In a significant move toward regional economic integration, the CARICOM Private Sector Organisation (CPSO) has formally endorsed new sugar refinery initiatives in Belize and Guyana. This strategic development follows a high-level diplomatic engagement between Guyanese President Dr. Irfaan Ali and Belizean Prime Minister John Briceño in early February, which yielded multiple bilateral agreements spanning education, tourism, agriculture, and digital transformation.
The CPSO emphasized that these refineries will substantially enhance regional refining capabilities while curtailing the Caribbean’s reliance on external sugar sources. Current data reveals that CARICOM nations imported over US$150 million in refined sugar during 2024, predominantly from extra-regional suppliers.
Belize’s operation, managed by Caribbean Sugar Refinery Limited, will be constructed at the Santander complex in the Valley of Peace. The facility is projected to commence operations by mid-2026. Simultaneously, Guyana’s Demerara Sugar Refinery Inc. will occupy the former Wales Estate site, utilizing transplanted Canadian refinery technology to process raw sugar supplied by the Guyana Sugar Corporation (GuySuCo).
Dr. Patrick Antoine, CEO of CPSO, underscored the importance of market stability and policy alignment across CARICOM states, noting that ‘private capital can only transform regional agriculture into agroindustry where such conditions exist.’ The organization further highlighted that these projects, coupled with expanded sugarcane cultivation, represent a transformative shift for the Caribbean’s sugar and sweetener value chain by retaining economic value within the region.