As part of the CSME and other regional trade agreements, Belize has been doing business with companies from the Caribbean and Latin America. Itzamn Huelat, Director of Trade Promotion Office for Procomer Exports advices on how Belizean companies can become more competitive.
“One way to be competitive is trying to buy the raw material from the right people and the right countries. Buying from Central America in the region is very important. For example Costa Rica that is why we are here, if we are able to give raw material in a competitive price it will help the industry here for example and it could be that Honduras, Guatemala, or El Salvador has better pricing that we do, by all means buy the raw materials so that you can have the cost be reduced. Logistically it’s going to be a lot easier the transportation cost than bringing it in from Europe or Asia and so trade has to be done and we believe the region has to grow to be able to be more competitive in the world.”
Huelat also observed that trade with Europe might not be the best for Latin American companies.
“That is why there are big advantages to strengthen regionally because a lot of the ideas of having free trade with Europe and Asia is good because we do have to have our products like Belize and Costa Rica and the US who is the major buyer in the world or in Europe which is an emerging strong region. Regionally we cannot forget about our neighbors, it’s’ very important.”
The Costa Rican embassy is hoping that Belizean companies will take advantage of the opportunity to do business in Costa Rica as they are hoping to do with Belize.