Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

Belize

Population: 390,353 GDP (USD): $1.9 billion GDP Per Capita (USD): $4,815 GDP Contribution by Sector: Agriculture 9.56%; Industry 11.96%; Services Sector 65.51%. (2019 est)

Official Exchange Rate (per US Dollar): 1 USD = 2.01570 BZD Ease of Doing Business Rank 2020: 135 of 190 countries

Belize is the only English-speaking country in Central America. Its location, unlike other Caribbean states, have allowed the country to gradually establish strong links with its geographic Spanish-speaking Central American neighbors. This feature makes it an attractive destination for FDI as potential investors could leverage Belize as a gateway into Latin American markets such as Panama, Brazil and Colombia. The government of Belize provides a range of incentives, towards the creation of an enabling environment for private enterprise, to attract investment in Belize by both local and foreign investors. The conditions to qualify for the different incentives vary, as do the investment incentives themselves. Benefits are dependent upon the type of incentive awarded to the potential investor. Targeted Sectors for Investment: Tourism and Leisure, Agribusiness and Light Manufacturing, Information Technology Enabled Service (BPO, Includes Financial Services), Energy and Mining. Incentives: In addition to its Fiscal Incentive Program, the country boasts several attractive incentives for investors. These include: • Designated Processing Areas (DPA) : This incentive offers Import Duty and Tax Exemptions, exemptions from property and land taxes on the designated area, exemptions from Excise and Consumption (GST) taxes on imported inputs, preferential Tax Rate based on Chargeable Income as per the Income and Business Tax Act (Amendment Act, No.26 of 2018). Investors will be able to open foreign currency bank accounts in Belize, to sell, lease or transfer goods and services between DPA companies. Customs inspection is available at the designated area for expediency. Work permits may be granted for up

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Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation