Trade and Investment in Belize-Belize Chamber of Commerce and Industry

Trade & Investment ZoneFeaturing all locally made products and services of Belize!

The Belize Chamber of Commerce and Industry (BCCI), keeping in line with our mission “to contribute to the sustainable development of Belize”, recognizes the importance of providing our constituents with relevant and timely economic information. Consequently, the Trade and Investment Zone (TIZ) is designed to ensure that current or potential entrepreneurs have a virtual one-stop shop for information to help them navigate the sea of policies that directly or indirectly affect business operations and Trade and Investment in Belize.

To this end, TIZ is dedicated to providing entrepreneurs with information that can guide them through every stage of Doing Business in Belize, from how to start a business to steps necessary to expand into the export market. Regarding the latter, it is noteworthy that the TIZ also provides insights into the various trade agreements to which Belize has become a party or member state.

Beyond the “how-to” guides, the TIZ also serves as a repository of general economic data to help domestic and foreign investors keep up to date with the ebbs and flows of individual sectors as well as the changes in the overall Belizean economy.

Country Profile

Geography

Belize is located on the Central American mainland forming part of the Yucatan Peninsula and shares borders with Mexico (North and part of Northwest) and Guatemala (South and rest of Northwest). Its Eastern border is the Caribbean Sea. It covers a land area of 8,867 square miles or 22,966 square kilometers of which 95% is located on the mainland, and 5.0% is distributed over more than 1,060 islands. Total national territory including territorial sea is 18,000 sq miles or 46,620 square kilometers.

Government

Belize is a sovereign state, and received its independence from the United Kingdom in 1981. The country is governed by a representative democracy with a bicameral legislature based on the Westminster model. The Head of State is the Governor General and the Head of Government is the Prime Minister. The Prime Minister and the Cabinet form the executive branch, while the National Assembly forms a bicameral legislature comprising of a 31 member elected House of Representatives and a 12 member appointed Senate.

Population

Belize consists of six districts, comprised of cities, towns and villages. The capital city is Belmopan. The northern districts of Corozal and Orange walk consist predominantly of Mestizo and Spanish-speaking ethnic groups. The Belize district is comprised primarily of English-speaking Creole. The Cayo district in the centre of the country is mixed, but all four districts have Mennonite communities. The majority of the population in the South is a mix of Garifuna and Mayan with the majority of the Garifuna population in the Stann Creek district and the majority of the Mayan population in the Toledo district. According to the Statistical Institute of Belize (SIB) as at September 2014, the population count stood at approximately 360,838. The ethnic composition as reported in the 2010 population census is as follows: 52.9 % Mestizo, 25.9 % Creole, 11.3% Mayan, 6.1% Garifuna, 3.6% Mennonite, 3.9% East Indian, 1.0% Chinese and 1.2% other.

International Organizations

Belize is a member of the United Nations, the Commonwealth, the Organization of American States, the Caribbean Community (CARICOM), the World Trade Organization, the African, Caribbean and Pacific Group, The Association of Caribbean States, and the Central America Integration System.

Landscape & Production

Belize City landscape is a low coastal plain of mainly swamp land. However, higher terrain is located in the West and Southern districts of Belize in which the major attraction is eco-tourism.

Sugar production is concentrated in the northern districts and citrus, bananas and other horticulture production dominate the southern and western districts. Eco-tourism is a major attraction in the cayes and western and southern districts of Belize.

Currency / Language

Belize’s currency is the Belize Dollar. Belize operates on a fixed exchange rate regime of approximately Bz$2.00 to US$1.00.

Belize’s official language is English. However, Spanish and indigenous languages of both the Maya¹ and the Garifuna are spoken in Belize.

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Sector

Agriculture

Agriculture Primary Sectors SugarCitrusBananasPapayasMarine ProductsSugar Sugarcane is cultivated in the northern districts of Orange Walk and Corozal by over 5,300 cane farmers on approximately 23,100 to 26,300 hectares of land, and more recently also in the West at Santander Sugar Group (Santander). Following the lost of preferential market access to the European Union, the industry

Manufacturing

Manufacturing Secondary Industries Belize’s secondary industry accounts for approximately 14% of Belize's real GDP using 2018 data from Statistical Institute of Belize (SIB). The sector is comprised of food and beverages production which itself accounts for 4% of GDP. It also encompasses Electricity and water supply and Construction that accounts for 5% and 3% of

Services

ServicesTourismTransport and Communication ServicesFinancial ServicesTourism Tourism is the single largest service sub-sector, with a direct contribution of (USD $277.7mn), 15.0% of total GDP, and a total contribution generating USD $766.8mn accounting for 41.3% of GDP in 2017. This number was forecasted to rise by 3.6% in 2018 and by 4.6% to USD $1,250.7mn, 54.0% of

Trade in Services

Tourism is the single largest service sub-sector and the transportation industry has run persistent deficits since 1985.

Trading Information

Importers should be aware that ALL goods require inspection, import license, Custom Duties.

Trade Agreements

World Trade Organization – CARICOM – Belize – Guatemala – Bilateral Investment Treaties Belize’s investment policy

Investment Regime

The Belize Trade and Investment Development Service (BELTRAIDE) is a quasi-governmental agency that is charged with the responsibility for export promotion, capacity building, and a one-stop shop for export/import procedures.

Contacts

#4792 Coney Drive
First Floor of Withfield Tower
Belize City
+501-223-5330 / +501-223-5331
bcci@belize.org

+501-614-3138