much-needed influx of US dollars.
Another pillar of AREBB is collaboration in the name of industry and economic betterment. From our membership with the Belize Coalition of Service Providers (BCSP) to our partnership with BELTRAIDE, the association has been able to flourish through collaborative efforts. These efforts have opened many doors for us both within the government and private sector.
We have been privileged to work together with the Central Bank of Belize, the Financial Intelligence Unit, and a broad range of government ministries, including, most recently, the Ministry of Local Government on the development of new trade license laws in Belize’s municipalities. These partnerships work hand in hand with our commitment to being a part of Belize’s progress towards achieving the 2030 sustainable development goals, which range from sustainable development to economic resilience.
We recognize and firmly believe that as the attractors and advisors to investors and developers, the role of real estate brokers and agents extends far beyond guiding purchases and investments. It often includes the actual development of land and property paying keen attention to the environmental, social, and economic impacts.
As such, proper local guidance is essential to ensuring adequate planning and mitigation of any potential negative developmental impacts. All developments, after all, should have positive impacts and improve their respective areas and the market in Belize in general.
In the post-pandemic world, Belize has shown resilience through its impressive growth, and the real estate industry has been a guiding force in its trajectory. With the return of visitors, the country’s top travel destinations, Ambergris Caye and Placencia, saw a massive increase in demand for real estate beginning in 2021. Later, in 2022, that demand quickly spread to other areas of the country. While the demand comes mostly from Americans, Canadians, and Belizean Americans seeking potential investments and retirement homes, the local market has also grown more active, with Belizeans showing increased interest in securing property both as an investment and security for their future.
To complement this growth, in November 2023, we launched our Multiple Listing Service (MLS), an online database of all the properties available in Belize and represented by the members of AREBB. The MLS also offers exclusive insights and information on market trends, making it an integral tool for having a more informed, efficient and up-to-date industry and economy.
The Association of Real Estate Brokers of Belize is looking forward to what growth is in store for the industry in 2025 and beyond. What we are most excited about, however, is the merging of Belize’s two existing real estate associations into one. The creation of one united association will usher in a new era in the industry, one that will foster opportunities for professional growth for Belizeans in the industry and will uplift industry standards of practice to fall in line with the long-awaited REAL ESTATE BILL.
It is clear that now, more than ever before, Belize is open for more business, and for that the Association’s members stand ready to serve.
The Belize Collection: Leaders in Development
By: Diomne Habet
Marketing Coordinator, The Belize Collection
The mother company of three major resorts, sister hotels, and several real estate developments, The Belize Collection has seen stunning growth over the past four years. Located along the Hummingbird Highway, The Rainforest Lodge at Sleeping Giant is the company’s flagship resort. Nestled in the Maya Mountains with its namesake mountain etched against the skyline, the jungle lodge comprises 31 elegantly appointed rooms with interior designs influenced by the surrounding Mayan and Mestizo cultures.
This September 2024, Sleeping Giant launched a new room type: a first of its kind in Belize. The Tented Camp at Sleeping Giant takes jungle camping to a new level. Perched next to the Sibun River, high above the ground, the Tented Camp elevates the classic camping experience with the sophistication of The Rainforest Lodge.
Primed for growth and investment opportunities, another of The Belize Collection’s major developments is a mere mile away from The Rainforest Lodge at Sleeping Giant. Set to launch in December 2024, The Banks occupies rainforest acres alongside the Sibun River. A new resort of its own, The Banks will boast six 2-bedroom villas and nine 1-bedroom riverside homes, all with private plunge pools, which have become a signature of The Belize Collection resorts. The Banks brings with it the opening of a new lobby, onsite air-conditioned restaurant, a river deck bar, and centrally located community pool.
Further down the Southern Highway, in Hopkins, The Lodge at Jaguar Reef saw the addition of 12 two-bedroom sea front condominiums, which became available for stays in December 2022. The condos incorporate the charm of Hopkins Village into its chic coastal style, decorating rooms with locally sourced basket lamps by Belize Banana Fibers.
Just ¾ of a mile away from The Lodge at Jaguar Reef, another development is underway within the Jaguar Reef brand. Spanning five acres of prime beachfront, forty-five seaside villas varying from one-bedroom to four-bedrooms are currently under construction, with a 4-story hotel to act as the central hub. Expected to launch in the fourth quarter of 2025, the development of Jaguar Reef Village has already created job opportunities, and the opening of this new operation will offer more employment for Belizeans.
In Placencia, Umaya Resort and Adventures introduced its extension the Umaya Beach Club in May 2024 with six beachfront villas featuring two to three bedrooms. Best suited for groups and families, the Umaya Beach Club villas feature an open layout with a fully equipped kitchen, dining room, and airy living room. Umaya’s latest addition comes with its own onsite pool and direct beach access.
Already a leader in mainland resorts, The Belize Collection further expanded its portfolio and acquired a private island, once owned by the famous Beatles drummer Ringo Starr. Aptly named Rhythm Reef Caye and just a 45-minute boat ride from the coast of Hopkins, 14 acres of secluded private island have been one of the collection’s most exciting investments in 2023. Guests at The Rainforest Lodge at Sleeping Giant, The Lodge at Jaguar Reef, and Umaya Resort can book a day experience at Rhythm Reef Caye, which includes a private chef, freshly made meals from a curated menu, kayaks, paddle boards, and snorkelling. Set in turquoise waters and surrounded by coral, the island is available for groups, private retreats, and weddings. The next phase for Rhythm Reef Caye will include the construction of villas for overnight stays.
Development continues as The Belize Collection now seeks to create a social hub for professionals in the capital city. Formerly a convention hotel in Belmopan, The Belize Collection plans to transform this space into The George Hotel, focusing on elements that reflect Belize’s rich history.
These expansions have all come at a cost, which has been mitigated by BELTRAIDE’s Fiscal Incentive Programme. Through the program, The Belize Collection has been able to invest in Belize by benefiting from duty exemptions on qualified products. Without this assistance from BELTRAIDE and the Ministry of Finance, the company would not have seen such notable expansion.
As The Belize Collection grows, investors are presented with unique opportunities, and its fully Belizean staff continues to increase in size. With an established presence in the industry, The Belize Collection continues to push the envelope for development and branding.
The Lodge at Jaguar Reef
The Rainforest Lodge at Sleeping Giant
Rhythm Reef Caye
The Banks - Construction
The Qualified Retirement Program (QRP)
The QRP Program allows eligible individuals to retire and live permanently in Belize. Discover how you can make this peaceful destination your new home.
Incentives and Benefits
Belize Residency Status: QRP members and dependents receive a QRP Resident Card for multiple entries into Belize without a visa. The card must be renewed annually.
Duty Exemption: Enjoy duty and tax exemptions on personal imports within the first year: Household & Personal Effects (no dollar limit), Motor Vehicle (model must be within the last five (5) years and allowed to purchase a new vehicle every three (3) years with proper disposal of the previous vehicle, Light Aircraft (Model less than 17,000 kg) and Motorboat.
Tax Exemption: Exempt from income tax on foreign sources, capital gains tax, and inheritance tax.
Ease of Land Purchase: Entitled to purchase land for the construction of a home or purchase a home for residential use only.
Retire & Invest
QRP’s shall be entitled to carry on business in Belize with the approval of the BTB, if the person meets the following criteria:
• Detailed Business Plan: A formal written document outlining the goals of the business, methods for attaining goals and the timeframe for achievement of goals. The business plan MUST include but is not limited to; The Executive Summary/Company Description, Marketing Plan, Financial Plan and Business Plan.
• Proof of Investment Capital of at least one million BZD/$500,000 USD: Original or certified copies of international bank statements, investment account statements and official letter[s] from a financial institution confirming the availability of funds MUST be provided
• Proof of having resided in Belize for a minimum of 90 consecutive days.
• The business must employ at least five Belizean citizens.
A QRP granted approval to carry on business in Belize shall be eligible for:
• Permanent residency after designation as a QRP for five [5] years
• For the grant of any other license or permit necessary for carrying on business in Belize
• To practice philanthropy in Belize [this is not applicable to a dependent member
Who Qualifies?
Age: 40 years or older
Dependents: Spouse and children under 18
Income: Minimum $2,000 monthly or $24,000 annually from approved foreign sources (US Dollar, Pound Sterling, Euro, Canadian Dollar)
Retirement Income Sources: Pension, Annuity, Social Security, Investments, Inheritance, Reverse Mortgage, Personal Savings, Retirement Contribution Plans, and any other means of retirement income.
Banking: Must be able to provide a written undertaking to deposit the requisite amount in a bank, credit union or licensed financial institution in Belize.
Security: Must pass a security clearance check carried out by the Ministry of National Security in Belize.
Residing in Belize: Must remain in Belize for a minimum of 30 consecutive days annually.
Eligible Countries: All Commonwealth nations (excluding Belize), USA, EU member states, Asian-Pacific countries of Australia, Bangladesh, China, India, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam, All South American Countries.
