Business & Economy

San Pedranos now have more options for accessing top-quality electronics and mobile phones with the opening of Pletts Electronics on Laguna Drive near the Boca del Rio bridge. The store held its grand opening on Friday, October 18th. Customers had the chance to win fabulous giveaways, grab fantastic deals, enjoy refreshments, and meet Pletts’ dedicated staff.

Based in Ambergris Caye, Caye International Bank (CIB) has been honored with the AI 2024 Global Excellence Award and named Offshore Bank of the Year for Central America. Acquisition International magazine, an online platform providing global financial news, announced this. CIB’s President, Luigi Wewege, also received recognition as Offshore Bank President of the Year.

On Tuesday, October 8th, around 7PM, the San Pedro Town Council (SPTC) held an educational session in collaboration with the Ministry of Local Government to inform the public about upcoming regulations for trade licenses. These new rules will take effect from January 1st, 2025. The management of trade licensing in Belize will be governed by the revised Licensing Act, Chapter 66, and its associated regulations. The updated framework aims to enhance the business environment by incorporating essential principles and simplifying the application process to ensure predictability, accountability, transparency, revenue neutrality, and streamlined administration within the legal and regulatory structure.

On Tuesday, October 8th, the Development Finance Corporation (DFC) announced the creation of its new corporate relations department. This strategic initiative aims to improve service delivery to local enterprise clients, explicitly focusing on addressing more extensive client portfolios' unique needs. The decision to establish this department came after evaluating the customer base to identify those contributing the most significant portion of incoming revenue.

As of Tuesday, October 1st, the Queen Conch (Strombus gigas) season officially opened in Belize. As one of the country's main seafood staples and a leading export marine product, the opening of the conch season is a significant event for the local economy. Fishers in San Pedro Town, Ambergris Caye, welcomed the anticipated season. They headed out early and returned later in the day with plenty of conchs in their first catch of the season. The queen conch season will remain open until June 30, 2025, or until the seasonal production quota is met.

Following reports of a potential increase in the hotel tax from 9% to 12.5%, the tourism industry has expressed concerns. However, the Ministry of Tourism has clarified that this is part of a broader tax reform discussion, and no decision has yet been made.

The Statistical Institute of Belize (SIB) released its mid-year Consumer Price Index (CPI) report for July on August 28th, 2024. The report revealed that the CPI, which summarizes price levels across all consumer goods and services categories, rose to 118.9 from 114.6 in July 2023, resulting in a national inflation rate of 3.8%.

Belusa Consulting Ltd, a new consulting firm from the mainland, has expanded its services to San Pedro Town, Ambergris Caye. The branch opening was celebrated on August 23rd at the Farmhouse inside the Fidos Courtyard in downtown San Pedro. The company, based in Orange Walk Town in northern Belize, is well-recognized for its exceptional work in corporate services, land transactions, and title and escrow processes.