Belize Trade and Investment Development Service : Spotlight

Supported by strong blue, green, and orange economy policies, a record low unemployment rate, and government initiatives to support small business growth, Belize’s economy is thriving.

BELIZE TRADE AND INVESTMENT SPOTLIGHT

Since 2024, Belize has seen continued economic growth, primarily driven by tourism, a strong business process outsourcing (BPO) sector, and consistent performance in agriculture.  

Tourism remains the primary source of foreign currency, with the sector directly contributing to around 12 percent of GDP and employing an average of one in four Belizeans.  

In addition, BPOs continue to offer stable, well-paid jobs for young professionals and graduates, with an estimated 20,000+ people employed by the sector.  

As a result, unemployment hit just 2.1 percent in September 2024, further decreasing to 1.9 percent the following September, reflecting a historically low rate for the country.  

The agriculture industry, meanwhile, has always provided a key source of livelihood for Belizeans as more than half the population live in rural areas, capitalizing on the country’s abundance of sugar, bananas, citrus, and seafood as its primary exports.  

Today, agriculture plays a central role in Belize’s Medium-Term Development Strategy (MTDS) 2022-2026 as a driver of economic growth and food security.  

As such, the Ministry of Agriculture, Food Security, and New Growth Industries is looking to align the sector more closely with MTDS to ensure increased, sustained, and diverse production for the years ahead – building resilience against climate change and developing regional trade policies. 

Elsewhere, Belize’s blue economy, which champions sustainable development and the responsible use of coastal resources to drive economic growth, continues to thrive and has even been leveraged to afford national economic prosperity.  

A Blue Bond transaction in 2021, for example, enabled the country to significantly reduce national debt while generating $180 million for marine conservation in the country. 

Looking ahead, Belize’s economy is poised for continued growth and on track to deliver on the expectations set out in Horizon 2030 – a national development framework launched in 2010 – which calls for a resilient, sustainable, and inclusive economy that embraces and promotes key productive sectors and the blue economy.   

Q&A WITH ISHMAEL QUIROZ, EXECUTIVE DIRECTOR, THE BELIZE TRADE AND INVESTMENT DEVELOPMENT SERVICE

We revisit the Belize Trade and Investment Development Service with Ishmael Quiroz, Executive Director, who updates us on how the nation’s economy has evolved over the past 18 months and why the organization is poised to support value creation through targeted investments, export development, and workforce readiness 

In light of the Belize Trade and Investment Development Service’s 25th anniversary in 2025, could you outline your continued focus on business development, investment, and coastal community empowerment?

Ishmael Quiroz, Executive Director (IQ): As the Belize Trade and Investment Development Service (BELTRAIDE) marks its 25th anniversary, our focus remains firmly anchored in building a resilient, inclusive, and diversified economy.  

Over the years, our mandate may have evolved, but our core mission remains consistent – to support Belizean businesses both locally and abroad, attract responsible investment, and ensure that economic growth translates into real opportunities for communities.  

In recent years, we’ve placed deliberate emphasis on empowering coastal and rural communities through targeted support in the blue, green, and orange economies. 

This has included capacity-building initiatives such as maritime-related training, sustainable livelihood programs linked to tourism and fisheries, and support for environmentally responsible enterprises. 

Our green enterprise efforts are complemented by the other services we provide, including investment facilitation and micro, small, and medium-sized enterprise (MSME) development, export readiness, and support for strategic partnerships.  

We cannot deliver these transformative initiatives alone, making openness to partnership essential. Together, this ensures that local communities are not merely participants, but true beneficiaries of Belize’s development trajectory.

What is your updated take on Belize’s economy? What challenges or opportunities have you encountered since we last spoke?

IQ: Belize’s economy continues to show strong resilience, particularly in the tourism, agriculture, and emerging services-based sectors. 

Post-COVID-19 pandemic recovery has been encouraging – we’ve seen among the strongest rates of growth in comparison to some of our regional counterparts, and we’re seeing renewed investor interest alongside steady growth in entrepreneurship, signaling confidence by domestic investment. 

At the same time, the global economy presents challenges, including inflationary pressures, supply chain disruptions, the impact of external tariffs, and trade dynamics. 

