Doing Business in Belize
EENI - Business School.
Subject (Course): International Trade and Business in Belize - Belmopan. Syllabus:
- Introduction to Belize (Central America)
- Business in Belmopan
- Belizean Economy
- Belizean Foreign Trade
- Foreign Direct Investment (FDI) in Belize
- Business Opportunities in Belize
- Access to the Belizean Market
- Business Plan for Belize
Objectives of the subject “Doing Business in Belize”:
- To analyse the Belizean economy and foreign trade
- To evaluate business opportunities in Belize
- To explore Belize's trade relations with the student's country
- To know Belize's Free Trade Agreements
- To develop a business plan for the Belizean Market
Sample of the subject - Business in Belize
Subject Description: Foreign Trade and business in Belize.
- Frontiers of Belize (Central America): Mexico and Guatemala
- Capital: Belmopán
- The largest cities: Belize City. Other cities: Corozal and San Ignacio
- Area: 22,966 square kilometres
- The population of Belize: 351,000 people.
- 33% of the population has an African origin (Creole/African Diaspora), “Mestizos” represent 40% and Mayan origin only 9%
- Life expectancy: 68 years
- The official language of Belize is English, but Spanish is the most spoken.
- Belize became independent from Great Britain in 1981. Since then belongs to the Commonwealth (Queen Elizabeth II is the Head of State).
- Territorial disputes with Guatemala.
- Belize's main religion is Roman Catholic (Christianity).
- Belize belongs to the Christian Civilisation (Latin American area/Caribbean Economic Area)
- Abolition of slavery in Belize:
- GDP of Belize: 1,448 million dollars
- GDP per capita: 4,576 dollars
- GDP growth: 3.6%.
- Services account for 45% of Belizean GDP
- The inflation: 1.2%
- The main Belizean economic activities: tourism, foreign trade, power generation, and agriculture (10% of GDP, 20% of the workforce)
- The manufacturing sector accounts for just 10% of Belize's GDP
- Petrol fields (the largest export product)
- Problems of fiscal imbalance
- Currency: Belizean Dollar (BZ $)
Belizean Foreign Trade.
- Belizean economy is open to foreign trade
- The main Belizean exports: petrol, food products (sugar cane, citrus, bananas), fishery products, and textiles.
- Important export agricultural sector
- The main imports: machinery, fuel, and manufactured goods
- Belize's main trading partners: the UK, the USA, Mexico, the CARICOM, and Central
- Export Processing Zone
- Increased foreign direct investment (FDI)
- The largest investors: the United States and the United Kingdom
- The principal Belizean port: Port of Belize
Belize has Preferential Access and Free Trade Agreements (FTA) with:
- Central American Integration System (SICA)
- Central American Common Market (MCCA) - Integrated with SICA -
- Association of Caribbean States (Belize)
- Colombia-Belize CARICOM Agreement
- Costa Rica-Caribbean Community (Belize) Agreement
- Partial scope agreement with Guatemala
- CARICOM-Dominican Republic Free Trade Agreement (FTA)
- Economic Partnership Agreement CARIFORUM-European Union (EU)
- Caribbean Basin Initiative (CBI)
+ United States-Caribbean Basin Trade Partnership Act (CBTPA)
Belize is a member of:
- Mesoamerica Project
- Central American Bank for Economic Integration (CABEI)
- The Caribbean Development Bank
- Organisation of American States (OAS)
- Economic Commission for Latin America (ECLAC)
- Inter-American Development Bank (IDB)
- Latin American and Caribbean Economic System (SELA)
- World Bank (WB)
- International Monetary Fund (IMF)
- World Trade Organisation (WTO)
- United Nations
FTA Colombia-Belize (CARICOM):