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August 2012

Belize’s Path to Medical Tourism



Attendee/Author:  Ann Kuffner

There’s been considerable buzz about whether Belize is ready to dip a toe into the field of medical tourism. Tourism is the major source of revenue for this small country. Medical tourism could provide a significant boost in revenue for the country. But medical tourism is rife with potential pitfalls.  Recently the Inter-American Development Bank (IADB) and the Belize Trade and Investment Development Service (Beltraide) initiated the first step in this process. They held their first public workshop on August 3rd.  It was held at the George Price Center, in Belmopan.

The IADB hired a medical tourism expert to lay the groundwork to develop Belize’s sustainable medical tourism plan.  Their Costa Rican consultant, Mr. Massimo Manzi, moderated the recent workshop. He presented an overview of the study he’s leading.  Mr. Manzi is the Executive Director of ProMed (the Council for the International Promotion of Costa Rican Medicine).  He developed Costa Rica’s highly successful medical tourism model.  He now offers his expertise to other countries to assist in developing their medical tourism models.

Mr. Nicholas Ruiz, the Executive Director of Beltraide, opened the meeting. He talked about the attractive opportunities in medical tourism.  He repeatedly noted that Beltraide is committed to developing a sustainable medical tourism approach that will benefit Belize, and Belizeans.

“The over-riding idea is that we want Belizeans to participate in this industry.” Continue reading “Belize’s Path to Medical Tourism”

Discovering Your Roadmap to Success?


How many micro, small and medium enterprises have you seen in our society opening their doors affluently, then closing down shortly after? Many small businesses today are being established without a proper road map; an essential tool in identifying potential problems and opportunities. This road map, also known as a business bible, is called a Business Plan. Continue reading “Discovering Your Roadmap to Success?”

How to Turn Conflicts into a Positive for your Business


 Are you having conflicts in your business? Here is some general information and quick tips on handling conflicts

Conflict is often thought to be negative such as a disagreement or controversy.  However, especially in a business setting, conflict can be positive. Conflict often creates opportunities for growth and new ideas in the business and can lead to improving the business profits and / or efficiency.

Conflict if escalated can often lead to anger.  When someone is angry, usually they are focusing on their anger, and not the underlying issue.  Therefore,  it is best to diffuse the anger before meeting to discuss how to resolve the conflict.  Some tips for diffusing anger are: Continue reading “How to Turn Conflicts into a Positive for your Business”

The Decision to Export!


Although exporting may seem simple, it requires you to do your homework! A company cannot venture into unfamiliar territory without knowing what to expect, the requirements, market needs and other factors.

In order to commence an export project, previous planning is required to determine the company’s capacity to assume the responsibilities acquired with foreign clients, verify infrastructure, personnel and technical-practical knowledge. The company must obtain a thorough understanding of the export mechanism, including the distribution and logistics procedures to understand and conquer the desired market. Continue reading “The Decision to Export!”

The Importance of Attracting Foreign Direct Investment


Foreign Direct Investment (FDI) refers to the flow of capital from one nation (home state) to another (host state). Typically, this is done by acquiring shares in the locally established enterprise or by investing and establishing fresh ventures in the host state. In an era when globalization prevails, countries worldwide are scouting actively to attract FDI. Unlike traditional forms of debt financing, FDI serves as an ideal debt-free approach to economic development that ultimately facilitates trade, jobs creation, transfers of know-how’s and technologies in the host state.

Developing nations such as Belize, have realized the instrumental role that FDI serves in the path toward economic development. According to the Economist Intelligence Unit (2006), it was noted that a rise of one percent in the ratio of the stock of FDI (to Gross Domestic Product), will raise GDP by 0.4%. It is thus well illustrated that for every dollar of FDI attracted, it will contribute about $0.50 toward the overall production of national output – hence raising the economic growth by close to half percent. Continue reading “The Importance of Attracting Foreign Direct Investment”

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