The effect this has on import costs and competitiveness is real, but these challenges also create opportunities, and we see growing momentum around economic diversification, value-added production, renewable energy, agro-processing, digital services, and creative industries. 

Agri-processing continues to innovate, digital services have seen quite impressive growth, and excitingly, the creative and cultural industries have seen a renaissance for the first time.  

These sectors, especially the revival of the creative and cultural industries, have seen a lot of support, appreciation, and respect which our artists, artisans, and musicians really benefit from.  

All of this is underscored by the steady growth of MSMEs, which we’ve made great efforts to formalize. 

So, Belize is well-positioned to continue to attract investors seeking stable markets, sustainable development models, and access to regional and international markets. 

Our role at BELTRAIDE is to help businesses and investors navigate the fluid shifts that continue to surface while still strengthening local capacity to compete and grow. 

Can you tell us more about the INVESTBelize Magazine, highlighting Belize’s current investment climate, success stories, and opportunities? What’s in store for the next issue?

IQ: This year, we will produce the ninth edition of INVESTBelize Magazine, which has become a strategic platform for showcasing Belize as an investment destination. 

It highlights the country’s strengths, priority sectors, policies, environment, and stories from real businesses and investors that are doing great things.  

The magazine also plays an important role in communicating opportunities for diversification, including the green, blue, and orange economies.  

As we’re guided by those pathways, the upcoming issue will continue with this focus, but place stronger emphasis on sustainable investment, innovation, and emerging sectors. 

In Belize, there seems to be local talent for things like digital service provision, and we are already exporting software development and other high-tech skills, which we intend to grow.   

We need to employ skilled people in those areas here and, of course, encourage and inspire the younger generation to continue to train up.  

The upcoming issue will continue this focus, with stronger emphasis on sustainable investment, innovation, and emerging sectors. Readers can expect deeper insights into priority industries, profiles of successful local and international investors, and forward-looking perspectives on Belize’s economic direction. The aim is to provide both inspiration and practical information for investors and entrepreneurs alike.  

And of course, INVESTBelize Magazine is the medium through which we showcase the Belize government’s forward-thinking, pro-business policies that are delivering positive impact. 

You launched the 2025–2026 Training Calendar to empower entrepreneurs and boost business skills last year. How is the program creating opportunities for Belizeans to build business capacity?

IQ: The 2025–2026 Training Calendar forms part of BELTRAIDE’s long-standing approach to business development and has been implemented on a fiscal-year basis since 2012.   

Each year, the calendar is carefully designed to respond to the evolving needs of entrepreneurs at different stages of ideas and growth, from early-stage start-ups to more established enterprises seeking to scale, export, or attract investment. 

The calendar consolidates training and capacity-building programs delivered across the BELTRAIDE ecosystem, including offerings from the Small Business Development Centre (SBDCBelize) and the Belize Training and Employment Centre (BTEC), along with introductory export training from EXPORTBelize and investment information sessions led by BelizeINVEST, particularly on the Government of Belize’s incentives program. 

Delivered through a hybrid format, both in person and online, and implemented countrywide, the training calendar strengthens core business skills such as financial management, marketing, digital tools, sustainability practices, and export readiness.  

Importantly, these sessions are designed to produce practical outcomes, including stronger business formalization, improved access to finance, increased competitiveness, and better preparedness for investment and market expansion. By operating on a consistent annual fiscal cycle, the calendar ensures that capacity building remains accessible, structured, and aligned with national development priorities.   

Each year, around the budget, we leverage what other ministries and public agencies might have available in terms of financial resources to deliver in their respective areas of expertise. 

BELTRAIDE is currently involved in supporting the development of Belize’s country brand – a national identity that authentically represents its people, culture, environment, and investment potential. Can you tell us more?

IQ: We’re exceptionally excited about this – it is a tremendous privilege to be the lead coordinator.  

Supporting the development of Belize’s country brand is about creating a clear, unified way for Belize to present itself to the world while strengthening national identity at home. The country brand is designed as a long-term national asset that aligns how Belize is perceived, represented, and recognized across investment promotion, export development, and cultural engagement.   

The strategy operates through a dual system. BELIZE serves as the official brand for international representation, bringing exports, investment attraction, and cultural diplomacy under one authoritative identity.  

