分类： business

In a significant move to bolster economic collaboration, Belize and Mexico convened high-level trade discussions at the Corozal Free Zone this week. Belize’s Prime Minister John Briceño met with officials from Quintana Roo, Mexico, to explore avenues for enhancing bilateral trade and investment. The talks focused on fostering synergy between businesses in Quintana Roo and Belize, with an emphasis on producing goods for the broader CARICOM market. Prime Minister Briceño described the meeting as highly successful, highlighting the shared commitment to deepening economic ties. However, he also addressed ongoing security concerns in the Free Zone, emphasizing the need for enhanced measures to ensure a stable business environment. The Prime Minister revealed that the Ministry of Home Affairs would oversee enterprise activities in the region, enabling the police to play a more active role in maintaining security. This meeting marks a pivotal step in regional economic integration, with both nations expressing optimism about future collaborations.

In a landmark meeting held on November 14, 2025, Belize and Mexico took significant steps to enhance cross-border cooperation, addressing a range of issues from gender-based violence to environmental challenges like beach erosion. The discussions also paved the way for a joint policy aimed at boosting and coordinating investment between the two nations, signaling a promising future for economic collaboration. Thea Garcia-Ramirez, Belize’s Minister of Human Development, played a pivotal role in the talks, emphasizing the need for a structured framework to facilitate these initiatives. One of the key outcomes was the introduction of a border pass for residents of five southern Mexican states—Quintero, Chiapas, Tabasco, Yucatan, and Campeche. This pass, which will be issued free of charge, will allow Mexican nationals to travel throughout Belize for up to seven days. Additionally, the Belizean Cabinet has approved the discontinuation of various fees, including exit fees, to make cross-border travel more accessible. Garcia-Ramirez highlighted that easing travel restrictions could attract a significant portion of the 1.2 million annual visitors to the free zone, most of whom are Mexican, thereby boosting Belize’s tourism and economy.

Belize is taking a significant step toward enhancing its global image with the launch of its first-ever unified national brand. This ambitious initiative, supported by the Inter-American Development Bank and spearheaded by BELTRAIDE, aims to redefine how Belize is perceived internationally. The 22-week project focuses on attracting investors, fostering trade relationships, and promoting tourism by presenting the country’s unique strengths in a cohesive and compelling manner. Deputy Director of BELTRAIDE, Monique Usher, emphasized the importance of this branding exercise, highlighting its role in consolidating Belize’s identity across various sectors, including tourism, trade, and culture. The initiative involves extensive consultations with both private and public sectors, as well as research and surveys to gather feedback. Key areas of focus include environmental sustainability, which is strongly associated with Belize in both local and international markets. The goal is to create a dynamic and unified brand that effectively communicates Belize’s value proposition to the world.

Belize’s proposed Gaming and Lotteries Control Bill 2025, aimed at modernizing the nation’s gambling industry by consolidating four outdated laws, is facing intense scrutiny following a series of oversight failures and scandals. The bill, currently under Senate review, promises enhanced regulation but has been overshadowed by the Caribi Bleu Casino case, where illegal activities, including an unauthorized U.S. dollar ATM and questionable permits, went undetected for months. Critics argue that the bill grants excessive power to ministers without addressing systemic oversight gaps. Senators are advocating for mandatory audits, community involvement in licensing, and greater accountability. The bill has been paused for revisions, but the debate continues as stakeholders demand stronger safeguards to prevent future regulatory lapses. The case of Caribi Bleu Casino, whose owner Rima Ray is now imprisoned in the U.S. for fraud and illegal gambling, has exposed significant weaknesses in Belize’s regulatory framework. The Financial Intelligence Unit, Central Bank of Belize, and Gaming Control Board all failed to detect the illegal operations, raising questions about their effectiveness. Senators, including Patrick Faber and Janelle Chanona, have emphasized the need for transparency and accountability in the revised legislation. The Senate’s decision to shelve the bill for further review underscores the urgency of addressing these issues to restore public trust in the gaming industry.

Belizeans are experiencing the lowest returns on their bank deposits in over 15 years, according to recent data from the Central Bank of Belize. The weighted average deposit rate fell to 0.9 percent in September 2025, reflecting a sustained decline in what banks pay customers for savings and time-deposit accounts. This downward trend is primarily driven by savings and time deposits, which constitute the majority of customer funds. Savings accounts now yield between 2.6 and 2.7 percent, while time deposits, often used for fixed-term investments, have dropped to 1.9 to 2.0 percent. Demand and chequing accounts, which typically offer minimal or no interest, have remained stable and play a lesser role in the overall decline. The long-term trend reveals a stark reduction in deposit earnings. In early 2010, the average rate was nearly 6 percent, but by 2020, it had fallen to around 1.3 percent. The continued decrease into 2024 and 2025 indicates that low deposit returns have become a permanent feature of Belize’s banking system. For example, time deposit rates, which stood at 7.4 percent in 2010, have plummeted by 74 percent to 1.9 percent today. Several factors contribute to this shift, including banks’ ample liquidity, which reduces their need to offer high interest rates to attract deposits, and slow lending growth, which diminishes competition for customer savings. For Belizeans, these historically low rates mean that savings grow at a sluggish pace, making it increasingly difficult to keep up with rising living costs. Over the same period, headline inflation has surged by nearly 30 percent, exacerbating the financial strain on households.