Doing Business in Belize

Subject (Course): International Trade and Business in Belize - Belmopan. Syllabus:

1. Introduction to Belize (Central America)
2. Business in Belmopan
3. Belizean Economy
4. Belizean Foreign Trade
5. Foreign Direct Investment (FDI) in Belize
6. Business Opportunities in Belize
7. Access to the Belizean Market
8. Business Plan for Belize

Objectives of the subject “Doing Business in Belize”:

1. To analyse the Belizean economy and foreign trade
2. To evaluate business opportunities in Belize
3. To explore Belize's trade relations with the student's country
4. To know Belize's Free Trade Agreements
5. To develop a business plan for the Belizean Market

Sample of the subject - Business in Belize

Subject Description: Foreign Trade and business in Belize.

Belize.

1. Frontiers of Belize (Central America): Mexico and Guatemala
2. Capital: Belmopán
3. The largest cities: Belize City. Other cities: Corozal and San Ignacio
4. Area: 22,966 square kilometres
5. The population of Belize: 351,000 people.
6. 33% of the population has an African origin (Creole/African Diaspora), “Mestizos” represent 40% and Mayan origin only 9%
7. Life expectancy: 68 years
8. The official language of Belize is English, but Spanish is the most spoken.
9. Belize became independent from Great Britain in 1981. Since then belongs to the Commonwealth (Queen Elizabeth II is the Head of State).
10. Territorial disputes with Guatemala.
11. Belize's main religion is Roman Catholic (Christianity).
12. Belize belongs to the Christian Civilisation (Latin American area/Caribbean Economic Area)
13. Abolition of slavery in Belize: 1824

Belizean Economy.

1. GDP of Belize: 1,448 million dollars
2. GDP per capita: 4,576 dollars
3. GDP growth: 3.6%.
4. Services account for 45% of Belizean GDP
5. The inflation: 1.2%
6. The main Belizean economic activities: tourism, foreign trade, power generation, and agriculture (10% of GDP, 20% of the workforce)
7. The manufacturing sector accounts for just 10% of Belize's GDP
8. Petrol fields (the largest export product)
9. Problems of fiscal imbalance
10. Currency: Belizean Dollar (BZ $)

Belizean Foreign Trade.

1. Belizean economy is open to foreign trade
2. The main Belizean exports: petrol, food products (sugar cane, citrus, bananas), fishery products, and textiles.
3. Important export agricultural sector
4. The main imports: machinery, fuel, and manufactured goods
5. Belize's main trading partners: the UK, the USA, Mexico, the CARICOM, and Central American countries.
6. Export Processing Zone
7. Increased foreign direct investment (FDI)
8. The largest investors: the United States and the United Kingdom
9. The principal Belizean port: Port of Belize

Belize has Preferential Access and Free Trade Agreements (FTA) with:

1. Central American Integration System (SICA)
2. Central American Common Market (MCCA) - Integrated with SICA -
3. Association of Caribbean States (Belize)
4. CARICOM
5. Colombia-Belize CARICOM Agreement
6. Costa Rica-Caribbean Community (Belize) Agreement
7. Partial scope agreement with Guatemala
8. CARICOM-Dominican Republic Free Trade Agreement (FTA)
9. Economic Partnership Agreement CARIFORUM-European Union (EU)
10. Caribbean Basin Initiative (CBI) + United States-Caribbean Basin Trade Partnership Act (CBTPA)

Belize is a member of:

1. Mesoamerica Project
2. Central American Bank for Economic Integration (CABEI)
3. The Caribbean Development Bank
4. Organisation of American States (OAS)
5. Economic Commission for Latin America (ECLAC)
6. Inter-American Development Bank (IDB)
7. Latin American and Caribbean Economic System (SELA)
8. World Bank (WB)
9. International Monetary Fund (IMF)
10. World Trade Organisation (WTO)
11. Commonwealth
12. United Nations

FTA Colombia-Belize (CARICOM):