Carib Scope

分类： business

  • Casa Dominicana launched in Hong Kong and Macao to boost trade and tourism

    Casa Dominicana launched in Hong Kong and Macao to boost trade and tourism

    A new strategic initiative designed to foster economic and cultural exchange between the Dominican Republic and China’s Special Administrative Regions has been formally inaugurated. Dubbed ‘Casa Dominicana/Hong Kong and Macao,’ the project is spearheaded by the investment promotion agency InvestDR with the primary objective of enhancing bilateral trade flows, stimulating investment opportunities, and boosting tourism.

    The launch event, structured as a high-profile luncheon hosted by InvestDR President Kelly Leung, served as a platform to showcase the Dominican Republic’s vast potential as an emerging market for discerning investors from Hong Kong and Macau. The initiative enjoys robust institutional support, having secured the official endorsement of both the Dominican Consulate General and the Dominican-Chinese Chamber of Commerce in Hong Kong. This backing is a critical component of the Caribbean nation’s broader strategic pivot to deepen its economic footprint across Asia.

    The gathering also functioned as an occasion to honor key figures who have been instrumental in advancing Dominican interests in the region. Among those recognized were Sonia Chan Prado, representing the Macao Association for the Promotion of Exchange between Asia-Pacific and Latin America, and Dato’ Sri Maximus Baldur of the World Trade United Foundation. The event drew a diverse audience of leaders from the business, religious, and diplomatic communities.

    In a symbolic handover, the outgoing Consul General, Eduardo Álvarez, addressed attendees, urging continued collaboration and support for his successor, Luis Ernesto Camilo, to ensure the initiative’s enduring success and the strengthening of bilateral relations.

  • Telecom Rate Freeze Pending; AG Awaits Directive

    Telecom Rate Freeze Pending; AG Awaits Directive

    BELIZE CITY – The Belizean government’s highly anticipated plan to implement a year-long freeze on telecommunications rates has encountered an administrative delay, with the Attorney General’s office confirming it has not yet received formal instructions to draft the necessary legislation.

    Attorney General Anthony Sylvestre addressed reporters outside the High Court on Monday, revealing that despite Prime Minister John Briceño’s announcement last week regarding the proposed statutory instrument, his department awaits official drafting instructions to begin the legal process. The planned measure would temporarily lock current phone and internet service prices while merger negotiations between telecommunications providers BTL and SMART continue.

    Sylvestre emphasized the standard procedural protocol, stating, “We act on instructions. A particular ministry may have an issue, so we will receive drafting instructions and would draft a rule or statutory instrument based on that instruction, ensuring it complies with the constitution and other prevailing laws.”

    The Attorney General confirmed that the proposed BTL acquisition will receive comprehensive discussion during Tuesday’s Cabinet meeting. When pressed by reporters regarding the Prime Minister’s potential participation in these discussions – given his family’s partial ownership of SMART – Sylvestre declined to speculate, noting that Cabinet had not yet collectively examined the matter.

    “The discussion will take place tomorrow at Cabinet. We don’t know what will happen tomorrow,” Sylvestre stated, adding that he wished to avoid venturing down “what could eventually be a rabbit hole” regarding procedural specifics ahead of the formal meeting.

    The development highlights the complex interplay between regulatory oversight, market consolidation, and consumer protection in Belize’s telecommunications sector, with the government attempting to balance competitive market forces with affordable public access to essential services.

  • Sugar Cane Season Opens with High Hopes for Successful Harvest

    Sugar Cane Season Opens with High Hopes for Successful Harvest

    Belize’s sugar industry has officially launched its 2026 harvesting season with renewed optimism following a devastating previous year marked by agricultural disease and climate challenges. The ceremonial commencement took place at the Belize Sugar Industries compound in Tower Hill, Orange Walk, bringing together farmers, industry executives, and government representatives.

    The sector faced significant setbacks during the 2025 season when Fusarium disease severely impacted northern cane fields, substantially reducing crop yields. Compounding these difficulties, exceptionally heavy rainfall damaged transportation infrastructure critical for moving harvested cane to processing facilities, resulting in an unusually delayed start to this year’s season.

