Government tightens Export Processing Zone Programme

Belize implemented the Export Processing Zone Programme granting an international company Export Processing Zone status.

The Ministry of National Development and Culture signed an agreement with the investment company Pinnacle BST. In accordance with the agreement, this company gets Export Processing Zone status, which will allow Pinnacle BST to establish Information and Communications Technology operations in Belize.

The Chief Executive Officer of the Ministry of National Development and Culture, Hugh O’Brien said that the Export Processing Zone (EPZ) Programme is implemented by Belize in order to attract foreign investments to other countries so that the investors will be given tax exemption privileges but Belize will have major benefits related to direct foreign investment, foreign exchange programme and employment.

O’Brien highlighted the terms agreed by the Government of Belize and Pinnacle BST that are constant with all EPZ companies. He noted that the agreement tightens up certain conditions, for example, makes specific reference of the employment of Belizeans. O’Brien also added that the Government will continue to strengthen the program in order to reduce the loop-holes and to ensure maximum benefits to the country.

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