CONTRIBUTING TO THE SUSTAINABLE SOCIOECONOMIC DEVELOPMENT OF BELIZE
SPOTLIGHT ON INVESTMENT IN BELIZE
A pioneer in the realm of blue and green economy approaches, Belize’s conducive business climate continues to create investment opportunities
Writer: Jack Salter | Project Manager: Krisha Canlas
Since 2023, a few key developments can be readily highlighted as directly contributing to a resilient, prosperous, and thriving Belize. These include the eagerly anticipated Belize Investment Summit II, under the theme ‘Belize:
Endless Opportunities’, which took place in September 2023, highlighting progressive reforms already delivered and underway along with investment opportunities in the country’s blue, green, and orange economies, and more.
Legislative amendments to the Government of Belize’s (GOB) incentive programs, namely the Fiscal Incentives Program and the Designated Processing Areas Program, have also been enacted.
Both have been updated to expand the range of eligible sectors, accommodate and encourage uptake by micro, small, and medium-sized enterprises (MSMEs), and make them more forward-thinking and inclusive.
For example, the global digital services sector is now able
to benefit, with specific features enabling and encouraging investments in work-from-home arrangements and on-site daycare for single mothers. MSMEs are now better poised to benefit from simplified and user-friendly processes and features that encourage formalization.
Another significant highlight is the ambitious consolidation of three Cabinet-endorsed national strategies and policies, namely the National Investment Policy and Strategy, the MSME Policy and Strategy, and the Export Competitiveness Roadmap, into one master action plan entitled the Belize Investment and Business Climate Action Plan (BIBCAP).
This approach envisages bringing together all relevant
public sector action owners to cohesively and comprehensively implement and report on real-time progress in implementing critical reforms for enabling and driving accelerated quality improvements in public service delivery.
To complement these major initiatives, a National Industrial Strategy with green and blue economic policies is currently under development with technical support from the United Nations Industrial Development Organization (UNIDO).
Interestingly, the segmentation of investment areas into the green, blue, and orange economies is a move to finetune the type of investment and industries Belize is aiming to promote.
Poultry That Rules the Roost
Caribbean Chicken is a Belizean poultry processing company that has provided the country with their products for over 30 years. With God’s help, we put effort in every step of the way to provide our customers with a product worthy of the standards we uphold! The secret is in the taste.
Renowned for its impressive yield of rice, beans, and various vegetable types, the Belizean agricultural industry typically revolves around high-volume arable farming.
However, quickly emerging as a key player across the country’s agricultural landscape is Caribbean Chicken Limited (CCL), a leading producer of wholesome poultry with superior quality.
The business was established by a group of dedicated and visionary farmers whose key mission was to produce exceptional poultry products.
By obtaining a processing facility with a capacity of 800 birds per hour in Blue Creek, Orange Walk District, CCL adopted a partnership model with local farmers who would supply the company with poultry items, thereby ensuring a continuous return on investment (ROI) and guaranteed profit for the business.
CCL’s sole supply of chickens, therefore, came from local farmers, a tradition that the company is proud to uphold to this day.
MEETING VITAL DEMANDS
Poultry is becoming an increasingly essential food product on people’s plates; thus, farmers are investing in additional barns to ensure a stable, secure supply of delicious chicken.
In fact, in 2022, poultry accounted for 0.9 percent of the GDP generated by the agricultural industry in Belize, as 43 million pounds of dress-weight chicken was consumed in the country that year.
Evidently, poultry is considered one of the healthiest sources of protein and a vital contributor to national food security.
Not only meeting but exceeding this demand, CCL has evolved as a leader in the industry by placing special focus on its social commitment to customers, employees, communities, the environment, and its country.
Furthermore, as a Belizean-based organisation, the company ensures that the nation’s laws and tax regulations regarding environmental compliance, food safety, and more are steadfastly followed.
As well as providing plentiful job opportunities in the local community, CCL is also a conscientious corporate citizen who devotedly invests in capacity building for its staff to ensure its renowned customer relations are maintained across all levels of the poultry process.
On top of this, the business supports many community initiatives and social programmes, including providing aid for the underprivileged, social development initiatives, as well as sponsoring nearby sporting events.
PERFORMING TO THE HIGHEST STANDARDS
As owners of its own breeder farms, hatchery, feed mill, and upgraded processing plant – with a processing capacity of 2,500 birds per hour – CCL has managed every stage of the production process since 2006 to guarantee a safe and wholesome product that meets national and international food safety standards.
This has been made possible by its investment in the Hazard Analysis and Critical Control Point (HACCP) food safety management system certification, which was successfully obtained in 2017.
