Belize City, July 14, 2022. Today the Government of Belize, through the Office of the Prime Minister and BELTRAIDE, the Economic Development Council, the Investment Policy & Compliance Unit launched, the first National Investment Policy and Strategy (NIPS) for Belize. The NIPS, which was approved by Cabinet on March 24, 2022, and developed with support from the CARICOM Development Fund (CDF) aims to position Belize as a key destination for investments and trade. The NIPS will also provide strategic national direction in economic development and examine how citizens can participate in this process and benefit from domestic and foreign investments.
This Belize National Investment Policy and Strategy identifies nine key pillars that represent critical areas where reforms are needed:
I. Development of an integrated national strategy for promoting Investment
II. Delivery of Government Services, Ethical Government, e-Government
III. Delivery of financial services for investment, access to finance for investment
IV. Reform of the Taxation system for sustaining private investment
V. Revision of the existing regulatory framework and Judicial System to make it more investment friendly
VI. Reform of the business incentives framework
VII. Encourage the development of a skill supply adapted to the needs of national and international investors
VIII. Development of infrastructure and logistics
IX. Fostering of Economic Diplomacy
The launch included a panel discussion by the Project Steering Committee on the benefits of the NIPS, the nine thematic policy pillars and the importance of the collaboration of all public and private stakeholders. The Prime Minister of Belize, Hon. John Briceno, in his keynote address, discussed the way forward with NIPS and remarked that “with the implementation of the NIPS there will be an enhanced value chain, expansion of economic sectors, increase in product diversification, and continuous digitalization which will lead to increased access to international development fund, and trade agreements thereby enhancing Belize’s image for trade and investment”. The Government of Belize takes this opportunity to thank all our public and private stakeholders, and the Project Steering Committee for their continued contributions to the development NIPS and commitment to the economic development of Belize.