Belize to become more competitive with Commonwealth assistance

It was announced in the end of April that the National MSME (Micro, Small and Medium Enterprises) Policy is to be presented to Belize’s Minister for Economic Development, Commerce and Industry, and Consumer Protection, Erwin Contreras.

Government of Belize stated that the Policy is aimed at innovation and creativity in enhancing the growth and competitiveness of Belize Micro, Small and Medium Enterprises. It should also be mentioned that the National MSME Policy accords with the goal of national development through employment generation, poverty reduction and balanced regional growth that was set by the government.

To enhance the competitiveness of the country’s MSMEs, the Commonwealth Secretariat has been working with BELTRAIDE since 2005. The Commonwealth assistance started under the Pan Caribbean SME-ICT Competitiveness Development Programme developed in order to make the Commonwealth Caribbean countries more competitive in the MSME and ICT sectors. This initiative ran between 2005 and 2007. Under the initiative, Belize benefited substantially through assistance with networking and establishing a database for MSMEs.

Since 2007, CFTC has been assisting BELTRAIDE with development and implementation of a National MSME Policy, and developing an Economic Benchmarking tool for MSMEs, which will be software-based. This tool will identify how MSMEs can become more productive and competitive.

Melanie Gideon, Director of SME Capacity Building & Development, said that “in a WTO driven world, 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”, and thanked the Commonwealth Secretariat for providing the timely assistance.

The overall budget of the assistance is approximately BZ$ 450 000.

Comments are closed.