As a result, the company ensures that food safety risks are controlled and ingredients are safe for consumption. This certification was made possible through the dedicated efforts and confidence of CCL’s management team, board of directors, and resolute HACCP unit, who worked in conjunction with Belizean food safety authorities.
Achieving this certification means that consumers can have confidence that CCL’s products are of optimal taste and quality.
Indeed, the company continues to use grains free from genetically modified organisms (GMOs) throughout the growth phase of chickens. This is an example of how food safety is of key importance across the entire poultry process, from barns to consumers’ tables.
Moreover, the company offers customers a complete and extensive product range, delivering solutions in live bird supply, egg production, primary processing, and chilling.
CCL also provides a multitude of value-added products, including poultry cuts, parts, hams, sausages, marinated meats, as well as turkeys. It also assists customers by engaging in the manufacturing of prepared animal feeds.
With a widely recognisable taste, CCL is known throughout Belize’s extensive retail outlets for its quality poultry and other value-added products.
As a major employer of approximately 400 members of staff nationwide and with indirect employment of grain and poultry farmers at Blue Creek, CCL has become a secure source of income for many, having a significant economic impact in the southern Orange Walk districts, as well as other major cities and towns.
Furthermore, the company recently underwent a transition to a progressive management model with the reclassification of the General Manager to CEO, signifying a modern improvement that illustrates the integration of functions and roles within each department.
This change in leadership has elevated the business to a progressive and efficient entity that addresses the needs of consumers in Belize and further afield.
EXPANDING HORIZONS
Looking towards the near future, CCL is currently undertaking a vast expansion project in which it plans to install a new processing facility to double its present capacity, ultimately accommodating the increasing demand for poultry products in Belize.
To achieve this goal, CCL submitted an application this year for a fiscal incentive (FI) benefit from the Government of Belize (GOB) which was approved, and will support the construction of a larger refrigeration facility at the company’s processing plant in Blue Creek. This would expand its cooling capacity to enable the storage of larger volumes of poultry products alongside other value-added items.
With the current FI duty relief facility managed by BELTRAIDE, CCL hopes to benefit from future considerations as it embarks on its expansion programme.
Over the next decade, the company endeavours to explore various co-funding options to maximise the benefits of an improved poultry sector and strengthen the social and environmental elements of the Northern Belize poultry industry.
This investment will help expand operations through the procurement of plants, materials, and equipment, coupled with the introduction of additional food safety standards that support CCL’s existing HACCP certification.
The immediate outcomes will include capacity building for its human resources, building on its continual culture of quality, employment of additional staff within the company’s adjacent communities, and exploring new market penetration nationally and internationally.
info@caribbeanchicken.com |
www.caribbeanchicken.com
INTERVIEW:
BELIZE TRADE AND INVESTMENT DEVELOPMENT SERVICE
We revisit the Belize Trade and Investment Development Service and recap how the organization’s focus on skilled labor, employment creation, renewable energy, and trade imbalances has developed over the past year with Executive Director, Ishmael Quiroz
North America Outlook (NA): Firstly, could you reintroduce us to the Belize Trade and Investment Development Service?
Ishmael Quiroz, Executive Director (IQ): The Belize Trade and Investment Development Service (BELTRAIDE) is a business support organization (BSO) that serves as the country’s national investment and export promotion agency.
BELTRAIDE also has the mandate of providing developmental support for the growth of MSMEs and entrepreneurship in general via our BelizeINVEST, EXPORTBelize, and SBDCBelize units, respectively.
Human capital development is supported through the private sector, demand-driven professional training, and capacity building via the Belize Training and Employment Center (BTEC).
We have also been designated as an innovation champion for encouraging public and private sector investments in new ways of doing things and for supporting digital transformation, the uptake of technology, as well as business climate policy reform and modernization. I’m sure you will agree that this is quite a portfolio and, in fact, a unique one given the multifaceted areas of focus within one single agency.
In the Belizean context, given our size of just around 400,000 people, it makes sense to leverage limited resources for these purposes. In fact, it represents one of the winning features of Belize’s relatively small size – utilizing our high degree of interconnectedness and involvement in a range of fronts to have a meaningful impact.
Of course, what makes this all work are the strategic partnerships and collaborations with agencies spanning the public and private sectors, academia, and civil society.
NA: What is your updated take on the investment climate in Belize? Are investment opportunities still increasing in the country?
IQ: GOB is fully committed to establishing Belize as an important economic player in Latin America and the Caribbean. In this regard, we have embarked on several reforms intended to facilitate private domestic and foreign investment in several different domains with an overarching vision to position the country as a competitive, robust investment hub in Central America and the Caribbean region by 2030.