    Mac McLachlan, General Manager of Belize Sugar Industries, acknowledged the ongoing recovery process while expressing confidence in the industry’s direction. “We’re not back to where we need to be,” McLachlan stated, “but we are expecting more cane this year than we had last year.” The government allocated three million dollars for emergency intervention, enabling pesticide treatment across 54,000 acres of cane land to combat the fungal disease.

    Climate-related challenges further complicated the recovery effort, with excessive rains rendering many sugar roads virtually impassable. Vladimir Puck, Chairperson of the Corozal Sugar Cane Farmers Association, emphasized the importance of collaborative efforts among farmers, government agencies, and milling operations in addressing these multifaceted challenges.

    A significant development this season involves intensified focus on crop diversification strategies and investment in more resilient cane varieties that offer improved sugar yields. Prime Minister John Briceño reaffirmed his administration’s commitment to the industry’s revitalization, noting his personal oversight of sugar-related ministries and reference to a comprehensive 120-million-dollar investment plan.

    Price fluctuations have added another layer of complexity to the industry’s recovery. While 2024 established a record price of ninety dollars and ninety-five cents per ton, the following year witnessed a sharp decline. Salvador Martin, Chairperson of the Belize Sugar Cane Farmers Association, maintained a cautiously optimistic outlook, noting improved testing results and anticipating better pricing conditions for the current season.

    Consumers should prepare for increased sugar prices this year, according to Dr. Osmond Martinez, Minister of State in the Ministry of Economic Development. The price adjustment aims to support farmer profitability while addressing cross-border contraband issues stemming from regional price disparities.

    The industry encourages farmer participation in individual testing programs that evaluate crop quality and provide incentives for higher-quality production, representing another step toward comprehensive sector recovery.

  • Private sector asks for higher income tax threshold, tax breaks on some businesses in 2026 national budget

    Private sector asks for higher income tax threshold, tax breaks on some businesses in 2026 national budget

    In a significant pre-budget consultation with Guyana’s Ministry of Finance, the Private Sector Commission (PSC) has presented a comprehensive package of tax reduction proposals aimed at stimulating economic growth and increasing disposable income for both businesses and workers.

    The January 17 meeting, attended by Finance Minister Dr. Ashni Singh and representatives from major business organizations, centered on the PSC’s recommendations for the upcoming 2026 national budget. PSC President Gerry Gouveia Jr. characterized the proposals as designed to “maximize the net take home for local businesses as well as employees” while addressing inflationary pressures.

    Key recommendations include completely eliminating corporate income tax for small and medium enterprises (SMEs) with annual earnings below GY$60 million for their first three years of operation. The PSC also advocates raising the personal income tax threshold from GY$130,000 to GY$160,000 and implementing “significant increases” to the current minimum salary of GY$102,346.

    To address Guyana’s critical labor shortage exceeding 50,000 workers, the commission proposes reducing the migrant worker withholding tax from 20% to 10% for foreign specialists. Additional measures include cutting the standard corporate tax rate from 40% to 25% over two years, eliminating the 2% minimum corporate tax on gross turnover, and reducing VAT from 14% to 12% overall with zero rating applied to locally produced food, water, and cooking gas.

    The proposals extend beyond conventional business interests, incorporating social development components such as tax credits for charitable donations and sports sponsorships, plus support for childcare institutions and gender equality initiatives. In the housing sector, the private sector seeks removal of 5% duties on cement and finishing materials to reduce construction costs for three-bedroom homes by approximately GY$2 million.

    While Minister Singh expressed enthusiasm for the “creative and informative” nature of the proposals, particularly those supporting underprivileged populations, no firm commitments were made during the consultation. Further discussions are expected before the budget’s presentation on January 26, 2026.

  • New cooperative to fund aloe vera project

    New cooperative to fund aloe vera project

    In a strategic move to revitalize local agriculture and stimulate economic development, Member of Parliament Chad Blackman has announced the establishment of the Ear of Corn Cooperative Society (ECCS) in St James North. The initiative, unveiled during a farmers’ forum at Gordon Greenidge Primary School, represents a comprehensive approach to integrating agricultural production with high-value market opportunities.

