Fellow Chamber Members,

As the Belize Chamber of Commerce & Industry enters

its 93rd year of service to the private sector, your

organization is at its highest-ever level of membership

and is, I am happy to say, back in the black financially. It

has been a difficult time for much of the private sector,

and no less so for its premier representative

organization, but through it all, the team you put in place has neither

forgotten nor abandoned its duty to you. Instead, the Chamber has risen to

the challenge of adversity and provided serious advocacy as well as fulfilling

the other components of its mandate to Capacitate, Connect and Champion.

During the past year, we have Capacitated our members as never before,

providing an unprecedented schedule of training opportunities for you and

your employees. This has been made possible in a large part through our

Memorandum of Understanding with the University of the West Indies' Open

Campus, Belize the first of its kind for the entire Caribbean. In addition, many

qualified individuals, most of whom are fellow members, have generously

shared their particular expertise during these sessions. We thank them for

their generosity and we thank you who attended and made the most of the

opportunity.

We have Connected members through mixers, through individual meetings,

through targeted group sessions. Some of you have made prospective

business links, found avenues for investment or financing, or met the resource

person who solved the problem you had been having, allowing you to

continue growing and developing your business. If we have found a way to

solve your problem and make doing business a little easier, we are happy to

have done so. We continue to seek new ways to connect you, both locally and

internationally, with resources that you require for the growth of your

businesses. If you have ideas or suggestions for building a stronger network,

we welcome them.

We have Championed you, both openly and quietly, on issues of the moment

that affect the private sector. Some of these you brought to our attention,

and we thank you for your vigilance. Some of them are issues we brought to

your attention, and we thank you for your responses. We recognize that

sometimes it is difficult to speak openly, and that though you may want to

shout your thoughts from the treetops, business obligations may keep you

from saying that which is foremost in your mind. This is where your

membership in the nation's largest private sector organization becomes most

important. We make your views known, as a body, as a sector, and collectively

as the largest group of taxpayers in the country. By having us do so, your

voice adds to the debate that shapes the role of the private sector in this

economy going forward.

You, of course, need to let us know your thoughts and needs in order for us to

share them, and that's why we send out surveys and requests for input.

However, we recognize that surveys, mixers and email contacts are not

enough, and some members have asked for a more open, 24/7 means of

communication whereby they can share experiences, ask questions, and even

demand action on topics of business interest. In answer to this request, we

will shortly add an online forum where you can bring up your issues for

discussion amongst your peers. This opens the dialogue even further, and it

will help us to help you too. Once we launch it, please use it, visit it often,

speak your mind. In a culture where the private sector has traditionally been

silent and stayed in the background, it is time we stepped forward and

asserted our role as the driver of the economy, ensuring that we receive the

tools we need to do our job of creating growth in Belize.

Notwithstanding the economic challenges confronting our country, the Belize

Chamber of Commerce and Industry (BCCI) remains firmly anchored in our

mission to be the Country’s leading voice of the Private Sector.

Early on in 2012 the Country shifted into an election mode. All Government

business was practically at a standstill pending the outcome of the National

and Municipal elections. Every move, every statement revolved around the

outcome of the National Elections. Your Chamber initiated an unprecedented

venture; we invited both major party leaders and the leader of the Unity

Alliance to have a one on one dialogue with our members. The Unity Alliance

declined the invitation. To view the respective presentations go to the

following link. http://www.belize.org/bcci/newsmodule/view/id/204/src/

@random4a39511b979e3/

After the outcome of the Elections in March of 2012, the Government recruited

two members from our Executive Council to serve in different public sector

roles. This greatly affected our succession strategy set out in our Constitution.

This meant that we had to amend our Constitution as it related to the

succession policy. A change of this nature had to be ratified by 51% of our

financial members. We had a very short time frame to do this since our AGM is

constituted to be held no later than the last Thursday in April. An urgent special

meeting was held and the 51% approval was received in time for the election of

officers at the 92nd AGM.

