World Country Guide

Business Profile

Economy
Agriculture is the most important economic sector – the main products are citrus fruit, bananas and sugar cane. Timber is also important, especially mahogany and other tropical hardwoods. Fishing and livestock are being developed. The fastest-growing area of the Belize economy has been the service sector, particularly ‘offshore’ activities, including the lightly regulated banking sector and a ‘flag of convenience’ shipping register. However, these have started to cause political difficulties for the Belizean government. In June 2000, Belize was identified by the Organisation for Economic Cooperation and Development (OECD) – the world’s 30 wealthiest economies – as one of 35 ‘tax havens’ whose financial laws are believed to encourage large-scale tax evasion and money laundering. The government has since taken measures to meet the OECD’s demands. Tourism, fuelled by foreign investment, has also expanded in recent years, although not at the rate the government had originally hoped – net tourist expenditure in Belize is approximately US$100 million annually. Industry is dominated by the processing of agricultural products (for example, the production of rum from sugar) and light industries such as textiles. The country has no natural energy resources, although the search for oil reserves continues both on- and offshore and hydroelectric projects are underway. The USA is the largest single trading partner, providing half of all imports and taking about 60 per cent of Belizean exports. The UK and other EU countries are other important trading partners. Belize is a member of CARICOM, the Caribbean economic community, and provides some transit facilities for trade to and from other countries in the region. Belize is a significant recipient of overseas aid from Britain, the EU and North America.

Business
Lightweight, tropical suits are often worn. Appointments should be made and calling cards are acceptable. October to March are the best months for visits. Office hours: Mon-Thurs 0800-1200 and 1300-1700, Fri 0800-1200 and 1300-1630.

Commercial Information
The following organisation (with which 80 per cent of all businesses are associated) can offer advice: Belize Chamber of Commerce and Industry, PO Box 291, 63 Regent Street, Belize City (tel: (22) 73148 or 70668; fax: (22) 74984; e-mail: bcci@btl.net; website: www.belize.org); or Belize Trade & Investment Development Service (BELTRAIDE), 14 Orchid Garden Street, Belmopan City, Cayo, Belize (tel: (8) 222 832; fax: (8) 222 837; e-mail: beltraide@belize.gov.bz; website: www.belizeinvest.org.bz).

Conferences/Conventions
Facilities are available at a number of venues, and information can be obtained from the Ministry of Tourism, Investment and Culture, 14 Constitution Drive, Belmopan (tel: (8) 223 393/4; fax: (8) 223 815; e-mail: tourismdpt@btl.net).