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Earlier in the news, you heard about the Orange Economy, a highlight of this year's Belize Investment Summit. And while that opening ceremony happened inside the West Room at Grand Caribe, there was a lot of action happening outside, since the MSMEs were lined up, hoping that the summit would help expand their businesses.
Courtney Menzies has more on what happened out on Ambergris Caye today. Here is that story.
There was anticipation in the San Pedro air as Belize's second Investment Summit kicked off this morning. And it was just Belizean investors in the audience. According to the PM, potential investors from across the world journeyed here to find out how they can help develop the country.
John Briceno, Prime Minister
"We're very pleased with the amount of interest that people have had, certainly in Belize but also all over the world in the Caribbean, in Central America, South America, we even have, as you said, from South Korea, that they're coming to Belize, they've been hearing a lot of- there's been this buzz about Belize that things are happening in Belize and that there are so many business opportunities in Belize so the investment forum gives an opportunity to put investors together with both locals and foreigners to be able to see how they can get their project going. It also gives an opportunity for the government to be able to present the work that we have done over the past two and a half years and also the policies that we have in plan to be able to make investment easier in Belize. And to bring across that Belize is open for business. "
And one country that's eager to link their economy with Belize is Guyana, our partners in as English-speaking Latin American countries as well as mainland Caribbean nations. The Chief Investment Officer said it's these similarities that set the stage for what he calls "twin products."
Dr Peter Ramsaroop, Chief Investment Officer, Office of the President, Guyana
"In the old days, the folks used to say that Guyana is the only English speaker country in South America, and Belize the only English speaking country in Central America but when you look at the similarities between our two nations, there are significant relationships and I think as President Ali and your Prime Minister work on those new relationships going forward, I think the integration between our two economies is significant, you know, we are known for our green economy, the carbon footprint, the low carbon development strategy, I mean you have the Blue Economy in terms of the blue waters but also eco tourism and the green forest so I think the relationship in putting these components together, I think, you know, we use the term twinning of products."
"It's how do you do the integration to develop a joint product, how could we, between our two nations, develop a joint product."
"But in a cost benefit analysis, is the investment in the Investment Summit worth it? That's what the media asked the executive director of Beltraide."
Dr Leroy Almendarez, Executive Director, BELTRAIDE
"You would have heard the prime minister say this morning from under the fiscal incentive it was about 600 Million in investment that materialized and none of the designated processing era it was over 500 million. So there have been a lot of results. As a matter of fact, in 2021, it was hybrid because of the pandemic. So there are a lot of people who are tuned in virtually."
"And it created a greater awareness. As a matter of fact, we oversold and I must say this these there were packages that were sold. It was not free. This was sponsored with large sponsorship from the IDB from the Taiwan embassy, from the UNDP, from the CARICOM development Fund, the Financial Services Commission. So a number this that sponsorship is able to finance what we are doing out here and remember it doesn't stop after this ends it doesn't stop all the initiatives for the MSMEs, etc. Those things are still in place. That fiscal incentive. Chapter five speaks primarily to MSMEs."
And those same MSMEs were grateful for the opportunity today:
Derrol Vernon, Owner, Winetime
"I was making wine my entire life. I'm a third generation winemaker. I learned from my dad. My dad is from Gales Point Manatee and he learned from his grandmother. So it's a family tradition passed on. And now I'm trying to take it commercially to become a product that would be in every house for us to be proud as Belizean's to have. It's been excellent because I had a good good feedback from international delegates also from local ministers local business people."
"They respect the product. They like it. They support it. So this is a good initiative for us to network and work together and get to know the do's and don'ts on how to work out how to do the business part of it."
Mark Jacob, Co-Owner, DML Bamboo Straws
"We create bamboo drinking straws. There are eco friendly, reusable, durable. It is got from nature. It is like the best alternative for any polluting plastic straws. It is a big opportunity for me for me to sell my product, get my product out there, trying to get an international market for it and getting more local markets for the baboo straw."
"A lot of people pass through. We share information and it's been good. It's been very positive"
Yesenia Guerra, Owner, Yessi's Cuisine
"Personally. It's for the exposure. And I also want to show that I have a new look to the to the product now. So I'm basically coming to closer to becoming a premium product and having a different look. Then I want now people to recognize that this is a new look out to be out in the market. I have I've met great people actually, and everything has been so motivational and everything has been so positive and in the benefit of the business, hoping that it's recognized, one, known and continues growing." The summit continues tomorrow.