Dr. Richard Rahn was the guest speaker at the AGM and also

spoke at a President’s Circle breakfast meeting. He

challenged us to think outside the box and presented several

examples that were certainly not conforming to our

traditional way of thinking. The President also hosted a

breakfast for the President’s Circle members with Mr. Simon Thompson –

Director of Esri Inc., a geographic software company that is world renowned.

We collaborated with the ILO, which facilitated an

expert in May to conduct training in “Labour Relations”

using the amended Labour Act. The Chamber hosted

and invited members of the Trade Union and the

Ministry of Labour in the spirit of tri-partism.

Apart from the trainings facilitated by the UWI, we garnered the expertise from

among our membership to provide hands on training in Professional Etiquette,

IT Integrity and Professional Customer Service. The membership manager

participated in the modular trainings provided by BELTRAIDE regarding the

development of the Small Business Development Centers.

The Chamber continues to be the channel to provide Life and Health Insurance

to our members through Sagicor Insurance. Through this program the number

of small businesses accessing this service has increased.

One of our members, Royal Mayan Shrimp Farms Ltd. took advantage of

Caribbean Export Business Forum held in the Dominican Republic to promote

business opportunities amongst sectors for businesses readily positioned to do

business in the European Union.

In 2012 we had to conduct elections to select a Senator to

represent the Business Community. Our candidate

Senator Markhelm Lizarraga was successful and now

represents the Business sector in the Senate.

The Chamber facilitated a mixer with the Auditor General to review the Audit

Report. We also implored to both the Prime Minister and the Leader of the

Opposition to ensure that the House Finance Committee met Regularly and

address the shortcomings highlighted in the Audit report.

The Chamber participates fully in policy making committees such as the Labour

Advisory Board, the National Expert Strategy Steering Committee, and the

Social Security Board to name a few. The Economic Development Council (EDC)

is co chaired by the President and the CEO in the Ministry of Trade, Innovation

Promotion Private Sector Development and Consumer Protection. The

purpose of the EDC is to make actionable recommendations to the Prime

Minister on:

Issues impeding economic development.

Policy measures encouraging economic development

We had to make the difficult decision of relocating to the ground floor in the

Western Union offices in order to take advantage of an offer to rent a half of

the second floor to earn much needed income. Due to time constraints the

staff had short notice of our intention to relocate the Secretariat and with

good cooperation from Staff we were able to all move to the WU floor of our

property. Cubicles were built to accommodate all staff in a comfortable

working environment.

All these initiatives and events would not be possible without the commitment

of our staff at the secretariat who donate selflessly of their time. Thank you to

you our members, through your injection we have been able to exist and to be

relevant for the past 93 years! Together we move forward for a better Belize!

A DREAM DOESN’T BECOME A REALITY THROUGH MAGIC; IT TAKES SWEAT DETER-

MINATION AND HARDWORK. Colin Powell.

The Chamber kicked off its value added member services and restructured

membership package in 2010. For the past two years, we have moved forward

in adopting and enhancing this value to enable business success for you. We

readily participated in expo opportunities such as the Revenue Tax Fair held in

December 2012 and the Spanish Lookout Expo in Feb 2012 to further bring

awareness to businesses and the general public of our exceptional service.

Our website remains one of the top most searchable sites for the organization

that ‘Takes care of Business’ in Belize. We have worked hard

in making it relevant, attractive and user friendly. It has

become the means for us to share and report to our

members our weekly activities. Our online booking system

for the rental of conference facilities and the participation at

the Expo Belize Market Place continues to be upgraded to

better facilitate our service.

More companies were able to sign on to the Chamber’s Group Insurance

programme which allows our member companies’ staff to be covered with

significant Life and Health benefits at a discounted rate. We worked on gaining

the commitment of 22 of our companies to sponsor the Chamber discount card

for the year 2013, which is a benefit to be issued to our financial members in

2013. The card validates businesses as members of the Chamber and at the

same time serves as a discount card where our sponsors have agreed to offer

their companies’ services and products at a discounted rate.

Several of our members took advantage of having us create identification cards

for their staff and the Chamber continues to offer customized trainings to

meet a company’s staff specific need. Members at the President’s Circle,

Distinguished and Signature tiers saw special benefits at these levels as they

received great savings on trainings, conference facilities, advertisements and

participation at expos and also had the opportunity to become more involved in

policy decision making committees and surveys.

The following graph demonstrates the increase in membership, especially at

the Associate tier which comprised of 18 new members who embraced the

Chamber for the first time in 2012. We look forward to their upgrade after they

have had a taste of the great services of the Chamber.

The Membership Revenue chart below shows that the Chamber is not slowing

down rather we have moved forward from 2011-2012 with an increase of

$9,875.00 on membership collection. On the overall, the economy and the

financial books of businesses have not scored up but businesses definitely have

recognized the need to join the Chamber as we take the lead in championing

the private sector’s constituency. Thank you for believing in us!

BCCI has recently been rallying for a review of the current trade license system

and an amendment to the existing Trade License Act (Chapter 66 of the Laws

of Belize). According to the Act the business owner must be developing in a

designated “commercial area” of the town or city and fees are calculated

based on annual rental value of the property depending on the sector in which

it operates. The maximum rate charged is 25% of rental value for businesses

that are usually engaged in gaming or operate as monopolies. The final

approval of a trade license is based on the recommendation of the Trade

Licensing Board responsible for each town or city.

At the close of 2012 BCCI Members especially in Belize City experienced hikes

in their trade license fees ranging from 7% - 246%. The 10 highest increases in

trade license fees ranged from 112% to 264% . The greatest increase in

descending order was 264% followed by 200%, 186%, 155%, 142%, two

companies both experienced a 136% increase, followed by 125% and 112%

respectively. Mayor Bradley of the Belize City Council responded to the

concerns expressed by BCCI stating that he is well within the law and business

owners were paying less that what the law provides for all along. Therefore an

across the board 25% of rental value seemed eminent as the trade license fee

in Belize City.

After consultation with its membership and a meeting with Minister Godwin

Hulse, Minister of Labour, Local Government, Rural Development and NEMO,

BCCI formulated its position. It proposes that trade license be treated as a

license and not as a tax requiring changes to the existing law, which BCCI

suggests should be applied to all municipalities although Belize City was

hardest hit. BCCI continues to lobby for an explanation and lowering of

excessive trade license fees. A change in legislation appears to be the most

viable means of achieving this objective along with a review of the existing

Following consultation with its members in July the BCCI stated its position on

the “Decriminalization of Marijuana”. For the most part members were

receptive to supporting this initiative believing that if well regulated and

enforced it can reduce the burden on the judicial and prison systems. They did

however request more information from the then Minister of Police, Douglas

Singh such as the number of cases currently arising for small quantities, the

cost to the tax payer, the impact on the limited resources, the level of

contribution to the crime situation and any other information that may assist

in providing informed feedback.

The BCCI suggested several factors for the Ministry of National Security to

take into consideration when formulating the proposal i.e. offenders need to

be regulated for non-payment of fines and for not attending mandatory drug

education. It was recommended that Drug Education be clearly defined and

that legal possession be reduced to 5 grams.

Living in a country with scarce resources and a ballooning crime problem the

BCCI believed that this initiative was a step in the right direction towards

maximizing the use of resources and stood ready to be part of the

consultative process relating to the decriminalization of marijuana.

systems in each municipality. We aim for elimination of arbitrariness, and

ambiguity in property valuation and calculation of rental value which we

believe will create a more transparent and equitable system.

In December the Belize Chamber of Commerce and Industry commended

Prime Minister Barrow and his team on the renegotiated “Superbond” result-

ing in US $150 million in savings. The BCCI indicated that it was looking forward

to receiving specific details of the renegotiated terms and proposed deficit

reduction.

Business mixers bring our business leaders together to hear and share best

practices of improving their businesses. The Chamber sees it as one of the top

activity on our quarterly Agenda to facilitate and connect our members

through this medium, business mixer. The year 2012 started with the General

Sales Tax (GST) business mixer with special guests: Mr. Evan Brown, Assistant

Commissioner and Mr. Lennox Forbes, both of the GST department, who were

able to share information on "GST, the processes and procedures mandated

under the GST Act".

We also collaborated with the Belize Trade and

Investment Development Services (BELTRAIDE) in

having the international guest speaker, Mr. David

O’Donovan, Director of Investment Promotion

Agency Development at the Communique

International, who shared the economic and

investment roadmap that made a positive impact for Ireland and how it could

do the same for Belize. How encouraging his experience was for our members

who attended.

The debt relief resulting from this second renegotiation provided an excellent

opportunity for fiscal reform. The savings did not equate to new money, but

rather came at an opportune time when Belizeans were entering into a new

year - 2013. It was hoped that GOB would realize the goal of manageable debt

repayment as part of an overall effort to foster economic viability and growth

in Belize.

BCCI urged the Government to use any fiscal relief achieved through the

renegotiated bond to introduce programs to stimulate and promote economic

growth and investment.

Another important mixer was that of the role of

the Auditor General's Office and its aim to

promote public financial management and good

governance, presented by no other than the

Auditor General herself, Mrs. Dorothy Bradley.

The year 2012 would also be the period Belize and its businesses would

experience a new vision in the country leadership. Being an election year, we

took the initiative to organize a Forum where our members met with the

party leaders of the major political parties, Hon. Francis Fonseca, Leader of

the People’s United Party, and the Prime Minister of Belize and Leader of the

United Democratic Party, Hon. Dean Barrow. Both leaders outlined their plan,

if elected, with their respective intentions for

the growth and development of Belize over the

next four to five years and were able to obtain

input from business owners to improve the

economic and financial system for all players:

the government, the employers and employees.

Members had the opportunity to take part in trade missions and meeting

Mexican and Belgian companies having interest in trading goods and services

with Belize.

Mr. Irwin La Rocque, Secretary General of

CARICOM also made a special working visit to

Belize, to report on Belize’s status in CARICOM

and to hold a consultation meeting with

businesses to hear their views on how to im-

prove the trade policies affecting Belize and to

expose them to opportunities to further their

market in CARICOM.

The Expo Belize Market Place continues to get

bigger and better drawing thousands of people to

see the various attractions, enjoy entertainment,

arts and displays from the various business sectors

in Belize. A total of one hundred fifty two (152)

booths were constructed in 2012 in order to meet

the demand of the market, which is an additional twelve more booths than the

prior year.

The U.S Embassy partnered with the BCCI for the EXPO Belize Marketplace 2012

in order to promote goods and services produced in the U.S.A and to educate

those businesses who were interested in exportation. A variety of sectors took

part at the expo such as Non-Governmental Organizations, Governmental,

Manufacturing, Industry, Commerce, Services and Embassies. The guest

speaker at the opening ceremonies was Ms. Desiree Arnold, Country Manager

from Maya Bags who recounted the challenges she had to overcome. Her bags

are now on sale at Barneys in New York!

To make this Expo even more exciting the BCCI

promoted the ICA Creative Village, which was done

in collaboration with the Belize Music Agency and

NICH. The public was able to take a look at the

dazzling jewelry, paintings, and clothing that are all

designed and made by our Belizean Artisans. Young

Belizean Music artist and entertainers were also featured.

It was noticeable that exhibitors placed a lot of creativity, hard work and time

to make their booths appealing, not only for the public, but also for the judges

who visited their booths. However there were only three outstanding booths

that ranged first, second and third and those companies were Karl H Menzies

Company Limited, the Belize Camping Experience and the Belize Insurance

Based on requests from our members, the

general public and the realization of the great

potential, this year we launched our first ever

Christmas Expo Extravaganza. On December 2,

2012, the Kings Room of the Princess Hotel was

filled with businesses displaying their goods and

services demanded for the Christmas Season. A

total of thirty (30) companies took the plunge with us to participate in these

unchartered waters.