Application Fees:
Program Fee: USD $150 (per application)
Applicant Fee: USD$1,000
Dependent Fee: USD $750
QRP ID Card Fee: USD $200 (per card)
QRP ID Card Renewal Fee: USD $25 annually
For more information, please visit belizetourismboard.org/programs-events/retirement-program
Belize Investment Services Network
BELTRAIDE's Investment Services Network (BISN) is a comprehensive program designed to facilitate connections between local and foreign investors and the professional service providers necessary to establish and operate a business in Belize. The BISN service provider directory will be prominently featured on BELTRAIDE's website and will not only enhance the ease of doing business but also serve as a networking and advertising platform for Belize's leading business service providers. The goal of BISN is to stimulate economic activity and enhance Belize's reputation as an investment-friendly destination that fosters mutually beneficial partnerships between investors and the local business community.
Why Join the Network?
• Being featured on BELTRAIDE’s online directory.
• Building your company’s online presence.
• Matchmaking with local and foreign clients
• Free promotional features via various mediums.
Who can join the network?:
• Accounting/Tax Advisory Firms
• Architecture
• Attorney/Law Firms
• Banking & Finance
• Business Consultants
• Construction Companies
• Custom Brokers/Brokerage
• Education
• EIA Preparers
• Engineering Firms
• Environmental Consultants
• Insurance Services
• Land Surveyors
• Real Estate Firms
• Security Companies
• Shipping and Logistics Services
• Telecommunication
• Other Business Related Services
How to Join:
STEP 1
Provide the following information:
• Point of Contact Information
• Company Information
• Description of Company
• List of Service Offering
• Service Validation and/or Client Portfolio/Testimonials
STEP 2
Provide the following documents:
• Certificate of Company Incorporation or Business Registration
• Applicable Licenses and Permits
• Company Logo
STEP 3
Email the company’s information along with documents to investment@beltraide.bz
THE CURRENT LANDSCAPE OF CULTURE AND CREATIVITY IN BELIZE
By: Kim Vasquez Director, Instistute of Creative Arts, National Institute of Culture and History (NICH)
September in Belize, with its packed calendar of arts and cultural events, vividly illustrates the rich and growing potential of our Orange Economy.
Pan Yaad, a September Celebrations favorite hosted by the National Institute of Culture and History (NICH) in partnership with The National Celebrations Commission, saw nearly 2,000 concert-goers converge for a night of steel pan music. The rhythmic sound of the pans along with the diverse musical delights of the bands makes for a special and unique musical experience. Even the venue, - Belize City House of Culture, HOME of Pan Yaad - its very name along with its cultural significance, adds to the experience.
Pan Yaad, Belize Carnival, Belize Tourism Board’s International Food and Music Festival, Lobster Fest, and the numerous other cultural festivals across the country represent how Belize is tapping into consumer demand for smaller, shorter festivals that offer more unique, creative and personalized experiences. In a world of playlists tailored to individual music preferences with thousands of songs at our fingertips, concerts and festival events must be able to offer more.
Belize’s Orange Economy
But the economic impact goes beyond these events. At Pan Yaad, the bands, food and beverage vendors, costuming, lighting, sound and stage providers all exemplify a dynamic ecosystem of creativity and entrepreneurship, demonstrating how artistic expression can generate both direct and indirect economic activity.
Currently, there is an explosion of creative expression in Belize, placing culture and creativity at the forefront of the nation’s growth. And, as Belize continues to harness our uniquely Belizean strengths, it goes way beyond September.
The current landscape of Belize’s orange economy is fueled by a cultural revival marked by increasing entrepreneurship where musicians, artisans and designers transform creative ideas - intellectual property - into economic opportunities. This fosters social cohesion and cultural pride, inspiring Belizeans to Buy Belizean. These micro-entrepreneurs are making waves, stimulating additional business activity, from advertisers and media production to street vendors to stage crews.
Beyond local consumers, there is increasing global interest in what we have to offer; a vibrant cultural heritage filled with art, music, food, and unique experiences that all enhance our tourism sector.
Tourism and Heritage – An Integral Link Tourism has long been a pillar of Belize’s economy, but there is now a growing emphasis on experience-based tourism. Cultural tourists, in particular, seek authentic, immersive experiences.
To recall September again, NICH’s Institute of Archaeology recently welcomed a delegation from Peru’s Ministries of Culture and Environment. Their week-long visit to archaeological sites was a meaningful exchange focused on improving heritage and tourism management. The collaboration further enhances our ability to protect and promote these cultural assets.
The recent opening of the Museum of Belizean Art in Belize City adds another layer to our cultural offerings. This along with an upcoming, new Maya exhibit at The Museum of Belize provide cultural tourists with opportunities to engage with our art and heritage in ways that deeply connect them to Belize’s culture.
Partnerships like the Peru exchange along with new museum offerings reflect NICH’s multifaceted role in creating an environment that nurtures artistic expression and creative entrepreneurship, while also establishing mechanisms to both protect and promote our cultural heritage.
NICH: Creating An Enabling Environment
NICH’s role in fostering a supportive and enabling environment is crucial to the continued growth of Belize’s orange economy.
While our Institute of Archaeology is responsible for the management of our archaeological sites, The Institute for Social and Cultural Research (ISCR) works closely with communities and cultural groups to safeguard intangible heritage. Their work is an important link to the sustainable future of the culture sector.
NICH’s youth development programs, including initiatives like the annual National Festival of Arts, are also vital to ensuring the sustainable future of Belize's orange economy.
Through creative hubs like the Bliss Center for the Performing Arts and our Houses of Culture in the districts, both established and emerging talents are given accessible and inclusive spaces to grow.
NICH remains committed to providing training and funding programs such as The Belize Culture Fund, launched in 2023. Whether it’s steel pan building, audio-engineering, or business training tailored to artists, the goal is to ensure that the technical areas of the creative sector receive the same development as the performers on stage.
The Future
Belize has long been renowned as a premier Caribbean destination, with tourism revenue playing a vital role in its economic development. However, the country is now shifting its strategy to delve deeper into the realm of cultural tourism.
As Belize continues to develop progressive programs, support its vibrant artistic community, and expand its reach into international markets, the crucial role of collaboration and partnerships cannot be overstated. The interconnected nature of the culture and creative sector demands a strategic, coordinated approach to fully realize the country's potential. The future of Belize's orange economy looks brighter than ever.
Toledo Rice is Nice: Rice Industry in Southern Belize Reinvigorated
By: Luis Pook Communications Director, Ministry of Agriculture, Food Security and Enterprise
In the world of agriculture and economic development, strategic planning, focused investment, and business acumen are all crucial factors for success. Nowhere is this more evident than in the Belize Marketing and Development Corporation's (BMDC) remarkable turnaround of the rice industry in the Toledo District over the past two years.
For years, the once-thriving rice industry in Toledo had been allowed to languish, with waning interest in sustaining the critical infrastructure and supporting local farmers. The iconic Big Falls Rice Mill, in particular, had fallen into a state of disrepair, seemingly destined to be stripped for scrap metal rather than fulfill its role as the heart of the regional rice economy.
However, with a new administration breathing fresh air into the leadership of the Ministry of Agriculture and the structure of the BMDC, the tide began to turn. In 2020, the Corporation started revising and revisiting its plans, programs, and projects, with a focus on developing and investing in areas such as honey production, fruit pulp, and rice production.
The changes and adjustments made by the BMDC were far-reaching. These included revising the price structure from dry to wet weight payment, implementing a 38% increase in the purchase price of paddy to benefit farmers, and converting the weight scale from analog to digital. The Corporation also invested in the renovation of the Big Falls Branch facility, ensuring the mill was up to standard and ready for production. Digitalization of a printing system for rice paddy delivery reports to rice farmers, acquisition of a forklift for load transportation and a tractor with a bush hog for facility maintenance, and the renovation of the Big Falls Branch facility accommodations all took place to ensure the plant was up to standard, ready for production and viable.
Fast forward to 2023. The 2023-24 Rice Crop was a resounding success for the Corporation and the rice farmers in the south. The BMDC Big Falls Rice Mill right now boasts an over 200% increase in rice milled as compared to the production of the 2020-21 crop. With investments in harvesting equipment and assistance in land preparation spearheaded by the Corporation, farmers harvested over 1.9 million pounds of rice paddy in 2023. This translates to an increase of 1.1 million pounds produced over the amount produced in the previous year. All of these changes have made mechanized farmers more productive. In addition, to support the milpa farmers, the BMDC has also instituted an aggressive program for the 2024-25 rice crop, which will benefit over 150 milpa farmers from more than 40 communities in the Toledo District. The Corporation's commitment to ensuring that small farmers benefit from this revitalization and benefit from these programs are a testament to its holistic approach to industry development.
“Toledo Rice is Nice!”
The Corporation's strategic investments have also extended to the mill's infrastructure, with the introduction of state-of-the-art packaging equipment, color-sorting technology, and modern sealing machinery. These upgrades have not only enhanced the facility's capacity to handle increased volumes but also improved the overall quality and presentation of the finished product, making Toledo rice a soughtafter commodity on supermarket shelves across Belize.
The BMDC's triumph in revitalizing the Toledo rice industry is a shining example of how strategic planning, targeted investments, and a commitment to supporting local farmers can transform an entire economic sector. Toledo is no longer the forgotten district. The Big Falls mill stands renewed and proud, ready to receive and process the abundant rice harvests, with the final product gracing the shelves of supermarkets across the country. This success story is a testament to the BMDC's unwavering commitment to the Belizean economy and the #planBelize initiative. It has not only transformed the lives of rice farmers and their families but has also contributed to the overall prosperity of the nation. As they say down south, "Toledo Rice is Nice!"