BELIZEAN complements this by fostering domestic ownership, cultural connection, and national pride. Together, they ensure Belize communicates with consistency, credibility, and authenticity. 

There are also three pillars of the brand: 

• The Blue and Green Vanguard – Focuses on Belize as a global leader in environmental stewardship and sustainability. 
• A Living Mosaic – Represents our country’s many cultures and traditions, woven together by shared values and pride. 
• The Uncurated Experience – Showcases Belize’s real, human, and authentic shaped by lived experiences, particularly in tourism. 

BELTRAIDE’s role is to help operationalize the brand so it supports economic competitiveness, reduces fragmentation, and builds confidence among investors, buyers, and partners.   

Applied consistently across platforms and markets, the country brand strengthens Belize’s reputation as a destination for sustainable, responsible, and high-quality opportunities while remaining grounded in who Belizeans are and what they value. 

Last time we spoke, you told us Belize was poised to continue pioneering blue, green, and orange economy approaches. Is this still the case? 

IQ: Belize is the leader in blue, green, and orange economy development.  

Our marine and coastal resources and the protection and conservation of this rich biodiversity – alongside our cultural and creative heritage – provide a strong foundation supported by continued policy alignment and institutional support.   

We’re poised to double down on that pathway and are in the process of collaborating with the National Institute of Culture and History and other partners on a national cultural policy, which will help focus our energies and where we invest in terms of cultural development.  

We saw an exciting recent development in December when Belize’s Krismos Bram and Sambai were inscribed on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity – a recognition of how culturally unique and rich Belize is. 

BELTRAIDE continues to advance this agenda through specific initiatives such as sustainable livelihood programs in coastal and rural communities and general support for environmentally responsible enterprises.   

Within the orange economy, BELTRAIDE has supported creative industries by working with music and cultural entrepreneurs to strengthen the business side of what they do, such as business formalization, branding, marketing, intellectual property, and income generation using digital technology and innovation. 

We have policies in place to help the private sector connect with this service provision, so we’re excited to continue that work. As a lover of the arts myself, I’m very excited to be involved. 

Looking to the future, what are BELTRAIDE’s key priorities and how do you see Belize’s economy continuing to evolve?

IQ: You’re perhaps the first outside of BELTRAIDE to know that we’re now equipped with a fresh-out-of-the-oven strategic plan that will cover 2026 to 2031.  

It’s been designed to transform the organization, elevating our work through focus, consistency, and collaboration.  

The rationale and need for it is that we live in a changing world and need to know what our strategy is going to be if we are to remain relevant and meet the needs of our people. 

The purpose of the strategic plan is all about refocusing and investing where we need to.  

Looking ahead, our priorities include deepening support for MSMEs, strengthening investment facilitation, and improving the way we deliver this.  

We’re looking to have a faster turnaround time so investors can run with their ideas – encouraging local investment, expanding export readiness, and growing the emphasis on innovation, digitalization, and sustainable business models. 

We’re also focused on improving coordination across the national ecosystem, so programs and investments are aligned and responsive to market needs. 

The Belize Investment Summit 2025 was hugely successful, and the outcomes of it have helped refine this approach in terms of connecting people to opportunities. 

Just by identifying priority sectors and opportunities that are unique to Belize – including investor interest in sustainable tourism, agribusiness, renewable energy, and the creative industries – together with the development of niche, high-value products for the export market, we’re looking to drive growth.  

At the same time, there is the need to strengthen Belize’s labor force by aligning skills development and training with the evolving needs of all these sectors. 

As our economy continues to diversify and build resilience, BELTRAIDE will continue to play a central role in supporting value creation through targeted investments, export development, and workforce readiness that enables inclusive and environmentally responsible growth.  

While significant progress has been made in advancing sustainability, there remains important work ahead to deepen and expand our impact. Our role as a nation and as a people is to lead by example.  

By demonstrating what is possible through initiatives such as blue bonds and nature swaps, we not only safeguard our own future, but also inspire other countries to act, creating a powerful, collective force for the protection of our planet. 

BELIZE TRADE AND INVESTMENT DEVELOPMENT SERVICES PARTNERS