The one day exposition kicked off at 9:00 a.m.

and lasted until 7:00 p.m. Visitors had many

options to choose from as the room was filled

with various companies offering great deals

and promotions on home goods, Phones,

Electronic Gadgets, Christmas Decorations,

Jewelry, Clothes, Rums & Wines, Makeup, local

rum popo and black cake and so much more.

Families were able to take back memories of the expo by taking pictures with

Mrs. Clause. The Expo would not be the same without games and the BCCI

staff manned a very exciting and robust tambola booth.

The outcome of our first Christmas Expo Extravaganza was exceptional and

we had many requests from both the participants and visitors to make it an

annual event.

Centre respectively.

Thanks to you our exhibitors and of course our corporate sponsors who see

the value in being a part of the EXPO, the U.S Embassy and especially our staff

who worked diligently to bring EXPO Belize Market Place to its successful

Capacitate, is one of the three key philosophies of the Chamber which is used

to serve our members. For the third year, we renewed our MOU with the

University of the West Indies, Open Campus Belize to facilitate a full calendar

of meaningful trainings for 2012 to our members. Special demand from our

members moved us to request the support from the International Labour

Organization (ILO) to facilitate a Labour and Industrial Relations Seminar in

influence to the newly enacted Labour Amend-

ment Act (2011). Mrs. Luesette S. Howell, Senior

Specialist for Employers’ Activities, and Mr. Pier-

Francois Recoing, Specialist for International

Labour Standards and Labour Law, both of the

ILO Caribbean Office, made special presenta-

tions on the Overview of Industrial Relations

and Discrimination at the Workplace under the Decent Work Country

Programme, as well as facilitated panel

discussions on “Key Provisions under the

Draft OSH Bill” and "Clarifying the Labour

(Amendment) Act 2011". Special thanks to

ILO who has always proven to be a reliable

partner for support and guidance to the

Belizean employers and employees.

Through the BCCI, two of our members, Ms. Mapye Smith and Ms. Heather

Cunningham, were offered the opportunity to participate in the United Nations

Democracy Fund (UNDEF) project to play the role as Belize’s Women Leaders

for fellow Belizean women to Advance Transformational Leadership for Gender

Justice in the Caribbean. Our members were also offered the chance to attend

the CARICOM – Dominican Republic Business Forum organized by the

Caribbean Export Development Agency in the Dominican Republic (DR) of

which Royal Mayan Shrimp Farms took advantage. They were able to

capacitate on the CARICOM-Dominican Republic Agreement and how to tap

into viable business prospects available in the DR and the European Union.

The BCCI also strived to increase the capacity of its

secretariat by participating in workshops as the

Export Business Plan, the Small Business

Development Centre and the Foreign Direct

Investment training, all facilitated by the Belize

Trade and Investment Services (BELTRAIDE)

through regional and international alliances.

“Knowledge is important, but wisdom takes it further, wisdom is the actual

application of our knowledge. How wise and beneficial knowledge becomes when

we actually put it to work.”

The year 2012 was a year of transition for the Belize Chamber of Commerce and

Industry’s staff. We started the year without a Director of Membership

because our former Director Mrs. Kim Aikman was promoted to the post of

CEO in late 2011. In March Mrs. Vanessa Peyrefitte accepted the position of

Director Membership Relations. However, this was short lived as she resigned

in October of 2012 to pursue a different career. Our Chief Policy Analyst, Mrs

Venetia Eck Salazar and Director of Administration-Mr Clinton Williams also

moved on to follow other goals.