    The cooperative’s flagship project will focus on commercial aloe vera cultivation, targeting global markets for processed goods rather than raw commodity exports. Blackman emphasized the unique advantage Barbados holds, noting that the island naturally grows the exact aloe species demanded by international cosmetic and pharmaceutical manufacturers. “For any product containing aloe—soaps, lotions, anything—examine the ingredients,” Blackman stated. “The premium species used worldwide grows abundantly in our backyards.”

    The ECCS framework addresses multiple challenges simultaneously: it unites previously fragmented farmers, establishes direct connections to retail and tourism sectors, and creates pathways for value-added production. Blackman, drawing on his experience as Barbados’s former ambassador to the Food and Agriculture Organization in Rome, positioned agriculture as fundamental to national development rather than a peripheral activity.

    Ryan Medford, ECCS founder, highlighted the critical need for coordination among producers. Historically, farmers operating independently created seasonal gluts by planting identical crops simultaneously, undermining their bargaining power and depressing prices. “The issue isn’t retailers,” Medford clarified. “It’s our lack of collective planning.” The cooperative will implement contract farming models to align production with market demand, ensuring stable pricing and consistent supply.

    The project strategically leverages St James North’s diverse assets—agricultural lands, urban centers, and prime tourism locations—to create integrated economic opportunities. Blackman articulated the vision: “We’re connecting food security and nutrition with tourism, our primary revenue generator, while enabling locals to capture more value from both sectors.”

    Support agencies including the Barbados Agricultural Development and Marketing Corporation, the Medicinal Cannabis Licensing Authority, and the Inter-American Institute for Cooperation on Agriculture have committed resources to the initiative. The cooperative has progressed beyond conceptualization to formal registration as a legal entity, signaling its transition to operational status.

    Byron Gibson of HARVEST Cooperative, which facilitated ECCS’s establishment, underscored the broader mission: elevating agricultural workers from the “base of the financial pyramid” through structured cooperation and value chain integration. The project embodies a national development philosophy where agriculture forms the foundation of sustainable economic progress.

  • Republic Financial Holdings Ltd exceeds US$200 million climate finance goal

    Republic Financial Holdings Ltd exceeds US$200 million climate finance goal

    Republic Financial Holdings Limited (RFHL) has achieved a significant milestone in its sustainability journey by exceeding its climate finance mobilization target. The Caribbean-based financial group has allocated approximately US$235.5 million toward climate-related initiatives, surpassing its original US$200 million goal set in 2021 by nearly 18%.

    The climate financing strategy, designed to support the transition to low-carbon economies across RFHL’s operational territories, has seen renewable energy projects emerge as the primary beneficiary. Accounting for 46.46% of total allocations, renewable energy initiatives form the cornerstone of RFHL’s climate financing portfolio. Sustainable transportation follows closely, representing 40.28% of funded projects.

    Geographically, Trinidad and Tobago leads in climate financing distribution with 42.17% of total funds, followed by Barbados at 25.36%. Guyana and Ghana account for 12.17% and 10.36% respectively, demonstrating RFHL’s expanding commitment to both Caribbean and African markets.

    Group President and CEO Nigel Baptiste emphasized the achievement reflects growing regional demand for sustainable finance solutions. ‘This milestone underscores the critical role financial institutions can play in supporting the transition to more resilient, low-carbon economies,’ Baptiste stated, acknowledging the collaborative efforts across RFHL’s branches and subsidiaries.

    The financed projects span multiple sectors including renewable energy production, eco-friendly transportation, energy efficiency measures, and sustainable agriculture. These initiatives aim to enhance climate resilience while promoting long-term environmental and economic stability.

    Looking forward, RFHL has committed to expanding its sustainability initiatives with particular focus on supporting vulnerable and low-income communities through specialized financing programs and technical assistance for climate adaptation and mitigation efforts.

