The main objective of this study is to collect basic business information on Belize, including its political situation, economic development, business expenses, investment regulations and potential niche industries, etc., and to encourage investors from Taiwan to invest in Belize.
Belize is a small nation on the eastern coast of Central America, next to the Caribbean and bordered by Mexico to the northwest and Guatemala to the west and south. It covers an area of 22,963 km2 and has a population of 0.3 million. With a rich culture and natural resources, Belize has a traditional, agriculture-based economy and a nascent industrial sector. Its main exports consist of primary goods such as agricultural and fish products.
In recent years, the Belizean government has become aware of the country’s overdependence on agriculture and fishing as well as the constraints on economic development resulting from an undeveloped industrial base. As a result, the government of Belize has vigorously promoted diversified agriculture and service businesses related to ecotourism. It has also adopted policies that encourage investment by prioritizing the development of export-oriented businesses. Tourism has grown rapidly over the last five years.
In 2004, direct foreign investment in Belize reached US$114.5 million, 56% of which went to tourism, thus highlighting investor confidence in the local tourism industry. Since achieving independence in 1981, Belize’s overall economy has made significant progress. Over the past 25 years, economic growth has been strong while prices and the exchange rate have remained stable. Between 1999 and 2004, the Belizean government lowered taxes and increased public spending in line with its expansionary fiscal policy. Although the policy has been conducive to high growth, the country’s budget deficit has risen each year. Government debt has also placed the policy to maintain a stable exchange rate under quite heavy pressure. Whi