In light of these resignations our Junior Managers had to step up their game

and show their resilience in performing additional duties with the support of

the general staff. The transition continued with the staff in the Western Union

Department on the ground floor having to make room to accommodate the

Secretariat’s staff from the 1st floor as we sought much needed revenue by

renting the 2nd floor previously occupied by the Secretariat to Atlantic

International Bank Limited.

To make things more comfortable and welcoming for the

BCCI/WU staff we did a major accommodation renovation

to the ground floor. Each staff has their own semi private

cubicle. This is broken down into the Finance, Membership

and Administration departments. We have two private

offices, one for the CEO and one for

the Western Union Manager along with

a small meeting room and the kitchen.

The staff members enjoy their space and have expressed

that for the first time in a long time we feel as one, the

space is a little smaller but lends to the atmosphere of one

big family with everyone situated on one floor.

After all the transitions taking place we felt that

the staff needed a break and arrangements were

made for a staff trip to Mahajual for a fun filled

day! All who were able to attend had a relaxing

and enjoyable time thanks to the Chamber and

Mr. Israel Marin who is always willing to supply us

with transportation. The staff also found ways not

dependant on the organization to build camaraderie with each other with Ms.

Ruth Romero always at the helm planning pot lucks or karaoke evenings.

This year, due to budgetary constraints our usual WU Awards/Staff Christmas

Party at the Chateau Caribbean was not held. In its place a WU Awards

Luncheon was held in the BCCI’s Conference Room on the 8th December and a

cozy fun-filled evening was held for Chamber Staff on the 15th December.

Staff exchanged Kris Kindle gifts and raffles were done by the Chamber in

which everyone received either a ham or a turkey. There was also one grand

prize of a Round Trip Ticket anywhere in the Continental USA - courtesy of our

AA bonus miles which was won by Ms. Gina Reyes.

The year ended with a bang as the Chamber held its first ever Christmas Expo

on the 1st December at the Radisson Hotel. The Expo was a resounding

success and promises to be even bigger in 2013!

We continue to give our commitment, hard work and dedication to an

organization that we feel is very instrumental in the growth and development

of our country as we plunge on into the challenge of a new year.

Twenty years ago feels just like yesterday. Looking back we can say that the

BCCI/Western Union has come a long way. Walk with us down memory lane as

we look and appreciate where we have come from and what we have endured.

BCCI/WU was officially opened for business on December 8th 1992. Western

Union was brought to the Chamber at the time when all the funding was

ending. The Chamber had downsized to a staff of four - one general manager,

a clerk, an accountant, and an office assistant. At that time the BCCI/WU was

the only money transfer agency in Belize doing a little over four thousand

transactions a month and only having the one location.

The monopoly was short lived and by March of 1995, Belize Insurance Company

(BELINSCO) was the second Western Union agent. They came on line with a

number of locations countrywide. The Chamber was still adjusting to the

changes and had just started adding locations in Belmopan namely: Angelus

Press and in San Pedro Town - Castleberry Limited to name a few. BELINSCO

was short lived and they had to close their offices countrywide. A number of

their locations joined the Chamber’s WU. By 2004, BTALCO had come and gone

and by August of that year we were reporting over 12,000 transactions

monthly. During this time our number of locations grew and by 2005 we had

signed up Atlantic Bank.

Once again we were the only Western Union agent in Belize and over the next

two years our locations as well as transactions volume picked up.

It was at this point that we started giving back to

the community and one of our endeavors was to

adopt the Biscayne Government School and

equip the school with computers and other

school materials. Since then we have attended

the graduation ceremonies yearly and present

the graduates with small tokens that they can

take on to high school.

Besides the school, we had sponsored First Taxi Co-op and sponsored many

School Fairs and events. Western Union has attended all the EXPOs and with

Western Union International’s help, we were able to sponsor a Bryon Lee

concert in Belize. We had the opportunity to be part of the National

Agriculture and Trade Show as well as Garifuna Settlement Day celebrations in

Dangriga. Attending these events and talking one on one with our customers,

we were able to listen to their concerns, suggestions and grow our network.

