Belize lies on the eastern coast of Central America, bounded on the north by Mexico, and on the south and west by Guatemala, and on the East by the Caribbean Sea. Despite its location, it is the only country in the central American region in which English is the official language. Belize has a population just over 240,000, and a GDP of approximately US$673.5 million. Current government plans call for a continued boosting of public sector spending on infrastructure and housing, while aggressively promoting tourism and direct foreign investment. Agriculture continues to be the primary driver for GDP, but other areas such as tourism and services are growing. Revenues from tourism have grown consistently and hit $103 million in 1999. While services are relatively new to Belize, stronger legislation has strengthened the country’s credibility, making it an attractive destination for foreign businesses. The government also hopes to encourage small entrepreneurs, especially women, to invest in non-traditional sectors of the economy, thus creating employment opportunities for minorities.

General State of Entrepreneurism: Belize’s commercial environment is primarily built on the activities of entrepreneurs engaged in private enterprise in the tourism and agriculture sectors of the economy. Women entrepreneurs are particularly prevalent in the services sector (with tourism representing the country’s largest source of export earnings) and account for 80% of all female employment. This open, private sector-led economy offers potential entrepreneurs a number of existing and future local endowment factors. For example, the presence of a functioning legal system based on English Common Law affords protection for corporate and individual investors. In addition, Belize’s proximity to export markets combined with government incentives and free-trade benefits under the CAFTA promote significant commercial trading opportunities. According to the government’s investment guide, the preferred areas where investors are currently encouraged to invest include agro¬industries, tourism, light manufacturing, and forestry-based industries.

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