The government has adopted a series of pro-business measures to attract FDI in a broad range of sectors
Belize has endured a challenging decade when it comes to attracting lucrative foreign direct investment (FDI), with the country not performing as well as some of its peers in Central and South America or the Caribbean. Valuable financial and professional services support from leading foreign partners aims to reverse this trend, with The Inter-American Development Bank (IDB) recently approving an $8 million loan to promote Belize’s FDI and trade performance through a series of measures. The funding is aimed “at streamlining trade and investment procedures and providing tools for small and medium-sized firms to join global value chains”. “The project will reduce trade and investment permit approval times through automatized, simplified, and standardized processes [and] seeks to attract more FDI projects by strengthening Belize’s investment promotion institutions,” IDB explained.
As Belize’s national development agency for investment and export promotion, Beltraide spearheads government efforts to attract FDI in various sectors and industries. The award-winning organization is a dynamic one- stop-shop and works to entice key investment partners seeking favorable returns on investments.
Beltraide recently collaborated with DFC (Development Finance Corporation) to implement the Belize Enterprise Revolving Fund (BERF), through which economic diversification is targeted via the bolstering of the competitiveness of small- and medium-sized enterprises (SMEs). According to Beltraide’s Executive Director, Leroy Almendarez, the current priority areas of investment for the government are tourism, agriculture, renewable energies and business process outsourcing (BPO).
“We are looking to position Belize as an investment hub, not only for FDI, but also for local investment as well. Whatever incentives we put in place must attract local and foreign investors,” the senior executive states. “We are addressing and making the necessary investment to establish the enabling environment for local and foreign investors. “When you apply for an investment incentive, whether it’s a fiscal incentive or a designated processing area, incentives are provided. The process has been shortened and streamlined as it used to take a long time, and potential investors used to get frustrated. That has now been reduced and the legislation is now being amended.”
The adoption of a National Investment Policy and Strategy (NIPS) that has been benchmarked against other countries aims to position Belize as a successful investment destination through a series of specific policy pillars. “Over the next three years or so, NIPS will make us even more competitive, because it includes digitization and economic diplomacy,” Almendarez explains. “There are other policy, legislative and procedural changes. We are looking at registering a business, starting a business, getting access to electricity, taking care of minority interests or dealing with liquidity or insolvency, and we’re focusing not only on large enterprises, but also on SMEs.”