It is estimated that Micro, Small and Medium Enterprises (MSMEs) generate approximately 70% of private sector employment and incomes, contributing significantly to Belize’s GDP. Despite this, there is no specific legislation providing fiscal and operational benefits to this sector.
BELTRAIDE through funding from the CARICOM Development Fund (CDF) completed a Draft MSME Policy and Strategy for Belize to support the development of this sector. As a result of the national consultations with both private and public stakeholders, the policy was developed to reflect regional and international best practices, to identify the needs of the sector and analyze Belize’s actual business environment.
The draft National MSME Policy and Strategy comprises of definitional framework, with recommended parameters for classification of each enterprise, policy and strategy recommendations with primary importance to legislative and regulatory framework.
It also included an increase flow of capital, as well as market access and competiveness and development of business skills and knowledge through education and training. There is also a draft MSME Development Act and the Logical Framework Monitoring Tool with the main goal being to reduce rural and urban poverty, create wealth and reduce unemployment.
In order to facilitate the growth and development of MSMEs, some programs have been proposed to improve competitiveness, provide access to affordable Micro-finance, reduce cost of establishing a business, as well as to facilitate access to larger markets, whilst building entrepreneurial development and building personal, technical and management skills.
The promotion of MSMEs will improve the competitiveness of the Belizean economy, generate additional employment, and improve the quality and range of goods and services available in the local and international markets.
In order to be passed as the National MSMEs Policy and Strategy, the Government of Belize (GOB) must support and endorse the recommendations and guidelines within. The final document of the MSME Policy and Strategy will be presented to Cabinet in the upcoming Cabinet meeting.
Upon approval, to obtain a copy of the MSME Policy and Strategy, please feel free to contact BELTRAIDE at 822-3737/0175.
Or email us at [email protected]