Most notably, in 2023, we launched BIBCAP, which was a consolidation of three other existing strategy and policy frameworks. The plan outlines nine key pillars that aim to improve the business and investment climate in Belize and significantly impact the facilitation of domestic and
foreign investment, grow and develop MSMEs, enhance innovation, and improve and sustain competitiveness.
The government has also passed the Credit Reporting Act, and we are working on the establishment of a credit bureau as well as a Secured Transactions and Collateral Registry to address access to finance constraints for MSMEs.
As part of GOB’s e-governance agenda, several digitalization projects are underway, including the land and business registries, and the digitalization of government-to-citizen (G2C), government-to-business (G2B), and government-to-government (G2G) services.
All these initiatives are geared toward the ease of doing business in Belize. Incidentally, the country now boasts one of the most comprehensive and modern suites of digital laws in the Caribbean for enabling rapid e-governance and e-commerce rollouts.
Couple this with a consolidated and modern new Belize Companies Act and a fully digital Online Business Registry System (OBRS), and it becomes clear that GOB is serious about injecting innovation into the way we do business, specifically in attracting investments.
On foreign direct investment (FDI) growth, our FDI report recorded total inflows of FDI at USD$207.25 million (a 38.4 percent annual increase) in 2022, concentrated primarily on real estate, construction, hotels, and restaurants.
In BELTRAIDE’s database, we have recorded significant investments going toward the business process outsourcing (BPO) sector. 2023-24 data shows that seven different BPOs were approved for fiscal incentives and that two aquaculture companies applied for an incentive, so there is a diversification in terms of where investments are being made.
Moreover, we are also seeking to improve our international connectivity with the expansion of Phillip Goldson International Airport. I believe that bridging this transportation gap with more destinations will make Belize a more accessible investment destination.
NA: Our last interview with BELTRAIDE discussed the need to focus on skilled labor. How has this focus developed over the past year?
IQ: The need to focus on skilled labor is still important. Over the last year, the most significant development was the establishment of STEAM Academy, an initiative by the Ministry of Education.
STEAM Academy provides secondary school education focusing on science, technology, engineering, arts, and mathematics. Developed in partnership with the Massachusetts Institute of Technology (MIT) and the InterAmerican Development Bank, the academy opened its
doors to an initial cohort of 75 students in September 2023 and will grow to its full capacity of 300 students by 2026. The location is centralized and was built on the same campus as the Belize City Institute of Technical Vocational Education and Training (ITVET). Training offered at ITVET includes carpentry, electrical, welding, and much more.
Leading Belize’s Digital Transformation!
Financial Technology (FinTech)
DigiWallet – Belize’s #1 Mobile Wallet solution with Merchant & Agents countywide
A robust FTTX Network
2.2K+ miles of fiber installed country-wide 98K+ Businesses & Homes passed
A State-of-the-art 4G LTE Advance Mobile Network
170 sites country-wide covering 96%+ of Belize 211K+ Mobile subscribers
24/7 Monitoring
24/7 NOC Monitoring our infrastructure and customer’s services
Stores country-wide
Technical support available countrywide
Strategically located Data Centers
3 Tier III Data Centers located in Belize City, Belmopan, and Orange Walk Town Redundant variable refrigerant flow datacenter cooling system (VRF)
Dual power plant, inverter, and generator infrastructure
Another striking fact is that BTEC, a core unit of BELTRAIDE, also operates on the ITVET campus. That is to say that we have three crucial educational and skills academies on one campus, creating a dynamic support system for anyone who wants to get trained and employed in the workforce. BTEC provides tailored soft skills development within the tourism, hospitality, and BPO sectors as a complement to the foundational technical training offered by the ITVET.
Of note is that the TVET system is undergoing overdue critical reform, curriculum upgrading, and institutional strengthening to be best able to deliver labor skill needs. A significant portion of the recently signed Millenium Challenge Compact (MCC) sponsored by the US government is earmarked for enhancing the TVET system in Belize.
NA: Can you also tell us more about the growth of employment creation that Belize has experienced since we last spoke?
IQ: In April 2024, our unemployment rate stood at three percent, a modest increase from 2.8 percent in April 2023.
We are not too worried about this slight increase as it still represents one of the lowest unemployment rates ever recorded. Investments being made by BPOs in 2023-24 give us assurance that we will be able to maintain this low unemployment rate.
To date, operating BPOs are employing approximately 15,000 people, particularly young professionals and graduates, providing them with stable careers and avenues for skill development.
Additionally, BELTRAIDE’s BTEC unit also participates in ensuring that this sector continues to grow by offering coaching and courses. Candidates who excel in these trainings are then successfully recruited by the BPO sector.
NA: Equally, how has exporting developed in Belize since we last featured BELTRAIDE? We previously discussed the trade imbalance that exists between exports and imports into the country – has this been bridged at all?