Charting A Course For Blue Economy Prosperity
By: Felicia Cruz Director, Ministry of Blue Economy and Disaster Risk Management
Belize, a gem nestled along the Central American and Caribbean region, is increasingly recognizing the immense potential of its blue space and marine resources. The country's Blue Economy Development Policy, Strategy & Implementation Plan (Fig. 1), and the Belize Maritime Economy Plan are ambitious blueprints designed to harness this potential for sustainable growth and development. These strategic documents outline a clear path toward transforming Belize into a leader in ocean-based economies.
At the 9th Our Ocean Conference in Greece, Honourable Andre Perez, Minister of Blue Economy and Disaster Risk Management passionately emphasized the shared responsibility to safeguard our oceans, understanding its complexity, and our commitment to finding innovative blue solutions that enable us to sustainably manage our coastal resources (Fig. 2).
Recognizing the multifaceted nature of the blue economy, the Ministry of Blue Economy (MBE) in Belize has made strategic partnerships with the public and private sector a key priority in advancing its policy frameworks and initiatives. Collaboration with national and international organizations, such as the Ministry of Economic Development and the Inter-American Development Bank, has been instrumental in securing financing and technical assistance for blue economy projects (fig. 3). For instance, partnerships have facilitated governance structure development for the blue economy, capacity building, technological advancements for the fisheries sector, and stakeholder access to matching-grants schemes. Additionally, out-on-the-ground collaborations with local fishing communities have ensured that their voices are heard, and their livelihoods are protected.
We are continuously enhancing our Marine Protected Areas (MPAs) to safeguard marine health and biodiversity. In tandem, we are promoting sustainable fishing practices, implementing diversification strategies to reduce fishing pressure, strengthening marine enforcement, and actively addressing the impacts of climate change on marine and coastal ecosystems. While these efforts mark significant progress, further action is needed to overcome the ongoing challenges that impede the full development and potential of Belize’s blue economy.
The MBE's commitment to supporting the implementation of its policies and strategic plans has been instrumental in advancing Belize's progress toward the 2030 Sustainable Development Goals (SDGs) and our National Medium-Term Development Strategy, in line with Plan Belize. By providing policy guidance, technical assistance, and capacity-building support, the MBE has made significant contributions to achieving targets related to economic growth, sustainable ocean use, climate action, and fostering strategic partnerships. Notably, Belize’s first sector-specific National Adaptation Plan for the coastal zone and fisheries sector was developed under the MBE’s leadership, setting a robust framework for climate resilience and sustainable resource management.
Looking ahead, the MBE envisions a future where its blue economy is a major driver of economic prosperity and social well-being for coastal residents and other beneficiaries. CEO Kennedy Carrillo reaffirmed the MBE’s commitment to maintaining biodiversity alongside economic development, which is at the forefront of the strategy (Fig. 5). CEO Carrillo added, “While our journey towards a thriving blue economy is still in its early stages, the progress made thus far is truly promising.”
The Blue Economy Development Policy emphasizes that targeted and innovative marine research, especially in areas such as marine technology, fisheries, and mariculture, will be the foundation upon which Belize aims to diversify and strengthen its blue economy. By investing in these strategic research areas, the policy seeks to provide an informed, evidence-based framework for the sustainable development of Belize's marine resources and related economic activities. Rooted in the guiding principles of these frameworks and its priorities, is the fostering of innovation and growth through research and development. Initiatives such as the research and development of mariculture farms for seaweed, sea cucumber, and oysters, among others, and the exploration of renewable energy sources in the maritime transportation sector are prime examples of this innovation drive. These endeavors will not only generate economic opportunities but also contribute to job creation and technological advancement.
While the MBE values these economic safeguards, we also understand the importance of balancing economic growth with marine preservation. Our Marine Protected Areas (MPAs) play a crucial role in achieving this balance (Fig. 4), as they form integral parts of the Belize Barrier Reef Reserve System, a UNESCO World Heritage Site.
As the world continues to recognize the significance of oceanbased economies, Belize stands at the forefront, poised to seize emerging opportunities. By maintaining its commitment to investment, collaboration, and sustainable development, Belize has the potential to fully harness its blue space and marine resources, driving a dynamic and resilient blue economy. Through fostering innovation, building strategic partnerships, and prioritizing sustainable development, Belize is charting a path toward realizing the true value of its marine assets and setting a benchmark for sustainable blue growth in the region and beyond.
Figure 1: Blue Economy Policy
Figure 2: Hon. Andre Perez at 9th OOC
Figure 3: Government of Belize & IDB Project Signing
Figure 4: Aerial View of a Marine Protected Area Field Station
Figure 5: CEO Carillo and Director Cruz
FROM HUMBLE BEGINNINGS TO GLOBAL SUCCESS: YA'AXKIN BUTTERFLY FARM
By: Javier Saqui
Owner & Manager, Ya'axkin Butterfly Farm
In the heart of Maya Center Village in Southern Belize, where lush rainforests cradle a vibrant tapestry of life, a remarkable enterprise has taken flight. Founded in 2016 by Mr. Javier Saqui, Ya'axkin Butterfly Farm emerged with a dual purpose: to showcase the breathtaking beauty of these winged wonders and to safeguard their fragile ecosystem.
While the initial vision centered on eco-tourism, a serendipitous discovery ignited an entrepreneurial spirit. The allure of the global butterfly market beckoned, but the path ahead was not without its challenges. By mid-2019, the farm was poised to ship its first batch of butterflies. However, navigating complex export regulations and logistical hurdles proved to be a formidable task, particularly due to Javier’s limited experience in this domain and the lack of information available on butterfly exportation from Belize. The emergence of the COVID-19 pandemic further compounded these challenges, bringing the ambitious plans to a screeching halt.
Adversity, though, often serves as a catalyst for innovation. In early 2021, Mr. Javier forged a partnership with BELTRAIDE's Export Unit, EXPORTBelize, a lifeline that helped unravel the complexities of international trade. Armed with newfound knowledge, expert support, and unwavering determination, Ya'axkin Butterfly Farm embarked on a journey to conquer the global market. A pivotal milestone was achieved in 2023 when the farm's exquisite butterflies graced the world-renowned Dubai Butterfly Garden, the world’s largest butterfly garden, situated in Dubai, United Arab Emirates. This achievement was a testament to years of perseverance and a commitment to excellence. Building on this triumph, another milestone was reached in March of 2024 with the forging of a partnership with Butterfly Wonderland in Arizona, the largest butterfly conservatory in the United States, solidifying Ya'axkin's position as a leading exporter of these enchanting creatures.
Beyond business success, Ya'axkin Butterfly Farm is deeply rooted in environmental stewardship. The farm's expansion is intrinsically linked to conservation efforts, as it restores vital habitats for butterflies and countless other species. By cultivating a diverse array of native plants and trees, Ya'axkin is not only creating a sanctuary for butterflies but also contributing to the overall health of the ecosystem. This holistic approach to conservation ensures that future generations will continue to marvel at the beauty and complexity of the rainforest and its wonderous wildlife. The farm's commitment to education
is equally profound. Through engaging programs for school children, Ya'axkin Butterfly Farm inspires young minds to become environmental champions. By fostering a deep appreciation for nature, the farm hopes to cultivate a generation of individuals who will work tirelessly to protect our planet.
Today, Ya'axkin stands as a beacon of hope, demonstrating that economic prosperity and ecological preservation can coexist harmoniously. With a vision to create a world-class butterfly conservatory and position Belize as a global butterfly powerhouse, the farm continues to soar, inspiring awe and admiration at every turn.
As Mr. Javier Saqui looks to the future, one thing is certain: the story of Ya'axkin Butterfly Farm is far from over. It is a tale of resilience, innovation, and a profound connection to the natural world, a narrative that will continue to captivate and inspire for years to come. His journey is a testament to the power of human ingenuity and the enduring spirit of nature. As Ya’axkin Butterfly Farm continues to evolve, this magnificent venture serves as an inspiration to entrepreneurs and conservationists alike, demonstrating that it is possible to build a successful business while making a positive impact on the planet.
Building a Dynamic Economy through MSMEs, Exports, and Investment Development
In pursuit of promoting an effective investment and business climate, the Government of Belize (GoB) has undertaken a strategic decision to harmonize several complementary strategies. These strategies include the National Investment Promotion Strategy (NIPS), the MSME Policy and Strategy, and the Export Competitiveness Roadmap (ECR). The outcome of this integration effort is a unified Action Plan: The Belize Investment and Business Climate Action Plan (BIBCAP). The consolidated approach will increase efficiency, foster optimal resource utilization, enhance coordination & provide direction of implementation efforts.
The focus areas of this initiative revolve around nine (9) policy pillars comprising of two hundred sixty-six (266) actions designed to enhance the business and investment environment in Belize. These pillars aim to facilitate domestic and foreign investment, foster MSME growth and development, promote innovation, and enhance overall competitiveness. Sustaining collaborative efforts and focusing on further improving the investment and business environment are crucial to building upon the favorable momentum generated by the achievements of the Belize Investment Summit (BIS) 2023.
