MSME Policy & Strategy for Belize!


Through technical assistance from the CARICOM  Development Fund (CDF) and after a series of productive consultations with stakeholders, Belize now holds a final draft for the MSME Policy and Strategy.

On April 24th 2012, a symposium was held at the Best Western Belize Biltmore Plaza to unveil and validate the policies, strategies and recommendations by project consultant Dr. Michael Seepersaud.

The Policy and Strategy addresses the following strategic issues: definitional framework, legislative policy, market access and competitiveness, education, training and support services.

The objectives of the policy are to:

a. Increase the flow of capital to MSMEs

b. Enhance the business and entrepreneurial skills of MSME owners/managers;

c. Promote market access and competitiveness of MSMEs and;

d. Enable MSMEs to access the resources needed to respond to economic opportunities.

Upon approval by Government, MSMEs will be defined based on specific characteristics which are: employment, annual sales, investment in plant and equipment and manufacturing space which ensures that the policies are targeted to defined sectors.

Under the legal framework the main strategic approach includes the enactment of an MSME Development Act through which a policy implementation organ called the Belize Agency for the Development of Enterprise (Belize ADE) will be created.   This act will outline monetary, fiscal and other incentives to support and sustain the sector.

In order to increase the flow of capital to the sector, some of the key strategies are: to provide low interest capital, to establish loan guarantee schemes and equity financing schemes, provide incentives for investing in the sector, establish export and pre-credit export credit schemes, finance and promote ICT and Quality Management.

The proposed strategies for market access will reduce the cost of doing business, developing ICT products specific to the sector, encourage the use of product standards, offer training in marketing, and provide assistance in market intelligence and market development.

The main strategies to address education and training issues will coordinate and rationalize training opportunities, promote programs that teach business skills/discipline and entrepreneurship, promote mentorship and networking, establish a business incubator, facilitate the development of an MSME Association, promote ICT solutions and provide the appropriate financing and technical support.

Beltraide would like to thank stakeholders for their valuable input in the development of Belize’s MSME Policy and Strategy for Belize.  For further information please contact Beltraide.

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