Local businesses in Belize can easily conduct conference calls with partners and suppliers from the US, Europe, Asia or anywhere else around the globe using a pay-as-you-go global conferencing service. Still, the country remains challenged in areas such as registering property and protecting minority investors, and access to domestic financing is limited. Successful implementation of the government’s Growth and Sustainable Development Strategy could unleash this latent potential.
Local businesses in Belize use conference calls to expand their reach
Belize, an English-speaking nation on the eastern edge of Central America, boasts a strong Caribbean identity. Situated along Mexico and Guatemala’s Yucatan peninsula gateways, its young labour market supports high growth contact centre jobs that sustain an active contact centre job sector.
The country has a multiparty government system and an economy driven mainly by agriculture, services, tourism, and a small manufacturing sector. Furthermore, the government has implemented policies designed to boost economic competitiveness and facilitate investment opportunities.
Foreign companies report high compliance with local laws and regulations, while the government generally respects investors’ rights. Unfortunately, however, some problems exist with registering property titles and securing clear land titles – an issue that has contributed to slow domestic investment growth. Furthermore, reports exist of systematic shortfalls in bidding, procurement, and dispute settlement processes for SOEs in particular.
Although challenges exist, there have been positive developments as well. E-commerce platforms offer local businesses opportunities to reach a global market; there have also been attempts at improving broadband infrastructure; Belize Telemedia Limited is currently the dominant ISP with speeds reaching 30 Mbps; alternatively, SMART Telecom Belize provides cell service using its CDMA network.
The government continues to implement reforms designed to strengthen its anti-money laundering and counterterrorism financing regime and expand financial inclusion within the country. Although Cyprus still falls on OECD’s grey list of tax havens, significant progress has been made towards moving it off this list.
The Bureau of Standards in Belize is responsible for developing, promoting and implementing standards for goods, services and processes within its scope. It operates according to WTO Agreement on Technical Barriers to Trade as well as CARICOM Regional Organization for Standards and Quality; additionally, the government has implemented an industrial policy to increase competitiveness and attract foreign investments.
Local businesses in Belize collaborate with international partners
Belize is a small Central American nation bordering the Caribbean Sea that features a mixed economic system composed of private enterprise combined with central planning and government regulation. Belize is part of CARICOM and features an export-driven economy; benefits include low wages for labor force members, high agricultural productivity and ample natural resources; however, it suffers from limited capital formation, inadequate infrastructure development, and restricted foreign investment.
The U.S. government provides incentives for foreign investment through various programs, including the Fiscal Incentives Act, Designated Processing Areas Act and Commercial Free Zone Act. Investors can also seek tax deductions and duty exemptions under the Special Economic Development Program; small enterprises may apply for benefits under an SME Program with reduced duty exemption periods than regular programs.
As well as these incentives, the government has also implemented reforms to enhance Belize’s business climate. These include strengthening financial sector regulations; and amending laws regarding offshore sectors, commercial free zones and international business corporations. All of these efforts will enable Belizean economy to expand more quickly while decreasing unemployment and poverty rates while becoming an attractive Latin American regional hub.
Although the Belizean economy has made substantial strides forward, its economy still faces several obstacles to growth. Debt load, interest rates, lack of economic diversification, and lengthy bureaucratic delays serve as disincentives to foreign investment, long bureaucratic delays and corruption act as disincentives against further investments from abroad. To address these issues effectively, government plans include providing an investor-friendly environment as well as improving transparency and accountability.
The Invest in Belize Summit is an essential event in Belize’s economic development and will gather businesses from throughout the United States and worldwide. Among other highlights, it will feature an address by the Prime Minister, presentations by internationally recognized experts, as well as opportunities for business investments in Belize.
Global collaboration conference calls are an efficient way for local businesses in Belize to stay in contact with partners and clients around the world. These conference calls can be organized using traditional PSTN phone lines or VoIP technology; either way, participants may join from anywhere around the world (whether that means Belize City, San Ignacio, Orange Walk Belmopan or Dangriga).
Local businesses in Belize access global markets
Local businesses in Belize can gain access to global markets by harnessing the power of conference calls as an effective way of connecting with international business partners. These calls can take place anywhere around the globe and participants can join using any type of phone – including smartphones, VoIP phones, landlines, or satellite phones; apps are also available for joining calls from any device such as desktops and laptops. Conference calls provide convenient and cost-efficient means of accessing global markets allowing local businesses in Belize to save both time and money on travel expenses.
Belize’s economy has experienced strong and sustained growth, attracting increasing amounts of foreign investment. To promote an attractive business climate for investors, Belize hosts events and conducts trade missions abroad to attract them. Foreign investments are especially critical to small economies in Central America where lack of domestic consumer markets makes exporting difficult.
Belize stands out as an attractive location for doing business due to its stability, longstanding democratic tradition, independent judiciary and competitive fiscal incentives and concessions, plus stable currency with preferential market access within CARICOM.
Belize provides an attractive business environment and has low levels of corruption and crime. Furthermore, the official language in Belize is English which makes communication with Belizean business communities much simpler for overseas investors.
Belize may be small in terms of geographic size but boasts an expansive consumer market due to its proximity to major markets in North America, South America, and Europe. Many local companies already serve international clients through Belize as it serves as a key gateway for international commerce. Furthermore, its economy boasts diverse sources of growth with tourism accounting for a significant portion of GDP alongside manufacturing, agriculture, and fishing contributing significantly to GDP.
The Belize Investment Summit 2023 will bring together businesses from North America, Latin America, the Caribbean and Europe to promote business development and investment opportunities within Belize. Meeting high-level governmental decision makers as well as key business issues is expected at this summit held annually in Belmopan; thus providing an ideal venue to identify investments for economic development.
Local businesses in Belize join global conference calls
Belize has long encouraged foreign investment and boasts one of the region’s most generous foreign investment regimes. A member of OAS, WTO, and IMF; its economy has steadily expanded since independence due to an upswing in construction activity and wholesale and retail trade; its natural resources include sugar production from cane, bananas and citrus fruit – and its services sector has experienced exponential expansion.
Belize boasts an expanding software development industry. As an ex-British colony, its legal system is rooted in English common law with separation of powers established and independence for judiciary established through constitution. Furthermore, Ireland formally adopted three international conventions such as 1923 Geneva Protocol on Arbitration Clauses and New York Convention into domestic law as domestic norms.
In 2022, GDP growth reached 6.9 percent – the highest in Latin America due to improved exports, construction, and services industries as well as foreign direct investment growth and low levels of debt. Furthermore, the central bank implemented its fiscal consolidation program and reduced its deficit.
Belize’s economy boasts a diverse structure, with services accounting for an estimated 70 percent of gross domestic product and manufacturing, agricultural and mining contributing to economic activity. Unfortunately, however, Belizean dependency on foreign trade poses both an economic risk and major constraints to growth.
Despite these obstacles, local businesses in Belize remain strong. Service sector companies are focused on offering innovative business solutions to customers worldwide; sharing economy services have provided new avenues of collaboration between global business partners.
Local businesses in Belize can easily conduct conference calls with partners and suppliers from the US, Europe, Asia or anywhere else around the globe using a pay-as-you-go global conferencing service. This technology works over traditional PSTN phone networks so participants can join from any location worldwide including Belize City, San Ignacio, Orange Walk, Belmopan, Dangriga, and Corozal.