The Government of Belize is charting a course towards a thriving economy, prioritizing three key pillars: empowering Micro, Small and Medium Enterprises (MSMEs), bolstering export competitiveness, and attracting strategic investment. These pillars, outlined in the BIBCAP, form the bedrock of a robust and resilient economic future.
MSMEs: The Engine of Growth
MSMEs are the lifeblood of Belize, contributing significantly to employment and national output (GDP). Recognizing their critical role, the government is committed to implementing comprehensive reforms to equip MSMEs with essential tools and resources, fostering innovation, productivity, and a more inclusive economy.
Exporting Success: A Competitive Edge
Belize recognizes the importance of export competitiveness on the global stage and the government is committed to helping businesses enhance product and service quality to compete effectively in international markets. This emphasis on exports will drive economic growth and reinforce Belize's position as a key player in regional and global trade.
Investment: A Catalyst for Progress
Strategic investments, both domestic and foreign, are crucial for unlocking new avenues for economic development. By creating an investment-friendly environment, Belize aims to attract capital inflows and spur innovation across diverse sectors. These investments are more than just financial transactions; they represent a shared commitment to building a prosperous Belize.
Current Status & The Road Ahead: A Vision for the Future Work has begun with the establishment of dedicated Working Groups for each key pillar, bringing together essential members to drive progress on specific activities. By prioritizing BIBCAP's nine policy pillars, Belize is on track to unlock a future filled with opportunity, sustainable growth, and prosperity for all citizens upon completion of implementation by 2027. Be informed and track the development progress at www.bibcap.bz
Bridging Markets: Efforts to Expand Global Market Access
By: Julton Wagner Trade Economist III, Directorate General for Foreign Trade
The Directorate General for Foreign Trade (DGFT) is a department within the Ministry of Foreign Affairs & Foreign Trade that is responsible for the formulation, development and implementation of trade policies that support economic growth and reduce poverty. In attaining this goal, the DGFT advocates and promotes the expansion of markets for Belizean traders, alongside supply capacity development so that Belizean firms not only benefit from new market access, but they are also able to immediately supply those markets with Belizean goods under the mandate of trade facilitation. Belize signed and ratified the World Trade Organization Trade Facilitation Agreement (WTO TFA) on September 2nd, 2015 and began implementing some of the provisions under the Agreement; including creating a National Committee on Trade Facilitation (NCTF) who are responsible for the implementation of trade facilitation initiatives for the country. Since its formation in 2017, Belize has achieved 44.9% implementation of its Category A and B obligations and is committed to further advancing implementation of the WTO TFA for the benefit of all Belizeans.
Market access is a major priority for the DGFT. The Revised Treaty of Chaguaramas provides duty-free access to 14 Caribbean member states, which have proven to be significant destinations for Belizean exports. Recently, the department concluded an Economic Cooperation Agreement with Taiwan that provides duty-free market access to approximately 200 agricultural goods and 45 industrial goods. Belizean firms are taking advantage with shipments of sugar already en-route to Taiwan with shrimp consignments to follow soon. Simultaneously, the department is arduously working to conclude a Partial Scope Agreement (PSA) between Belize and El Salvador, which upon entry into force, is expected to result in more market opportunities for Belizean agricultural goods while concurrently creating a new market for Salvadoran packaging materials and industrial goods coming into Belize. It is expected that after the signing and ratification of the Belize-El Salvador PSA that efforts will be made to conclude similar agreements with Honduras and Mexico, as Belize seeks to continue engaging its partners in Central America.
In negotiating these trade agreements, the DGFT collaborated with several line ministries and statutory bodies which include Ministry of Agriculture, Food Security and Enterprise, Ministry of Investment, Investment Policy & Compliance, Attorney General’s Ministry, Belize Trade and Investment Development
Service (BELTRAIDE), Belize Agriculture Health Authority, Belize Bureau of Standards and the Belize Customs & Excise Department. These agencies support the DGFT through the provision of technical advice on concepts that are outside of the Directorate’s purview and serve as leads on the various negotiating tables that form the sections of the agreement. It is through their efforts alongside the support provided by the DGFT that Belize has concluded the current agreements that traders are benefiting from. The expansion of trade opportunities has directly bolstered Belizean exports and in turn advanced Belize’s efforts towards the eventual attainment of SDG #1; No Poverty, and SDG #8; Decent Work and Economic Growth, through the expansion of more trade opportunities which serve to provide more jobs for Belizeans to support themselves through meaningful work.
In the future, Belize will continue seeking trade agreements that provide the most favorable trading terms for our manufacturers alongside bolstering investments in quality standards to allow easier market penetration of foreign markets for Belizean goods.
The DGFT will also promote a supplier development program that would channel resources into firms to raise their output to the scale that larger, more developed countries are demanding. It is expected that the culmination of these efforts will further improve exports and by extension the standard of living for Belizeans while concurrently advance our efforts in attaining SDG #9 Industry; Innovation and Infrastructure, and SDG #12; Responsible Consumption and Production, which denotes our seriousness towards Horizon 2030.
Caribbean Chicken Ltd. champions initiative to eliminate Single-use Plastic, Styrofoam products and reduce plastic waste at its poultry facility.
In 2020, the Environmental Protection (Pollution from Plastics) Regulations were enacted by the Government of Belize to prohibit the importation of single-use plastic and Styrofoam products through a phasing down of the importation, manufacturing, sale, and possession of single-use plastic products. With this came the establishment of relevant standards for Biodegradable products which specifies minimum requirements, test methods, and labeling for commercially biodegradable and commercially compostable products whether manufactured or imported into Belize. This specification would support the new importation process for Biodegradable products into Belize.
In response to this change and as an environmentally responsible corporate citizen, Caribbean Chicken Limited’s (CCL) management took up this challenge during the latter part of 2023 by implementing practices to minimize plastic garbage within processing, recycle plastics by establishing labelled containers for proper disposal, eliminated the use of Styrofoam items and adapted the use of biodegradable plastics in conformity with DOE regulations.
Such a move was unprecedented within the poultry sector. This initiative not only contributed and enhanced good manufacturing practices (GMPs) at the processing facility which are essential for its HACCP Food Safety Program, but it served to create awareness and education for employees on this important topic. Sta learnt the negative e ects of improper garbage disposal, the impact on the environment and the need to find alternative sustainable solutions for disposable containers, cups and single-use plastic products.
Contact Us
Phone: +501 671-0590
Email: info@caribbeanchicken.com
Website: www.caribbeanchicken.com
With the introduction of this initiative, the culture for environmental consciousness has taken the company like a tidal wave. CCL has now lowered its plastic garbage generation by at least 14% from the start of the program. This has been a major accomplishment for Caribbean Chicken Limited, the country of Belize and most importantly the Environment.
The Fiscal Incentive Programs
The Fiscal Incentive (F.I.) Programs encourage genuine investment in Belize for both existing and prospective investors by granting exemption from Import duty, revenue replacement, excise duty, and payment of business tax. The Program provides a legal and fiscal framework to stimulate productive economic activities that will ultimately contribute to the overall development of Belize.
The Regular Program
Allows
The One-Off Program
Small, Medium Enterprises (MSME) Program
Allows for duty exemptions for up to 4 years with a capital investment of up to $1 million with the option to renew for an additional 4 years. The classification for this is as follows:
Indicator: Employees: Annual Sales: Total Assets:
<10
• Agriculture, Forestry, and related activities
• Auto Rentals
• Health Care and Medical Tourism
• Manufacturing • Recycling Plants
• Global Digital Services
• Air Transport
• Education Services Eligible Categories:
• Building Materials and Supplies
• Office Equipment and Appliances
• Fixtures and Fittings
• Plant, Machinery and Equipment
• Utility and Transport
• Agricultural Machinery and Aupplies
• Agro-processing and Food Processing
• Aquaculture and Mariculture
• Tourism and Leisure
• Renewable Energy
• Taxi or Bus Service
• Software Engineering and Network Services
• Orange Economy Activities
• Logistics
• Raw Material and Packaging Materials
• Specialized Tools
• Marine Crafts
• Spare parts for Qualified Sectors
• Aircraft, Spare Engine and Parts
For more information, contact the BelizeINVEST unit of BELTRAIDE at investment@beltraide.bz
Designated Processing Areas (DPA)
The Designated Processing Areas (DPA) incentinve intends to support investments that engage in international trade and value addition, inclusive of technology transfer, employment generation and production in accordance with standards of the intended market. The duration of the incentive is granted up to 10 years with the option to renew.
Types of DPA
• DPA Developer - a Company that establishes a DPA Park to accommodate DPA Business(s).
• DPA Business - a Company that conducts business activities, under the National Priority Sectors, in an approved area that is established and administered by a DPA Developer.
• DPA Special - allows a Company to operate from a convenient location to accommodate resource-based activities.
Approved Sectors:
• Agro-Processing
• Aquaculture
• Manufacturing
• Global Digital Services
• Developer of Industrial or Business Park
Benefits of DPA
• Import Duty and Tax Exemptions.
• Opportunity to open foreign currency bank accounts in Belize
• Opportunity to sell, lease or transfer goods and services between DPA companies
• Work permits may be granted for up to 15% of workers in the DPA (Senior Management or Technical Staff)
• Supplies Control and Import Licenses do not apply to inputs used for exports
• Exemption from the Trade Licensing Act.
