Commonwealth committed to increasing competitiveness of businesses in Belize

The Commonwealth Secretariat is helping the Belize Trade and Investment Development Service, known as BELTRAIDE, develop and implement a national policy for the country’s micro, small and medium enterprises (MSMEs).

An important feature of this policy is the strong emphasis on the role of women and youth in MSME development.

In an increasingly globalised environment where Belizean MSMEs face tough competition, this policy aims to enhance the competitiveness of the sector. Between 2008 and 2013, a target has been set for 10,000 employment opportunities to be created as a result of the work.

“In a world driven by trade, the future competitiveness of the Belizean economy and its MSMEs are challenged by the erosion of trade preferences and the emergence of other low-cost competitors,” said Lourdes Smith, Executive Chairperson of BELTRAIDE.

She added: “According to the World Bank, in the global context, the core problem is that productivity is not increasing fast enough to keep pace with eroding competitiveness.”

Consequently, stimulating industrial development through innovative schemes was among the incentives for introducing this national policy.

It was formulated in consultation with various stakeholders in all six districts of Belize and is in line with the government’s goal of national development through generating employment, poverty reduction and balanced regional growth.

The Secretariat’s involvement included training ten lead network facilitators – whose role is to help businesses improve by working together more effectively. An IT based ‘Economic Productivity Benchmarking Tool’ was also developed to assist MSMEs identify potential gaps and weaknesses in their business operations and improve them through networking and collaboration.

Key Links:

• Country Profile: Belize
• Economics and Trade