Belize Government Responds to U.S. Concerns Over Investment Climate

The Government of Belize has issued an official statement addressing a letter from the Chairman of the United States House Committee on Foreign Affairs to US Secretary of State Marco Rubio, which requested that the U.S. State Department conduct an assessment of Belize’s investment climate and institutional safeguards.  In its statement issued today from Belmopan, the government said it is aware of the public circulation of the correspondence and reaffirmed Belize’s willingness to cooperate fully with U.S. authorities in any review process.  Officials emphasized that Belize remains a stable democracy with confidence in its judicial system and maintains a longstanding bilateral relationship with the United States. According to the statement, the government will provide any information or clarification necessary to assist the congressional committee and the U.S. State Department in their evaluation of Belize’s investment climate.  The administration also highlighted its focus on attracting direct foreign investment, noting that several reforms have been implemented in recent years to strengthen the country’s business environment. These measures include modernizing legal frameworks, streamlining and digitalizing regulatory processes, expanding incentive programs for investors, and increasing engagement with the private sector.  As a result of those efforts, the government says Belize has recorded notable growth in foreign investment, with approximately five hundred and five million dollars in net investment inflows over the past two years.  The statement further pointed to Belize’s governance indicators, noting that the country currently ranks second lowest in perceived corruption in Central America on the Transparency International Corruption Perceptions Index and third in the region on the World Justice Project Rule of Law Index.  Government officials also referenced ongoing investments aimed at strengthening the judiciary, including infrastructure upgrades and initiatives designed to reduce case backlogs, stressing that a strong and independent judiciary is essential to maintaining both democratic stability and investor confidence.  The statement also addressed concerns raised in relation to the Stake Bank Island project. Officials explained that the compulsory acquisition of the Stake Bank extension was adjudicated by the High Court of Belize, which ruled that the acquisition was constitutional. However, the claimants have since appealed the decision to the Court of Appeal of Belize.  Because the matter remains before the courts, the government says it will refrain from detailed commentary until the legal process has been concluded.  The statement follows an earlier preliminary response from Francis Fonseca, Belize’s Minister of Foreign Affairs, who earlier this week assured that Belize would cooperate fully with any assessment while reiterating the country’s commitment to judicial independence and the rule of law.  The government says it remains committed to strengthening good governance while continuing to promote Belize as a stable and attractive destination for international investment.