Eligible Categories
• Building Materials and Supplies
• Fixtures and Fittings
• Plant, Machinery, & Equipment
• Utility Vehicle
• Raw Materials
• Packaging Materials
For more information, contact the BelizeINVEST unit of BELTRAIDE at investment@beltraide.bz
The MSME Enhancement Program (MEP)
The MSME Enhancement Program (MEP), seeks to strengthen the competitiveness of Belize’s Micro, Small and Medium Enterprises (MSME), through the waiver of customs import duty, for a list of packaging and labeling materials for eligible MSMEs.
The list of packaging and labeling materials includes items such as, but not limited to, adhesives, plates, sheets, film, foil, sacks, bags, carboys, bottles, flasks, lids, caps, packing cases, boxes, packaging containers, labels, tanks, casks, crates, pouches, paper wrapping, drums, and cans.
Who can apply?
Indicator: Employees: Annual Sales: Total Assets: Micro <10
10-49
- <$6 million
- <$6 million
50-300 $6 million - $30 million $6 million - $30 million
For more information, contact the SBDCBelize unit of BELTRAIDE at sbdc@beltraide.bz
BELIZE'S HEALTHCARE REVOLUTION: INVESTING IN A HEALTHIER FUTURE
By: Dr. Jorge Polanco Director of Hospital Services & Allied Health
The Government of Belize, through the Ministry of Health and Wellness (MOHW), is spearheading a transformative journey in healthcare. With a vision of providing quality, affordable, and comprehensive health services within a resilient environment, Belize is rapidly emerging as a model for healthcare development in the region.
Over the past four years, the MOHW has achieved remarkable milestones that have strengthened the national healthcare system and expanded access to essential services across the country.
Major Achievements in Public Health
1. Elimination of Malaria: In 2023, Belize was officially certified by the World Health Organization (WHO) as malaria-free, marking a significant milestone in public health.
2. Elimination of Mother-to-Child Transmission of HIV and Syphilis: In 2024, Belize achieved the elimination of motherto-child transmission of HIV and syphilis as a public health problem, demonstrating a strong commitment to the health of mothers and children.
3. Expansion of National Health Insurance (NHI): The NHI program, initially serving southern and central Belize, was successfully expanded to the Northern Health Region, increasing coverage and access to healthcare services for thousands more Belizeans.
4. Climate Resiliency in Health Infrastructure: Recognizing the impact of climate change, the MOHW has undertaken extensive retrofitting of regional hospitals, community hospitals, and polyclinics, transforming them into SMART health facilities that are climate- and disaster-resilient, as well as Green and Safe. These improvements enhance the durability and sustainability of Belize’s healthcare facilities in the face of rising climate threats.
Advancing Universal Health Coverage and Diagnostic Services
Through partnerships with the PAHO/WHO, European Union, the Inter-American Development Bank (IADB), the MOHW has reaffirmed its commitment to Universal Health Coverage (UHC) by enhancing diagnostic services across the country:
• GeneXpert Medical Laboratory Equipment: All district hospitals have been equipped with GeneXpert machines, providing timely and local access to advanced diagnostic procedures. These include rapid detection of the COVID-19 virus, tuberculosis diagnosis, HIV viral load testing, and identification of the Human Papilloma Virus (HPV).
• Expanded Imaging Services: With the return of Belizean radiologists, the MOHW has strengthened imaging capabilities through the acquisition of digital X-ray equipment and a CAT Scan machine at the Karl Heusner Memorial Hospital (KHMH). A mammography machine is currently being installed at the Western Regional Hospital, greatly enhancing breast cancer diagnosis.
To bridge gaps in specialty services, the MOHW has consistently recruited medical and surgical specialists, strategically deploying them to areas of greatest need. A major achievement is the commencement of open-heart surgeries at KHMH, significantly reducing the need for patients to seek costly treatment abroad. Additionally, all fees for hospital services (except KHMH) have been removed, ensuring that healthcare is more accessible to every Belizean, regardless of financial means.
The MOHW has invested in the construction of new healthcare facilities, such as polyclinics in Belmopan and Placencia, and has carried out extensive renovations of the Northern and Southern Regional Hospitals, Corozal and Punta Gorda Community Hospitals. Significant renovations were also done to the Health Centers of Valley of Peace, the Senovia Meggs Health Center, San Pablo, Orange Walk, and the George Ville Health Center, Cayo
District. These efforts are only part of the commitment to improving the delivery of healthcare services at both regional and community levels.
To elevate the quality of emergency care, the MOHW has partnered with international institutions such as the Baylor College of Medicine and the Medical College of Wisconsin. These collaborations have provided critical training for physicians on a range of emergency care topics. Additionally, the Pan American Health Organization (PAHO/WHO) and the World Federation of Intensive and Critical Care have supported basic critical care training, further enhancing the skills of local medical personnel.
Moving from the hospital setting to the community level, an achievement of great impact is the strengthening of Community Health Workers (CHWs) across the country. The CHWs play a pivotal role in linking communities with healthcare services and recognizing their value, the MOHW has focused on building their capacity in the prevention and control of communicable and non-communicable diseases. In acknowledgment of their contributions, the Government of Belize recently increased their monthly stipend, underscoring the government’s commitment to strengthening healthcare at the grassroots level.
The achievements of the Ministry of Health and Wellness over the past four years reflect a robust and evolving healthcare system that is prepared to meet the challenges of today and tomorrow. Through strategic investments in infrastructure, expanded healthcare access, and strengthened capacity, Belize is making significant strides towards a healthier, more resilient future for all its citizens.
Powering Belize's BPO Revolution & BTEC's Transformative Role in Workforce Development
By: John Malic & Katherine Meighan
Business Process Outsourcing Association
Belize's journey in the Business Process Outsourcing (BPO) sector began in 2005 when a visionary foreign investor recognized the country's potential. Nubia Ramirez, CEO of Ready Call Center, was instrumental in laying the foundation for what has now become a thriving industry. Nearly two decades later, her company remains a key player in Belize’s BPO landscape. The sector has seen significant growth, particularly in the wake of the COVID-19 pandemic, with over 15 major companies entering the market in just the past four years. This influx underscores the growing demand for Belizean talent in the global marketplace.
While Belize’s English-speaking population is often cited as its primary advantage as a nearshore destination, the country offers far more than just linguistic capability. With approximately 52% of Belizeans being bilingual in Spanish, Belize provides an additional competitive edge for serving diverse markets. Its strong political stability, especially in contrast to many Latin American nations, combined with competitive labor costs, further enhances its attractiveness as a nearshore option. Additionally, Belize has seen a rise in the availability of commercial real estate, making it easier for businesses to establish operations. Reliable public transportation, modern infrastructure, and dependable access to high-speed internet, electricity, and potable water create an optimal environment for BPO investments. With these combined strengths, Belize is not only a viable choice but a strategic location for companies looking to expand their nearshore operations. Support from organizations like BELTRAIDE has been pivotal in guiding new stakeholders through the establishment process. The incentives offered in the Designated Protected Area (DPA) further ease the onboarding experience for investors, promoting a conducive environment for growth.
Belize's talent pool has evolved significantly beyond traditional sales and customer service roles. The workforce now includes a variety of functions such as Tier 2 and Tier 3 customer service, medical transcription, back-office support, omnichannel communication, mass tort services, fintech services, finance and accounting, ESL teaching, and technology product support. This diversification highlights the adaptability and skill level of Belizean workers, making them valuable assets in the BPO sector.
However, rapid growth brings challenges. To address these, the Belize Business Process Outsourcing Association was established in 2023 by industry stakeholders who recognized the power of collective action. This association is dedicated to tackling key issues, including advocating for amendments to labor laws that hinder performance, collaborating with the Ministry of Education to adapt educational curricula, and developing a sustainable growth framework for the industry in partnership with BELTRAIDE and the Ministry of Investment.
Belize has firmly established itself as a vital player in the Global Digital Services sector, moving beyond the need to persuade investors of its value. The focus now shifts to sustainable growth, with an eye on the rise of artificial intelligence (AI) and the future jobs that may be outsourced. Preparing for this evolving landscape will require close collaboration among all stakeholders, both governmental and private.
Belize’s BPO sector is poised for exponential growth, with the potential to become a regional powerhouse. The ongoing collaboration with BELTRAIDE is a catalyst for industry advancement, driving initiatives that develop local talent, create strategic educational partnerships, and address legislative
barriers. With a clear vision and unified efforts, Belize is set not just to maintain its upward trajectory, but to redefine its role as a key player in the global BPO market.
Belize’s BPO industry is on the path to becoming a leading nearshore destination, bolstered by a skilled workforce, modern infrastructure, and a business-friendly environment. As the sector continues to evolve, Belize is strategically positioned to capitalize on emerging opportunities and establish itself as a premier hub for BPO services in Central America and the Caribbean.
Powering Belize's BPO Revolution: BTEC's Transformative Role in Workforce Development
As the country's premier workforce development hub, BELTRAIDE’s BTEC is not just bridging the gap between unemployment and skills development—it's reshaping the very fabric of Belize's Business Process Outsourcing (BPO) industry. BTEC seeks to transform lives through accessible on demand training opportunities for industry specific needs.
