While we had the opportunity, we asked the CEO to discuss foreign direct investment trends for the country.
In his remarks at the GFC event, he claimed that foreign direct investment is on the rise at this time. We asked him to justify that assertion:
Dr. Osmond Martinez - CEO, Ministry of Economic Development
"In the past, investors had a lot of challenges, and we still have a lot of challenges, and we need to make improvements in terms of investors coming to Belize. But investors feel that they have - there is more accessibility to the present government. Our Prime Minister has been traveling and given speeches on some of the highest platforms in the world, such as the European Development Day, The first time a Belizean was there. Lisbon at the Ocean Conference is the first time a prime minister gave a speech. COP26, it was the first time a Prime Minister gave a speech there. He was also in Kigali. I mean, this by itself is promoting Belize. He has been to the Caribbean three times in the last four months, and that by itself is promoting Belize. The Blue Bond has also set Belize into the international market. International investors are looking at us as the place to invest. Why? Investors always want to invest where there is macroeconomic stability. So what does that means? Now, for the last two years, Belize has - there has been stability in the macroeconomy. So when you look at 2021 and to the end of 2020, 2021, and now 2022, there is constant growth. But when there is growth, and then there is decreased growth and decrease, investors will not come. Investors always look at macroeconomic stability. That is one and two. There is also a very good advantage. We need to take advantage of the peg that we have with US dollars. You know, that's a 2 to 1 while the rest of the world right now is suffering where there is a lot of fluctuation within their currency. Ours has been stable. We don't have that problem, and so we have to promote it. And for the first time last year in November, the Office of the Prime Minister launched the Invest Belize, you know, and for the first time, I recall very good on that. In his presentation, he says Belize is open for business. Last year, I mean, over $200 million came from foreign direct investments, and that's U.S. dollars in the middle of the pandemic still. I mean, that's something to celebrate. And the data is right here at the Central Bank of Belize. In Q1 of this year, quarter one January to March, 86 million U.S. dollars. That's the amount that the previous administration was able to mobilize in 2019 before the pandemic. You know, so this is data that we have."
