5 Benefits to Buying Belizean Made Products:
By: Aldo Manzanero, Market Intelligence Officer, Belize Bureau of Standards
“Buy Belize, Build Belize!” continues to be the clamour of local business and manufacturers and it is with good reason why this is so. For purposes of this article let us examine a few notable ones to stir some interest and thought:
5) Foreign Exchange Savings: The Foreign Exchange Reserves is important for Belize to maintain its current peg to the US dollar. With an imbalance in trade favouring a high and continuous demand for imports it means that more foreign exchange is needed to purchase imports. This leads to a draw down on the country’s international reserves and is made worse where not sufficient foreign exchange is earned through exports. . . Also the high demand and low supply encourages black market transactions lessening the ability of the country to maintain its international reserves.
4) Innovation: The injection of new ideas or utilizing old ones in new ways helps to stimulate innovating thinking which could ultimately, all things considered, lead to increased efficiency and improved market penetration. Innovation with a customer oriented focus is key for branding and customer loyalty, it is the stem that keeps customers coming back for more even if the change in a product or service is not out of this world. Supporting local production may provide that spark needed for innovation, without it local businesses and manufacturers have little incentive to invest time and energies in innovative thinking.
3) Job Creation: Having an eye for local products can result in increased demand. This is the signal that local producers look for in the market to invest, innovate, expand, and employ to meet increased market demand. For sectors that are labour intensive, the latter is of great benefit since it helps to generate jobs, reduce poverty while at the same time providing for a boost in economic activity.
2) Producer Confidence: Buying Belizean products allows producers to gain confidence in their products and therefore they may be more willing to take on risk. Also in a never changing business climate producer confidence is important for local producers to maintain a positive outlook towards producing more. Confidence is important for existing producers to assert themselves in the market while serving as encouragement for those who are looking for opportunities to skip into the market
1) Investment: Increased sales equals increased demand and increased demand equals increased investor interest. Realistically nobody really wants to gamble their money; but if the risk benefit is lower meaning there is less perceived risk there is a greater chance for investment. Better yet there may be improved investor confidence which may result in greater levels of investment both by local and foreign investors. Increased investment usually means improved productivity and improved capacity which translates to economic growth.