Since its inception in 2014, BTEC has emerged as the cornerstone of Belize's strategy to equip its citizens with the soft and technical skills demanded by the modern job market. With a mission to transform lives through accessible, on-demand training opportunities, BTEC has become synonymous with industry-specific excellence. BTEC has successfully conducted 26 BPO job preparedness training programs across the country, graduating 4,530 participants. With an impressive 74.2% of these graduates now successfully employed within the industry, BTEC has proven to be an essential resource for workforce development in Belize and strives for continuous impact by bridging the gap between unemployment and skills development.
BTEC's curriculum is a carefully crafted response to the critical skills gaps identified within the BPO industry encompassing training in communication proficiency, customer service excellence, sales techniques and other relevant technical skills. BTEC's journey is marked by continuous evolution and strategic milestones including robust industry partnerships and modernized training methods through cutting-edge pedagogical approaches and technologies.
As Belize's BPO sector continues its upward trajectory, BTEC stands ready to meet the challenge. The center's forward-looking approach is focused on enhancing digital integration, leveraging global best practices, and anticipating future industry needs and preparing the workforce accordingly.
BTEC's contribution to Belize's BPO industry transcends mere numbers. It represents a fundamental shift in the nation's economic potential, positioning Belize as a competitive player in the global BPO arena. By fostering a skilled, adaptable workforce, BTEC is not just filling jobs—it's fueling dreams, driving innovation, and laying the foundation for Belize's prosperous future in the digital age.
Belize
Transforming Belize’s Seaweed Mariculture Industry
By: Saleem Chan
Along the vibrant waters of the Caribbean Sea, Belize is at the forefront of a burgeoning seaweed mariculture industry. The country is not only harnessing and enhancing the economic potential of seaweed farming, but also pioneering a model for equitable and sustainable industry practices. With an estimated annual revenue potential of US $5.5 million, Belize offers a compelling opportunity for investors seeking both financial returns and social impact.
The global seaweed mariculture industry is a rapidly expanding, multibillion-dollar sector with significant growth opportunities across food, pharmaceuticals, cosmetics, and biofuels. Belize enters into a growing market with high-profit margins and clear quality differentiation of its seaweed. Currently, Kappaphycus alvarezii and Eucheuma isiforme, two red species known for their high commercial value, are being cultivated 10-28 miles off the coast of Belize. Research conducted by the Belize Fisheries Department (FiD), The Nature Conservancy (TNC), the Belize Women’s Seaweed Farmers Association (BWSFA), and other partners has indicated that these farms serve as vital nurseries for many juvenile marine species (including Caribbean spiny lobsters), creating a regenerative effect on local marine ecosystems.
The industry's current success is underpinned by strategic partnerships with the Government of Belize, donors, academic institutions, international organizations, and community-based organizations. These collaborations ensure a robust foundation for growth and sustainability. A concerted effort by the Government of Belize to develop Belize’s seaweed mariculture legislation demonstrates a commitment to transparency and community involvement.
In Belize, with the assistance of The Belize Trade and Investment Development Service (BELTRAIDE) and also independently, entrepreneurial efforts have resulted in an impressive array of seaweed products, including nutritious packaged sun-dried
seaweed, “put it bak” seaweed beverages, seaweed ice cream, seaweed dishes, processed seaweed gel, encapsulated seaweed powder used as supplements and seaweed spa and beauty products. One must not forget to mention the natural hair care product line IKOOMA, created by a self-driven entrepreneur from the community of Placencia.
The Belize Women's Seaweed Farmers Association (BWSFA), a women-led organization, has emerged as a key stakeholder in the development of Belize's seaweed mariculture industry. The BWSFA serves as a model for local communities, demonstrating the importance of community-led associations in driving the success of this budding sector. Collaboration and collective action are essential for the continued success and sustainability of this nascent industry.
While significant progress has been made in recent years, there is still substantial room for growth. To create a more equitable and sustainable seaweed mariculture industry, we must prioritize streamlining and expanding farms, enhancing quality and production, and investing in research and product development. Establishing processing facilities, laboratories, and traceability systems will bolster the industry's scalability and profitability, offering investors significant growth potential and attractive returns. By strategically branding and marketing Caribbean seaweed as a premium product, Belize can secure lucrative market positions and expand export opportunities.
Cultivating seaweed is more than just a farming practice; it is a catalyst for economic empowerment, environmental sustainability, and social equity. With the continued support of the Government of Belize through the Ministry of Blue Economy and Disaster Risk Management and the leadership of the Belize Fisheries Department, we are confident in achieving our goal of developing a sustainable seaweed mariculture industry in Belize.
Mariculture Specialist and Safety Officer, The Nature Conservancy
Jalima Gold President, Belize Women’s Seaweed Farmers Association
PROJECT INEBESEI:
IGNITING INNOVATION AND GROWTH THROUGH CULTURAL HERITAGE IN BELIZE'S ORANGE ECONOMY
By: Emilio Thomas Founder, Project Inebesei
Belize's Orange Economy stands at the intersection of culture, innovation, and economic growth. Within this dynamic sector, Project Inebesei—a distinguished performing and workshop band—has been a shining beacon of both cultural preservation and global outreach. Since its inception in 2013, Project Inebesei has not only preserved and elevated Garifuna traditions but also showcased the remarkable potential of Belizean culture on the world stage. By exporting a unique blend of music, dance, and cultural workshops, the band is demonstrating how Belizean heritage can be transformed into a thriving economic asset. that embodies both Belize’s heritage and its potential for international success.
From Cultural Preservation to Global Innovation
Project Inebesei began as a grassroots Garifuna language program for children and adults (particularly those seeking to preserve their heritage) and soon evolved into a cultural non-profit organization aimed at fostering appreciation for Garifuna culture, a vital part of Belize’s identity. In 2016, the band took a transformative step by transitioning into a full-fledged performing and workshop group, leading the charge in showcasing Belize’s rich cultural diversity through performances and educational workshops. With a sound rooted in traditional Garifuna genres such as Paranda, Punta, and Hüngühüngün, the group innovatively blends contemporary influences, creating a musical experience that is both timeless and modern.
The journey of Project Inebesei has been marked by significant international milestones. Representing Belize at the World Expo in Astana, Kazakhstan, and engaging in cultural exchanges in Mexico and Panama, the band has consistently demonstrated that Belizean culture holds immense appeal and value on the global stage. Their ability to export a unique blend of tradition and innovation is not only a success for the band but also for Belize’s Orange Economy—a sector that highlights creativity as a key driver of economic growth.
Strategic Partnerships for Global Impact
The success of Project Inebesei in reaching international audiences would not have been possible without the support of strategic partnerships. BELTRAIDE has been instrumental in facilitating the band's expansion by providing invaluable resources and access to networks that have opened doors to global markets. Additionally, partnerships with the Ministry of Education, Culture, Science and Technology, National Institute of Culture and History (NICH), Belize Coalition of Service Providers, National Garifuna Council, The Belize Tourism Board (BTB), and other government entities have ensured that Project Inebesei has the institutional backing to represent Belize at prestigious events and engagements.
These strategic alliances have allowed the band to scale its operations and introduce Garifuna culture to diverse audiences worldwide. Project Inebesei's international engagements are a testament to the power of collaboration in elevating Belizean culture to new heights. Through these partnerships, the band has not only exported its music but also positioned Belize as a culturally rich and innovative destination.
Empowering Creators through Intellectual Property
In addition to its cultural and musical contributions, Project Inebesei has been at the forefront of intellectual property advocacy in Belize. By facilitating intellectual property workshops with a focus on Copyright, the band has played a critical role in educating creators about protecting their work. This includes the importance of publishing written lyrics and melodies, as well as the distribution and protection of sound recording masters. By championing intellectual property rights, Project Inebesei has significantly contributed to empowering creators to safeguard their creative outputs, ensuring that their work remains protected both locally and internationally.
Contributing to Sustainable Development Goals
Project Inebesei’s work is also closely aligned with Belize’s Horizon 2030 goals, which focus on fostering socio-economic progress and sustainable development. By preserving Garifuna culture through workshops and performances, the band actively contributes to the safeguarding of intangible cultural heritage, a cornerstone of Belize's social fabric. Their workshops in Garifuna dance, drumming, and song encourage community participation, cultural understanding, and inclusivity, supporting the sustainable development agenda through cultural education.
Moreover, the band's eco-conscious approach to its international engagements, highlighting the preservation of Belize’s natural and cultural resources, reinforces the country's commitment to environmental sustainability.
Looking Ahead: A Vision for the Future
As Project Inebesei looks to the future, the vision remains clear: to continue serving as a leading ambassador of Belize’s Orange Economy, spreading the country’s cultural wealth to new markets. Plans are underway to expand their offerings, incorporating more contemporary elements while staying true to their Garifuna roots. The band envisions further collaborations with international cultural festivals, global organizations, and educational institutions to deepen the cultural exchange between Belize and the world.
In the years to come, Project Inebesei will remain committed to innovation, blending the old with the new, and continuing to inspire future generations of Belizeans to take pride in their heritage. The band's mission is to position Belize, not just as a tourist destination, but as a hub for cultural exports that contribute meaningfully to global creative industries.
