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The Economy of Belize Forestry was the only economic activity of any consequence in Belize until well into the 20th century when the supply of accessible timber began to dwindle. Cane sugar then became the principal export and recently has been augmented by expanded production of citrus, bananas, seafood, and apparel. The country has about 8,090 km² of arable land, only a small fraction of which is under cultivation. To curb land speculation the government enacted legislation in 1973 that requires non-Belizeans to complete a development plan on land they purchase before obtaining title to plots of more than 10 acres (40,000 m²) of rural land or more than one-half acre (2,000 m²) of urban land.
Domestic industry is limited, constrained by relatively high-cost labor and energy and a small domestic market. The United States Embassy in Belize City knows of some 185 United States companies that have operations in Belize, including MCI, Duke Energy International , Archer Daniels Midland, Texaco, and Esso. TourismTourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. A tourist is someone who travels at least fifty miles from home, as defined by the World Tourism Organization (a United Nations body). attracts the most foreign direct investment although significant U.S. investment also is found in the energy, telecommunications, and agricultural sectors.
A combination of natural factors--climate, the longest barrier reefIn nautical parlance, a reef is a rock, sandbar, or other feature beneath the surface of the water, but shallow enough to be a hazard to ships; see also shoal''. Many reefs result from abiotic processes—deposition of sands, wave erosion planning down rock in the Western HemisphereFor the reference to Western culture, please see Western culture The Western Hemisphere contains The Americas and nearby islands. The terminology is meant to serve as an analogy with the natural geographic division of the world into a Northern and Souther, numerous islands, excellent fishingFishing is both the recreation and sport of catching fish (for food or as a trophy), and the commercial fishing industry of catching or harvesting seafood (either fish or other aquatic life-forms, such as shellfish). Fishing is done in a river, canal, lak, safe waters for boating, jungle wildlife, and MayaThis article is about the pre-Columbian Maya civilization. See Maya people for a discussion of the modern Maya. The Maya are a people of southern Mexico and northern Central America with some 3,000 years of rich history. The Maya were part of the Mesoamer ruins--support the thriving tourist industry. Development costs are high, but the Government of Belize has designated tourismTourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. A tourist is someone who travels at least fifty miles from home, as defined by the World Tourism Organization (a United Nations body). as its second development priority after agricultureFarming, ploughing rice paddy, in Indonesia Agriculture is the process of producing food, feed, fiber and other desired products by cultivation of certain plants and the raising of domesticated animals (livestock). Agriculture is also known as farming .. In 2000, tourist arrivals totaled 189,634 (more than 110,000 from the U.S.) and tourist receipts amounted to $113.3 million.
Belize's investment policy is codified in the Belize Investment Guide, which sets out the development priorities for the country. The "Country Commercial Guide" for Belize is available on the Web at http://www.state.gov/www/about_state/business/com_guides/2001/wha/index.html
