Investment Action Plan Launched By Belize Development Service

by Amanda Banks, Tax-News.com, London

10 May 2005

The Belize Trade and Investment Development Service (BELTRAIDE) last week launched its 2005-2006 Action Plan.

The Action Plan outlines BELTRAIDE’s plans and projects for 2005-2006 from each of its three Departments including Administration and Accounts, Export Promotion and Marketing, Investment and Business Facilitation. It identifies their objectives and indicates the activities they will undertake to accomplish them.

“The work of BELTRAIDE is in the promotion of trade, in the promotion of investments and in facilitating business,” said BELTRAIDE’s Administrative Chairlady, Ms. Kay Menzies in her keynote address.

BELTRAIDE falls under the Ministry of Investment and is supported by Government, but it is their working relationship with the private sector that has helped them excel in the quality of Belizean products.

“We need to pause and appreciate the undeniable fact that our nation’s productivity has developed in leaps and bounds over the last six years. This is so because of unprecedented public and private sector investments made by taking bold decisions in a framework of confidence in our institution and people,” stated Ms. Menzies.

Yesterday's launch also highlighted the organization’s major accomplishments during 2004-2005 which were aimed at contributing to the development of industry in Belize. BELTRAIDE’s Executive Director, Mrs. Lourdes Smith, explained that: “Our plans were geared at propelling Belize’s economic growth by creating conditions that are conducive to investment, job creation, and national development”.

According to BELTRAIDE’s report, under the Fiscal Incentives programme, 21 companies were granted development concessions under the regular programme and 46 small and medium sized enterprises (SMEs) benefited under the SME fiscal incentives programme.

Total planned investments over the life of their concessions are BZE $159.39 million (US$89.9 million) and BZE $9.79 million respectively. There was an increase in investment of BZE $25.38 million over 2003 even though the number of concessions granted in 2004 was less than in 2003. Under this programme, foreign investment for 2004 was BZE $126.48 million; this was an increase of BZE $60 million more than in 2003.

In addition to the Action Plan, an Importer’s and Exporter’s Directory along with a comprehensive Belize Investment Guide which encompasses all aspects of investing in Belize for assisting local and foreign investors was also presented.

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