Aquaculture In Belize.

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This report will attempt to provide a comprehensive view on investment in Aquaculture to rear ornamental fish in Belize, and to be exported to the United States which have a ready and growing market for ornamental fish .

The Country.

Belize ,is a vibrant and picturesque country with an area of 8,867 sq miles or ,000 sq kilometers and an independent English speaking country in Central America.Belize is a Democratic country with a population of 16,000 located on the East Coast of Central America .The capital city is Belmopan.With a literacy rate of 80%, the official language is English,however Spanish is widely spoken. Currency is the Belize dollar ( pegged to Belize dollar = US 1 dollar).Major trading partners are The United States,United Kingdom and Canada.( See attachment for Belize map ).

Government structureCustom Essays on Aquaculture In Belize.

While the Prime Minister and Cabinet make up the executive branch the member elected House of Representatives and 8 member appointed Senate form a bicameral legislature.The Government of Belize is operated on the principles of parliamentary democracy ,based on the Westminster System.

Introduction on Aquaculture

Aquaculture is one of the oldest types of agriculture defined as rearing of aquatic plants and animals in man made ponds or environment.This method of rearing is designed to control the biological cycle particular plant or animal,in order to maximize output in terms of volume and quality.

Ancient inhabitants of areas near oceans or rivers and streams caught or trapped fish for food.Trapped fish that were not eaten immediately were probably held in secured traps, to sssure a prolonged fresh supply of food .Ancient Egyptians are credited with developing early forms of aquaculture. The Egyptians are also known to have collected and held fish for their enjoyment or worship.The Chinese of the Sung Dynasty (70-17 AD ) and later the Japanese raised koi.Raising and breeding koi for their aesthetic value may be recognized as the beginning of ornamental aquaculture.It was not until the 17'th century ,that Europe began to enjoy watching and raising ornamental fish.The fish major public aquarium was built in 185,in London, England (Mills,1).

Aquariums have become very popular .Large public aquariums have become major attractions in cities throughout the world.The size and diversity of fish exhibited and environments recreated is incredible.Equally amazing is that millions of people have bought ornamental fish into their homes.Fish that once were found only in rivers and streams of the jungles of South America are now found in homes ,schools and pet shops all over the world.

Project viability

The increasing demand for seafood and ornamental fish especially from developing and developed countries there is a natural concern on preservation of natural fisheries.The nomal yield for the sea is estimated approximately at kilograms / hectare,and 1 kilograms / hectare for fresh water but for farm ponds as much as 5000 kilograms / hectare.Apart from food production ,and ornamental fish rearing aquaculture products can be used for genetic engineering ,bio medical research and pharmaceutical benefits.Many competitive advantages are available for future aquaculturists intend on investing in this industry in Belize.Such as a Sub Tropical climate ( dry and wet season ) which allows for year round production, wide ranging environments for many types of culture methods, a dependable and enthuastic labour market and a strategic geographical location providing easy routing to international market destinations especially the United States.

Other Motivating Factors

Belize have a strong stable democratic government , offers fiscal tax and other incentives,and provides corporate tax holidays and duty exemptions on equipment among other things.Renewed interests have been generated on aquaculture as it protects the delicate physical makeup of the natural fisheries in Belize.

The Belize Fisherman Cooperative Association Ltd.(BFCA) provides technical training to local labour force to create a skilled manpower base for the aquaculture industry needs.Currently the majority of investments in Belize aquaculture are in shrimp farming .Other species cultured here are Australian Red Claw Lobster and fin fish , namely Tilapia and Red Drum .

Investment Incentive Schemes.

The importance of private investment both by local and foreigner investors has been recognized as an effective instrument for promotion of economic development,particularly the export oriented ventures in Belize.A healthy investment climate is being maintained to attract investors by the government.Several incentive schemes have been instituted to encourage and promote investment.The investment schemes are contained in the following legislation

1) Fiscal Incentive Act, No 6 of 10;

) International Business and Public Investment Companies (IBC)

) Mines and Minerals Act 188;

4) Export Processing Zone (EPZ) Act 10

5) Commercial Free Zone (CFZ) Act 14

Fiscal Incentive Act 10

The Fiscal Incentive Act ( No 6 ) of 10 is one of many schemes the government has initiated in order to attract investments into the country.The Act contains fiscal incentives and the rules and regulations governing the investment.

Tax Holidays and Duty Exemptions

The Fiscal Incentives Act 10 clearly defines the benefits and conditions of the tax holiday period.The tax holiday period shall normally be 5 years duration from date of production.However

there is a provision that the Minister of Economic Development,

on application made by a company,in a fit and proper case ,can review the company's operations and renew the tax holiday period for a further term not exceeding 10 years .In addition , there is an an exception to "normally in the same Section 6 (i) (b) which states that in the case of a company which is engaged in agriculture,agro industrial products ,mariculture etc,and the operation is strictly for export and highly labor intensive ,the tax holiday may be for a maximum period of 5 years.

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