Archive for the ‘Foreign Direct Investment’ Category
A glossy new publication was officially launched January 30th, 2013. It is being published by Idea Labs and commissioned by BELTRAIDE. Invest Belize, as it is called, is geared exclusively to attract foreign investments that has dipped significantly in the past years. At the presentation today, Minister Godwin Hulse said the first issue won’t disappoint. News Five’s was at the launch, to provide coverage on this exciting success!
Jose Sanchez reports:
Jose Sanchez, Reporting
Everyone knows the local magazine was designed to attract tourists to Belize but today BELTRAIDE launched the first of its kind to attract funding that would build the country. BELTRAIDE unveiled ‘Invest Belize.’
Beverly Burke, Director, Business Development, BELTRAIDE
“In the words of the Prime Minister of Belize, Honorable Dean Barrow, it is with great pride that I invite you to take a close look at an unusual opportunity to combine business and pleasure. This is the opportunity that investing in Belize has to offer. We are delighted and honored to have you all here knowing that you have taken valuable time to share in this great moment with us. We at BELTRAIDE, with the support of our ministry have owned the challenge of thinking outside the proverbial box that traditional limits to growth can be overcome via more creative and innovative thinking and partnering with those sharing similar vision. Invest Belize promise to take you inside Belize’s sectors and industries and provide the right information to the targeted audience, educate them about the products and services and move them closer to making informed decisions about investing in Belize.” (more…)
One of the main benefits for the investors utilizing the Fiscal Incentives Program is the duty exemption. To be able to provide this service, BELTRAIDE needs to work hand in hand with the Belize Customs and Excise Department. BELTRAIDE will commence training in early December 2012 to transition into using the ASYCUDA WORLD (Automated SYstems for CUstoms DAta); which is leading media software that Integrates Customs Information Systems in more than 80 countries.
ASYCUDA began with an UNCTAD initiative to reduce transaction costs throughout the trade transaction chain, with potential cost savings per annum of $100 billion worldwide. It will be used to generate statistical economic analysis, manifests and customs declarations, accounting procedures, and transit and suspense procedures.
Belize has proudly implemented the software at Punta Gorda and Big Creek since June and August 2010 respectively, Phillip Goldson International Airport since May 2011, Belize City in September 2011, Benque Viejo Customs Station since July 2012 and Santa Elena Customs Stations since August 2012.
BELTRAIDE will be providing Electronic Data Interchange (EDI) between Concession Holders and Customs. Once the due diligence of the Fiscal Incentive request is done, the System will automatically authorize or be flagged by a BELTRAIDE authorized personnel. This should then speed up the process in getting your goods assessed by Customs within 1-3 business days given that all requirements are met. Overall, this system will facilitate control of the import and exports in our country, Belize.
BELTRAIDE only accepts invoices for the processing of duty exemption request during this transition period. Thereafter, invoices will need to be submitted by your customs broker who will then upload it to the ASYCUDA system for BELTRAIDE’s personnel to conduct due diligence and approve online.
The Boards of Belize Sugar Industries Limited and American Sugar Refining Limited are pleased to announce the successful completion of the investment transaction through which ASR has secured a majority equity shareholding of 78.6% in the BSI Group for a total consideration of US$64.8 million. The existing shareholders in BSI including BSI Employee Holdings Limited hold the remaining 21.4% of the shares.
Through this investment, the debts owed by BSI to ING and to the Belcogen consortium of lenders were completely paid off. The Government of Belize was also repaid its BZ$10 millionvdollar loan to BSI.
The ASR and its affiliates form one of the world’s largest integrated sugar businesses with fivesugar mills in the United States, Dominican Republic and Mexico, and ASR is the largest sugarrefiner in the world with processing capacity of approximately 6 million tonnes. The investment by ASR secures into the foreseeable future significant international sugar markets for BSI and foreign currency income for Belize.
ASR is fully cognisant of the economic importance of the sugar industry to Belize and is committed to the development and productivity improvement of the cane and sugar sector. ASR and BSI look forward to developing and nurturing the working relationship with sugar industry stakeholders in Belize to achieve sector productivity improvements. ASR’s investment will maximize the potential of the Belize sugar industry by promoting expansion and improving returns which will ultimately benefit all stakeholders including in particular cane farmers and assure long term job security for BSI employees.
BSI is committed to a strategic plan aimed at sustaining profitability through increased operating efficiencies, increased production capacity to capitalize on marketing opportunities and increase and diversify its value-added products. ASR’s long term commitment to BSI includes the supply of international operational and project support expertise to advise BSI management, drawing on experienced staff from throughout its global business operations.
The Government of Belize continues to remain fully engaged and supportive of efforts to ensure the sugar industry of Belize remains viable in a more competitive global environment.
3 October 2012 (source: Belize Sugar Industries Limited)