Belize - Industry
The manufacturing sector is small but has been expanding. Major industrial activities include textiles and garments, and sugar, citrus, and banana processing. The Development Finance Corporation promotes private capital investment in industry.
Aside from the processing of sugar, citrus, and bananas, the manufacturing sector in Belize continues to be quite small. Garment production stabilized and grew in the late 1990s after significant declines in 1994 and 1995 that resulted from heavy competition from Mexico and the US. Other manufacturing products—batteries, beer and beverages—represent a minimal share and are protected by import substitution policies. Belize has witnessed increased export earnings from marine products in the late 1990s and into the 2000s. Construction projects in 2001 included a multi-million dollar housing project designed to build 10,000 units, a US $14.7 million prlject to rehabilitate the country's southern highway, and US $9.5 million in upgrading health centers and hospitals.
Tourism is the number one source of foreign exchange earnings. Offshore business in Belize is a fledgling industry with high growth potential. Attractive incentives to foreign investment have been promoted by the government in order to attract capital.