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Corozal Free Zone to be re- purposed Print E-mail
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Thursday, 22 March 2018 00:00

On Thursday, March 15, 2018, the Government of Belize along with the Inter-American Development Bank (IDB) launched a Technical Cooperation Project titled “Support for Export Led Development in the Corozal District and Repurposing of the Free Zone.” The project is estimated to cost US$150,000 and will be executed via a consultancy administered by IDB’s Trade and Investment Division. This project is a shared collaboration between the Ministry of Investment Trade and Commerce and the IDB.

The consultancy has two components including a reviewing and repurposing of the Free Zone and the preparation of an export-led economic development plan for the Corozal District. Activities undertaken in this project will seek to identify potential growth industries and economic linkages between the Free Zones and the local and regional economies. It will further provide detailed guidelines for the regulatory and supervisory institutional framework for Free Zones in Belize, including suggested adjustments to its regulation and operation through improved economic efficiency and simplification of its tax system and non-tax barriers.

Present at the launch were Hon. Tracy Taegar Panton, Minister of State in the Ministry of Investment, Trade and Commerce; Hon. Hugo Patt, Minister of Labour, Local Government, Rural Development, Public Service, Energy, and Public Utilities; Hon. Pablo Marin, Minister of Health, Dr. Angel Campos, Minister or State in the Ministry of Health; Jose Manuel Ruiz, IDB’s Chief of Operations; Jaime Granados, Lead Consultant/Specialist from the IDB, and other key stakeholders including representatives from the Corozal Free Zone; the Central Bank of Belize, the Financial Intelligence Unit; the business sector, the financial sector and the education sector.