Business & Economy

On August 5th, the Government of Belize launched the first ever national Mico, Small, and Medium Enterprises (MSMEs) Roadshow. The initiative is to support and guide businesses under the MSME category. The program is held across the country, including the Cayes. The first Roadshow off the mainland arrived in Caye Caulker on Thursday, September 22nd, for a three-day event. The program will be in San Pedro Town, Ambergris Caye, from October 26th through October 28th at the Lions Den and Central Park.

A report of the International Music and Food Festival held in San Pedro Town, Ambergris Caye, on July 30th and 31st was issued by the Belize Tourism Board (BTB). The first-ever festival featured Belizean and international entertainers along with international cuisine attracting thousands of travelers to the island. The festival saw its share of criticism, and its performance was questioned due to the number of funds invested. The BTB, however, reported on Wednesday, August 24th, that even though the event budget was exceeded by over $100,000, it still yielded a profit of a little over $51,000.

Applications for the ‘Low-Cost Food Program,’ headed by Councilor Daineli Aranda at the San Pedro Town Council are now being accepted. In the past, the program has assisted deserving single parents, the elderly, and families where the breadwinner of the home remained unemployed.

The four-day trip included formal management and board meetings, as well as informal discussions about improving operational efficiency, the latest compliance trends, financial technology systems, and the current investing landscape.

The Economic Development Council (EDC), through its technical secretariat, the Public-Private Desk in the Office of the Prime Minister, is proud to highlight the official launch of the first-of-its-kind, National MSME Roadshow. The launch took place at the Best Western Plus Belize Biltmore Plaza Hotel on Friday, August 5th starting at 10:00 a.m. and featured an Access to Finance panel discussion with representatives from the Development Finance Corporation, Central Bank of Belize, the Belize Credit Union League, the National Bank of Belize as well as remarks by the Ministry of Tourism and Diaspora Relations, the United Nations Development Programme (UNDP) and a keynote address by Prime Minister Hon. John Briceño.

The postponement of the marijuana referendum on whether to legalize the production and sale of this drug may take a bit longer due to the threat of losing affiliated financial institutions in the United States of America (USA). The banking sector in Belize may present a roadblock to the Cannabis and Industrial Hemp Control and Licensing Bill 2022, which has already been passed in the National Assembly.

The Belize Aquaculture Limited and Vitali Alimentos, a Guatemalan animal feed company, have signed an agreement to grow quality shrimp post-larvae (PLs) stock to supply Belize’s shrimp industry. This follows recent improvements within the industry attributed to the infusion of technology and revised sanitation protocols for ponds, which have resulted in greatly improved productivity, reduced mortality and improved confidence, turning a new page for the once battered industry.

The Ministry of the Blue Economy and Civil Aviation (MBECA) is working on a long-term project to create an air cargo hub in Belize. This initiative is led by MBECA’s Minister, the Honourable Andre Perez, who, along with the Ministry of Tourism and Diaspora and Finance, will develop a roadmap within the next four weeks. This project aims to create another potential industry, create thousands of jobs and turn Belize into an important and strategic destination for the aviation industry.