IQ: To be frank, we are still working on bridging the gap between exports and imports. Data shows that in 2023, our imports were significantly higher at USD$1.3 billion versus our exports valued at USD$204.3 million.
One of the main issues we face is the lack of manufacturing capacity. Historically, manufacturing has been dubbed the “engine of growth” because of its contribution to productivity, trade, jobs, and innovation. We have a few companies that do light manufacturing and agroprocessing, but even so, most packaging materials, equipment, and machinery are imported.
In addition, there is a need for skilled labor that can support the maintenance and repair of machinery. The unavailability of these inputs and technical support makes manufacturing and agroprocessing an intimidating industry to enter and invest in.
The important thing is that the government is doing its best to build an industrialization pathway, with efforts such as providing fiscal incentives for manufacturing and ongoing trade negotiations with El Salvador for a partial scope agreement, which includes a chapter where information and technical support in manufacturing is highlighted as one of the key areas they can support us in.
Specifically, the Ministry of Agriculture notes that opportunities exist in agriculture-related, value-added investments and supports farmers in offering courses on advanced packaging preservation methods, improved production, innovative processes, product marketing and branding, and storage.
BELTRAIDE also collaborates in offering export readiness assessments and other courses to assist with the promotion of exports.
“BNEP SERVES AS A TESTAMENT TO THE GOVERNMENT’S COMMITMENT TO DIVERSIFYING ENERGY SOURCES, MITIGATING AND ADAPTING TO CLIMATE CHANGE, AND BOLSTERING ENERGY SECURITY WHILE EMBRACING SUSTAINABLE PRACTICES FOR A BRIGHTER FUTURE FOR ALL BELIZEANS”
– ISHMAEL QUIROZ, EXECUTIVE DIRECTOR, BELIZE TRADE AND INVESTMENT DEVELOPMENT SERVICE
NA: In our previous interview, we also learned about your focus on renewable energy sources and hopes for Belize to become a net exporter of renewable energy. How has this progressed?
IQ: The need for investment in renewable energy continues to be an urgent matter. Belize remains a net importer of electricity from Mexico, which makes energy imports expensive and unpredictable.
Significant portions of Belize are not connected to the national grid, including tourist hotspots such as the offshore cayes and ecotourism lodges in the rainforest. These companies rely heavily on alternative energy sources such as hydro and solar to supplement imported fuel.
Currently, Belize’s leading energy subsectors are looking to expand biomass and small-scale solar, as well as create new opportunities in electric vehicles (EVs), large-scale solar, liquefied natural gas (LNG), and waste-to-energy. The government is also pursuing an initiative to convert sargassum seaweed to electricity and is seeking to promote additional projects.
One of our biggest accomplishments in 2023 was the launch of the Belize National Energy Policy (BNEP), the mission of which is to steer the energy landscape towards sustainability, resilience, and prosperity.
BNEP serves as a testament to the government’s commitment to diversifying energy sources, mitigating and adapting to climate change, and bolstering energy security while embracing sustainable practices for a brighter future for all Belizeans.
Additionally, the University of Belize (UB) and Fortis Belize Limited (FBL) forged a strategic partnership to enhance technical education and sustainable energy development. A memorandum of agreement (MoA) was signed, marking the beginning of a strategic partnership aimed at advancing technical education and sustainable energy development in Belize.
A key area of collaboration is solar energy management and maintenance. UB and FBL will jointly develop
training programs that provide technical knowledge in solar energy, including design, maintenance, and troubleshooting. FBL will adopt UB’s solar park as a learning and training venue, further supporting the university’s energy center through technical advice and climate-related research initiatives.
In terms of being a net exporter of renewable energy, I think we have a long way to go before that materializes. The important thing is that policies, strategies, and collaborations are being formed to ensure that it becomes a reality.
NA: Finally, how has the investment landscape developed since we last spoke? Do you still forecast exponential growth going forward?
IQ: While World Bank data forecasts a slight dip in GDP growth for 2025 and 2026, it will be up to all public and private sector stakeholders to huddle, proactively strategize, and collaborate on a solid performance.
As mentioned, ample innovative and forward-thinking policies, legislative tools, and sector developments are currently at our disposal. Belize is poised to continue to be a pioneer in many regards, specifically in the realm of blue, green, and orange economy approaches.
Add to that a newfound respect for the economic potential of the creative and cultural industries (inclusive of the global digital services sector) under the orange economy, and what we have is a nation on full throttle (increasingly on renewal energy), aiming for speed and enthusiasm toward sustained growth for the benefit of all our people.
BELIZE TRADE AND INVESTMENT DEVELOPMENT SERVICE (501) 880-3737 | info@beltraide.bz www.beltraide.bz