  • 2026 Sugar Crop Season Opens with Optimism

    2026 Sugar Crop Season Opens with Optimism

    The Belize sugar industry commenced its 2026 harvesting season today with an official inauguration ceremony at BSI in Tower Hill, Orange Walk Town. The event marked the beginning of what government authorities project could become a record-breaking production year for the crucial agricultural sector.

    Prime Minister John Briceño, attending both as national leader and local representative for Orange Walk Central, emphasized the fundamental economic importance of sugar production to northern Belize and the nation’s overall economy. In statements to News 5, Briceño characterized his participation as more than ceremonial, describing it as a demonstration of governmental dedication to tangible support rather than empty rhetoric.

    “For me as Prime Minister and as area representative, this constitutes a fundamental responsibility,” Briceño stated. “Coming from the northern region, we possess thorough comprehension and respect for this industry’s significance. My presence here serves to reaffirm our commitment through concrete actions rather than mere words.”

    The Prime Minister detailed post-Commission of Inquiry initiatives that generated a collaborative $130 million strategic investment plan developed with agricultural producers and industry participants. When the sector faced imminent threat from fusarium disease, the administration rapidly allocated $3 million in emergency funding to counter the pathological challenge.

    Briceño additionally highlighted partnership with the Caribbean Community Climate Change Centre (5Cs), which has committed $50 million to enhance farmer resilience against climate variability. “Climate transformation represents our current reality,” he noted. “We’re implementing practical education programs showing agriculturalists adaptation techniques, demonstrating our serious approach through measurable interventions.”

    Regarding infrastructure concerns, the Prime Minister acknowledged delayed maintenance on sugar transportation routes due to persistent precipitation that complicates effective roadwork. He assured producers that repair operations are now progressing intensively during the more favorable dry season conditions.

  • Progressism 2026 Summit concludes in Dominica with strong message of Caribbean-Africa collaboration and shared vision

    Progressism 2026 Summit concludes in Dominica with strong message of Caribbean-Africa collaboration and shared vision

    The recent Progressism 2026 summit in Dominica has emerged as a transformative platform for strengthening ties between the Caribbean and African nations. This gathering of professionals and entrepreneurs emphasized that genuine progress stems from human connections and shared purpose rather than merely policy frameworks or market forces.

    Keynote speaker Kareem Guiste drew from his extensive international experience to present a compelling case that relational capital often outweighs financial resources in achieving success. He challenged attendees to overcome fear of failure and embrace calculated risks in pursuing new opportunities.

    Dr. Hilary Thomas Lake, an authority on Africa-Caribbean relations, addressed persistent misconceptions between the regions while highlighting concrete opportunities in trade, education, and cultural exchange. She emphasized that sustainable partnerships must be rooted in mutual respect and historical awareness.

    Practical dimensions of economic cooperation took center stage during panel discussions featuring Alisha Ally, Dr. Clementine Afana, and Kenneth Oguzi. Experts explored mechanisms for leveraging the African Continental Free Trade Area (AfCFTA) and the Caribbean Community’s Single Market and Economy (CSME), while addressing persistent challenges including visa restrictions, transportation limitations, and underdeveloped financial infrastructure. Throughout these dialogues, participants consistently identified cultural understanding and people-to-people exchanges as foundational to lasting economic relationships.

    The summit showcased innovative entrepreneurial models already bridging the regions. John Francois, CEO of Asili Coffee, presented Ghana-based initiatives promoting coffee production through outgrower programs and sustainable practices. From Dominica, Terry Henry Lovell of Be Natural inspired attendees with her journey from a single bee-based product to a multi-award-winning brand that has educated over 600 children through its Buzz Academy.

    Beyond conference sessions, delegates experienced Dominica’s innovation firsthand with a visit to the Geothermal Power Plant, followed by networking opportunities during a sunset cruise along the island’s coastline.

    Lizra Fabien, founder of The Progressive Mind and organizer of Progressism, reflected: “This summit was not just about conversations but about confidence restored, collaborations ignited, and dreams given permission to expand. Our mission is to create spaces where professionals recognize their collective power.”