A Cornerstone of Belize's Orange Economy
In a rapidly evolving global economy, Project Inebesei stands as a cornerstone of Belize’s cultural and economic identity. As a band that has consistently exported Belize’s creative assets to international markets, its role in Belize’s Orange Economy cannot be overstated. Project Inebesei is not merely a band; it is a cultural institution that has proven itself to be an invaluable asset to Belize’s growth, innovation, and global success.
With its unique blend of tradition, innovation, and global outreach, Project Inebesei has demonstrated the immense potential of Belize’s creative industry. By contributing to both the preservation of Garifuna culture and the development of Belize’s Orange Economy, Project Inebesei exemplifies how innovation and cultural heritage can work in tandem to create economic growth and sustainable development.
MPUELE’S CONTRIBUTIONS TO ENERGY AND E-GOVERNANCE
By: Jose Urbina
Chief Executive Officer, Ministry of Public Utilities, Energy, Logistics, and E-Governance
In today’s fast-evolving world, innovation and growth have become more critical than ever, especially for nations striving to position themselves as global leaders. One trailblazing example is the work done by MPUELE (Ministry of Public Utilities, Energy, and E-Governance), which has continually pushed the boundaries to transform sectors like energy and digital governance. Through a combination of forward-thinking policies, cutting-edge technology adoption, and sustainable development strategies, MPUELE has been at the forefront of fostering national progress while contributing to the global landscape.
Transforming the Energy Sector
Energy is the lifeblood of modern economies, and efforts in this sector have laid the foundation for sustained growth and competitiveness. The ministry has prioritized renewable energy sources, recognizing the need to shift away from traditional fossil fuels. This transition has helped the country reduce its carbon footprint and positioned it as a model for green energy initiatives globally.
One of MPUELE’s most notable achievements has been expanding solar power generation. By working with international partners, the ministry seeks to facilitate the construction of large-scale solar farms, which will supply a significant portion of the country’s energy needs. This will improve energy security and reduce reliance on imported fuels, creating a more sustainable and self-sufficient energy ecosystem.
Moreover, MPUELE has championed the decentralization of energy production by promoting microgrids and off-grid solutions in rural areas. These initiatives have improved energy access in remote communities, boosting local economies and enhancing the quality of life for residents. By leveraging innovative energy technologies, MPUELE has set the stage for
further development and growth in manufacturing, tourism, and agriculture, which depend heavily on reliable energy supplies.
The ministry has also made great strides in energy efficiency. Through public awareness campaigns and regulatory measures, MPUELE has encouraged businesses and consumers to adopt more energy-efficient practices. This has reduced energy consumption and helped lower costs for households and industries alike, making the country’s economy more competitive on a global scale.
Advancing E-Governance for Efficient Public Services
Alongside its work in the energy sector, MPUELE has also been a leader in the field of E-Governance. Digital transformation is no longer a luxury but a necessity in today’s interconnected world. By embracing digital technologies, MPUELE has helped streamline government operations, making public services more accessible, efficient, and transparent.
One of the cornerstone projects in this area has been implementing a nationwide digital identification system. This initiative has revolutionized how citizens interact with government services, allowing quicker access to essential resources such as healthcare, education, and social welfare programs. By digitizing these processes, MPUELE has not only improved service delivery but also reduced bureaucratic bottlenecks and instances of corruption.
E-governance has also played a crucial role in boosting economic growth. Through online platforms, businesses can now easily register and operate, cutting down on the red tape that previously hindered entrepreneurship. Additionally, e-procurement systems have enhanced transparency in government contracting, attracting more international investors keen on doing business in a transparent and accountable environment.
MPUELE’s push for digital literacy programs has ensured that citizens are not left behind in this transformation. By providing
training and resources, the ministry has empowered individuals and businesses to fully harness digital technologies' potential. This has been particularly beneficial for small and medium-sized enterprises (SMEs), which can now compete more effectively in the global market thanks to the reduced barriers to entry.
A Vision for Global Success
MPUELE’s work in energy and e-governance has not only spurred domestic innovation and growth but has also positioned the country as a leader on the global stage. By embracing sustainable energy solutions and digital governance, the ministry has demonstrated that achieving economic growth is possible without compromising environmental and social responsibilities.
MPUELE’s vision is to continue fostering innovation and resilience in these sectors. The goal of energy is to increase the share of renewables in the energy mix while promoting further innovations in energy storage and smart grid technologies. For e-governance, the ministry plans to expand digital services and improve cybersecurity measures to protect citizens’ data and maintain trust in government systems.
Ultimately, MPUELE's work serves as a powerful example of how progressive policies and commitment to innovation can ignite growth and lead to global success. By continuing to invest in sustainable energy and digital transformation, MPUELE is shaping a brighter future for its citizens and contributing to international efforts to create a more connected, sustainable, and prosperous world.
Fueling Belize's Growth: SBDCBelize Empowering MSMEs to Drive the Economy Forward
Belize's economic landscape is powered by the vibrant energy of micro, small, and medium enterprises (MSMEs), contributing to over 75% of the nation's economic activity. At the forefront of this transformative journey is SBDCBelize, a unit of the Belize Trade and Investment Development Service (BELTRAIDE), serving as a catalyst for business growth, providing essential support services, and helping local enterprises become globally competitive.
Since October 31, 2012, SBDCBelize has played a pivotal role in empowering MSMEs and driving the country's prosperity. Through strategic partnerships and a steadfast commitment to its clients, the organization has made a tangible impact on Belize's entrepreneurial landscape.
From 2012 to the present, SBDCBelize has facilitated capital investments totaling $30.9 million and driven an impressive $6.8 million in increased sales across various sectors. Its comprehensive support has resulted in the creation and retention of jobs, directly impacting thousands of Belizean families and communities.
Furthermore, the unit has assisted in the formalization of businesses and developed robust business plans and models through technical assistance, ensuring that local enterprises are equipped to thrive in the global marketplace.
A shining example of SBDCBelize's impact was the recent National MSME Roadshow of 2022 and 2024, which brought together over 1,000 entrepreneurs to learn, network, and seize new opportunities. The dynamic "Buy Belizean" expo and the unveiling of more than $200,000 in grant funding showcased the innovation and resilience of Belizean businesses.
SBDCBelize's role in fostering this entrepreneurial spirit is crucial. By transforming local champions and supporting them to become global contenders through its sister unit, EXPORTBelize, the organization strengthens Belize's economic backbone, driving sustainable growth, and ensuring that MSMEs continue to be the lifeblood of the nation's economic narrative.
As Belize advances on the global stage, SBDCBelize remains a respected adoption of the SBDC methodology; a driving force, turning ambition into action and potential into prosperity. Through its unwavering commitment to empowering MSMEs, BELTRAIDE stands as a testament to the transformative power of entrepreneurship, shaping Belize's economic future one business at a time.
EmpoweringWomen in Belize:
The Success of the Female Entrepreneurship Program
In the vibrant entrepreneurial ecosystem of Belize, women are emerging as a formidable force. A 2023 Inter-American Development Bank (IDB) report reveals a striking statistic: 87% of women-led businesses in Belize are classified as microenterprises, while only 12% fall into the small enterprise category. This disparity underscores both the potential and the challenges faced by women entrepreneurs in the country.
Since 2012, SBDCBelize, a unit of BELTRAIDE, has been at the forefront of supporting this demographic, with women-led businesses accounting for an impressive 54.5% of their clientele. It's against this backdrop that the Belize Trade and Investment Development Service (BELTRAIDE) launched its groundbreaking Female Entrepreneurship Program (FEP), aiming to bridge the gap and propel women-led businesses to new heights. The FEP has emerged as a game-changer in Belize's business landscape, empowering 67 women entrepreneurs and catalyzing significant growth in their ventures. But what sets this program apart?
In 2019, BELTRAIDE adapted the CENPROMYPE methodology to address the unique challenges faced by Belizean women entrepreneurs. This innovative approach goes beyond traditional business training. It equips participants with a diverse skill set, including human rights awareness, risk management strategies, financial literacy, and conflict resolution techniques. In its initial phase, the FEP provided seed capital totaling BZ$46,000 to 8 women, giving their businesses the financial boost needed to thrive.The FEP’s impact extends far beyond individual success stories and has created a space for women to engage, exchange and evolve.
This impact is best illustrated through the success stories of its graduates like Ronelli Requena, owner of Zayvha Sarai LTD, whose business, Zayvha Sarai LTD, transformed from a small dressmaker in her mom’s modest bungalow home, to a high-end bridal wear showroom enterprise with two additional employees. It was the use of the FEP methodology that propelled her to scale her operations. Today, Zayvha Sarai Ltd boasts a diverse clientele, including international customers and she has expanded into creating a new sub-brand specializing in custom men’s clothing. More significantly, she now mentors aspiring young fashion designers, fostering the next generation of talent in the industry.
Similarly, Katia Montenegro, another graduate under the first cohort of FEP, transitioned from a solo marketing, interoperation with translation services to a leading advocate for women entrepreneurs. As a co-founder of NIME Belize and NIME Binational, she' continues to foster collaboration among women in business. Her numerous awards and leadership roles solidify her status as a role model, demonstrating the transformative power of support programs in empowering Belizean women.