    The event’s success was supported by sponsors including The National Bank of Dominica Limited and Discover Dominica Authority. Organizers have already announced plans for the sixth edition in January 2027, committed to building “bridges without borders” and transforming connections into collective prosperity.

  • Lifting of exchange controls one-sided

    Lifting of exchange controls one-sided

    A significant policy contradiction has emerged in the Caribbean’s economic landscape as authorities selectively exempt international lenders from Exchange Control Act restrictions while maintaining stringent constraints on domestic businesses and citizens.

    This discriminatory approach reveals the government’s implicit acknowledgment that rigid exchange controls are fundamentally incompatible with modern financial systems. While foreign capital requires operational flexibility, rapid transaction processing, and financial certainty to function effectively—demands that have prompted regulatory accommodation—local entrepreneurs and investors continue to face bureaucratic barriers for routine international operations.

    The policy establishes a troubling double standard where foreign entities enjoy financial freedom while national businesses remain subject to extensive approval processes for foreign investments, currency risk management, and cross-border transactions. This disparity not only undermines domestic competitiveness but also reinforces economic dependency on external financing sources.

    Economists note the fundamental incoherence of maintaining controls that have been deemed unnecessary for international operators. The selective application suggests either the controls serve no legitimate stability purpose or represent outdated mechanisms that should be comprehensively dismantled rather than partially lifted.

    This half-measure approach distorts market dynamics and signals a lack of confidence in national economic actors. True reform, analysts argue, requires consistent, equitable policy application that empowers domestic enterprises alongside international partners rather than privileging foreign creditors over local wealth creation initiatives.

  • Bermuda announces plans to become world’s first fully onchain national economy

    Bermuda announces plans to become world’s first fully onchain national economy

    BERMUDA LAUNCHES HISTORIC DIGITAL ECONOMY INITIATIVE AT DAVOS

    DAVOS, SWITZERLAND – In a groundbreaking announcement at the World Economic Forum Annual Meeting, the Bermuda government revealed its ambitious strategy to become the world’s first fully onchain national economy. This transformative initiative is being developed in collaboration with leading digital asset companies Circle and Coinbase, marking a significant milestone in global financial innovation.

    The partnership will leverage Circle and Coinbase’s advanced digital asset infrastructure and enterprise-grade tools to revolutionize Bermuda’s financial ecosystem. The comprehensive rollout will extend to government services, local banking institutions, insurance providers, SMEs, and individual consumers. Additionally, both companies will implement nationwide digital finance education programs and technical onboarding support to ensure seamless adoption.

    According to official government statements, transitioning to an onchain economy represents a fundamental shift toward utilizing digital assets as primary financial infrastructure. This move addresses critical challenges faced by Bermuda’s entrepreneurial economy, where traditional payment systems have proven costly and restrictive. The island’s classification alongside Caribbean jurisdictions has historically resulted in elevated processing fees and compressed merchant margins through conventional banking channels.

    Central to this transformation is the integration of USDC (USD Coin), Circle’s dollar-pegged stablecoin distinct from central bank digital currencies. This technology enables merchants to process rapid, low-cost transactions denominated in US dollars, providing unprecedented efficiency for daily commercial activities.

    Government officials highlighted multiple successful local implementations already demonstrating how onchain digital payments facilitate local transactions, support economic growth, and maintain regulatory compliance through modernized systems.

    This announcement builds upon Bermuda’s established leadership in digital asset regulation, dating back to 2018 when the territory implemented the pioneering Digital Asset Business Act – among the world’s first comprehensive regulatory frameworks for digital assets. Both Circle and Coinbase were early licensees under this legislation and have subsequently expanded operations within Bermuda’s growing digital finance ecosystem.

    The current partnership follows a significant demonstration at the Bermuda Digital Finance Forum 2025, where organizers executed a large-scale USDC airdrop distributing 100 USDC to each attendee for use with newly onboarded merchants. Subsequent developments have seen additional Bermudian businesses embracing digital payments, while local financial institutions have expanded their utilization of stablecoins and tokenized finance solutions.