The FEP's success lies in its adaptability and careful tailoring of the program to meet specific needs by considering factors such as cultural background, industry specifics, and regional needs. It has also evolved to address challenges like the COVID-19 pandemic, offering relief grants and specialized support to affected businesses. The FEP Cacao Project Cohort (2021-2022) offered stipends and flexible scheduling to accommodate the needs of rural cacao women farmers. In 2022, the FEP offered capacity building to women in the banana fiber industry in Benque Viejo, Cayo and offered seed capital funding to 8 women in the Orange Walk cohort totaling $35,000. And in 2022, the FEP-Covid Relief program provided $60,000 in grants relief to 10 women entrepreneurs in the seaweed and music industries to ensure business continuity.
As BELTRAIDE continues to meet the evolving demands of MSMEs, it remains dedicated to continuously refining the FEP methodology, collaborating with international development agencies to empower more women entrepreneurs, and contributing significantly to Belize's economic growth. The Female Entrepreneurship Program stands as a beacon of progress, not just for Belize, but as a model for fostering women's entrepreneurship across the entire region.
Innovation and Growth: Pioneering Financial Solutions in Belize
By: Esther Alpuche Marketing Supervisor, Atlantic Bank Ltd.
As one of Belize’s leading financial institutions, our bank has always championed innovation and growth as the cornerstone of our mission to support the nation’s economic development.
Over the years, we have embraced technological advancements and cultivated strategic partnerships to drive progress and enhance financial inclusion in Belize. Our commitment to innovation is evident in the introduction of cutting-edge e-commerce services such as Web Checkout services, Payment Links, and QR code payments, which have significantly impacted Micro, Small, and Medium Enterprises (MSMEs) across the country.
Our E-commerce services have revolutionized the way MSMEs operate by providing increased payment convenience, broader market reach, and improved cash flow management. With web checkout, businesses can offer a streamlined payment process directly from their websites, reducing cart abandonment rates and encouraging more sales. Payment links, meanwhile, allow businesses to request payments via email, SMS, or social media,
enabling them to reach customers beyond their traditional boundaries. Additionally, QR code payments have become a popular choice for in-person transactions, offering a quick and easy way for customers to pay using their mobile devices. These solutions not only simplify transactions but also enhance the overall customer experience, driving satisfaction and loyalty.
At the heart of our success lies a dual focus on innovation and strategic partnerships. We've forged crucial alliances with key stakeholders and government ministries, catalyzing both our growth and Belize's economic development. Our enduring collaboration with the Belize Trade and Investment Development Service (BELTRAIDE) has been instrumental in cultivating a thriving business ecosystem especially through our participation in the biennial Belize Investment Summit. By actively engaging with the Ministry of Economic Development we've played a pivotal role in crafting economic policies and attracting foreign investment. These partnerships not only underscore our commitment to Belize's prosperity but also position us at the forefront of the nation's economic evolution.
Our collaborations with the Belize Hotel Association and the Belize Tourism Industry Association have also been pivotal in extending our market reach and supporting the tourism sector. By offering these organizations our electronic platforms, we have helped them achieve their operational management goals with increased efficiency. Furthermore, our partnership with the Ministry of Agriculture has enabled us to better understand the needs of the agricultural sector, leading to more informed lending decisions and improved credit exposure.
At the heart of our mission lies a steadfast commitment to sustainable development, seamlessly intertwining innovation with environmental stewardship. Our initiatives dovetail precisely with Belize's ambitious targets under the 2030 Sustainable Development Agenda, focusing on three pivotal areas: affordable and clean energy, decent work coupled with economic growth, and cutting-edge industry innovation and infrastructure. By providing financial solutions that support renewable energy projects, we are helping to reduce the nation’s carbon footprint and promote sustainable practices. Moreover, our focus on inclusive economic growth ensures that all segments of society benefit from our initiatives, particularly those in underserved communities.
Looking ahead, our vision for the future is centred on continued growth and sustainability. We plan to expand our range of e-commerce services to further empower MSMEs, enabling them to leverage technology to reach new markets and enhance their operational efficiency. By integrating advanced payment solutions with accounting systems and offering customized options tailored to the unique needs of each business. We aim to provide MSMEs with the tools they need to thrive in an increasingly digital economy.
We will continue to strengthen our partnerships with government ministries and industry associations, fostering a collaborative approach to economic development. By sharing knowledge and resources, we can collectively work towards a more prosperous and sustainable future for Belize. Our participation in initiatives with key stakeholders demonstrates our commitment to this vision.
Our bank’s focus on innovation, strategic partnerships, and sustainable development has played a crucial role in shaping Belize’s economic landscape. By embracing technology and fostering collaboration, we have created opportunities for growth and prosperity, not just for our clients, but for the entire nation. As we look to the future, our resolve remains unshakable: to be the vanguard of progress, aligning our every endeavour with Belize's developmental aspirations and the broader global imperatives of sustainability and inclusive growth. Together, we can build a stronger, more resilient Belize for generations to come.
Finca Chocolat: Unlocking Belize’s Potential Through Sustainable Agroforestry
By: David Santilli Managing Director, Finca Chocolat
Belize is not just a beautiful destination; it’s a land of immense untapped potential. The people are some of the most genuine you will ever meet; the sea is a playground for divers, sailors, fishermen, and boaters, and the jungle offers a connection to nature difficult to find in many parts of the world these days. While the country’s natural beauty captivates visitors, many Belizeans face limited economic opportunities and Finca Chocolat is dedicated to changing that narrative.
Established in 2015, Finca Chocolat is redefining agriculture in Belize. Our aim is not only to provide superior quality products to our customers and a healthy return to our investors, but as importantly, to provide steady employment with an above average salary for our team. This 515-acre specialty farm in the Toledo District is pioneering an innovative agroforestry model that combines cacao, timber, and spices. But it’s more than just community development and crops; it’s a blueprint for community development and regenerative agriculture for our neighbors.
At Finca Chocolat, we practice agroforestry, integrating Salmwood, Barbajalote, and Rosewood trees to reforest land previously cleared for ranching. Cacao, vanilla, turmeric, cardamom, and lemongrass are cultivated beneath this canopy,
a symbiotic environment that maximizes financial return per acre, improves soil health, and supports wildlife.
Since selling our first cacao locally in 2020, we have expanded into the U.S. by 2021, Europe by 2022, and Asia by 2023, thanks to strategic partnerships and support from BELTRAIDE. By 2024, we established a distribution agreement with a key player in the specialty cacao market in the U.S., ensuring on-demand fulfillment for our customers. As our production increases, we aim to replicate these relationships globally starting with Europe and Asia.
In the premium fine-flavor cacao market, Finca Chocolat isn’t merely surviving, it’s flourishing. While global cacao shortages challenge the industry, our niche positioning ensures we continue to thrive. With no debt, exceptional pricing, a growing customer base across four continents, and sufficient trees in the ground for future profitability, Finca Chocolat is a secure investment. We plan to plant an additional 15,000+ trees over the next few years until all available land is fully utilized.
While delighted with existing demand and pricing for our cacao, we are not sitting idly waiting for trees to mature. To that end, we registered a 506(c) Private Placement Offering with the U.S. SEC in 2023 and are selling shares in Finca Chocolat. In the last 18
months, we have used these funds to: increase our fermentation capacity by 600%, expand the number of neighboring farms we work with from 20 to 100+, increase our drying capacity by 150%, add storage for an additional 20+ tons of cacao and built and outfitted a distillation facility for Lemongrass oil.
Looking to the future, to fully realize its financial and ESG goals, Finca Chocolat aims to bring processing to Belize rather than in North America and Europe. In addition to using 506(c) funds to rapidly plant out additional acreage, our goal is to establish an accessible processing facility in southern Belize that will serve not only Finca Chocolat and cacao operations, but also support neighboring farms and additional crops in the mid-term.
Finca Chocolat is committed to becoming a vertically integrated supplier of cocoa derivatives—nibs, butter, powder, mass, and couverture—produced directly at the source in Belize. By processing cacao locally, rather than outsourcing to factories in regions where cacao isn’t grown, we can retain more of the profit.
This streamlined supply chain significantly boosts our margins, enabling faster reinvestment, creating more jobs within the community, and empowering a wider network of neighboring farms to increase their earnings.
We invite you to be part of Belize’s sustainable future with Finca Chocolat. By investing in our vision, you’re not just seizing a unique financial opportunity, you’re helping to cultivate a thriving ecosystem that uplifts communities, preserves biodiversity, and sets new standards for responsible agriculture. Whether you’re an impact investor, a chocolate enthusiast, or simply someone who believes in the power of sustainable business to transform lives, we welcome you to explore how you can contribute to and benefit from our growth story.
Dive deeper into the Finca Chocolat experience by reaching out to us at invest@fincachocolat.com or immersing yourself in our world at www.FincaChocolat.com
creating
BELIZE INVESTMENT PORTFOLIO
WHAT IS THE BELIZE INVESTMENT PORTFOLIO?
The Belize Investment Portfolio promotes and matches pre-packaged, 'shovel-ready' investment projects to global investors, supporting private sector businesses in nding nancial or strategic partners. This investment promotion effort is spearheaded by BelizeINVEST, a unit of BELTRAIDE.
WHAT TO INCLUDE?
FORM COMPONENTS INCLUDE:
• Contact Information
• Company Information (where available)
• Business / Project Validation
Investment projects and concepts
• Investment Plan
• Property Details
• Other Investment Details
various investment conferences, publications, and platforms