For many years after, BCCI was the only agent. During this time the network

grew to thirty-three locations and spread from the Corozal Free Zone to Punta

Gorda and the Cayes. The office in the Free Zone was closed by the regulators

and others have had to be closed for other reasons. In 2011, the BCCI was

faced with having a second master agent in Belize and had to adapt our busi-

ness model to accommodate this.

In 2012, the Belize Chamber of Commerce & Industry celebrated its 20th

anniversary of doing Western Union in Belize. This year was highlighted by

loyalty programs that allowed customers to win prizes from our Alliance

Partners namely: United Airlines, Dream Valley, Smart, Grace Kennedy,

Caribbean Tires, Courts, Royal Palm and Hofius. The winner of the grand prize

which was a round trip ticket to anywhere in the continental US was won by Ms.

Ireland of the Cayo District. We were determined to mark this achievement

grandly.

We made a commitment and were able to refurbish the cafeteria of Biscayne

Government School by tiling the floor, repairing the ceiling and assisting them

with an additional picnic table. The students

were also presented with a lunch kit and cups

that was very much appreciated and placed

smiles on the children’s faces. The year was

culminated with a dinner for all sub-agents and

prizes and awards were presented to Celina’s as

the oldest sub-agent. Beauty Plaza won the

Agent of the year and certificates were awarded

to the locations that had joined us during the year. The year 2012 was a challeng-

ing one, as at the close of the year Western Union International abruptly low-

ered the rates for transactions from the United States to Belize. This has caused

some apprehension in the Sub-agents however, they have put their shoulders

to the wheel and stayed with us.

BCCI/WU continues to grow its network to cover areas that are not yet serviced

by Western Union as we strive to keep our foothold in this ever changing money

transfer climate. 2013 promises to be even more challenging but with determi-

nation we will keep moving forward!

MINUTES OF THE

ANNUAL GENERAL MEETING (AGM)

of the

BELIZE CHAMBER OF COMMERCE & INDUSTRY (BCCI)

April 26th, 2012

at the McField Conference Centre

1.0 Call to Order

The meeting was chaired by V.P. Services, Mr. Israel Marin and commenced at 6:00

p.m. with the singing of the national anthem by Ms. Lisa Alvarez backed by Belize

Music Agency and a prayer by Pastor Howell Longsworth.

2.0 Head table guests

Present at the head table were: Guest Speaker – Dr. Richard W. Rahn – Senior Fel-

low at the Cato Institute and Chairman of the Institute for Global Economic Growth

based in Washington D.C., United States. Dr. Rahn’s has a B.A. in Economics

from the University of South Florida, an M.B.A. from Florida State University, and

a Ph.D. from Columbia University, as well as an Honorary Doctor of Laws from

Pepperdine University, Ms. Kay Menzies – President, Mr. Israel Marin - V.P. Ser-

vices, Mr. Allen Reimer – V.P. Industry, Mrs. Claudette El Ters – Treasurer, and

Mr. Rishi Mungal – Councillor.

3.0 Welcome

Mr. Rishi Mungal - Councillor gave the welcome address.

4.0 Video Presentation

A video presentation was shown to members on the Year in Review – 2011.

5.0 Introduction of Guest Speaker

Mr. Israel Marin, VP Services introduced the guest speaker for the evening. Dr.

Richard W. Rahn.

6.0 Presentation by Guest Speaker

The guest speaker for this year’s AGM was Dr. Richard W. Rahn. He was a past member

of United States Chamber of Commerce. In his address, Dr. Rahn spoke about “The Op-

portunity for Belize to be a High-Growth Country”. He compared Belize to Hong Kong

and Cayman and spoke about these three countries being on the same level in the 1970s

and now both Hong Kong and Cayman were way ahead of Belize in growth and prosper-

ity. Belize has more natural resources than Cayman and should be a rich country at this

time and still could be one. He spoke about implementing a Currency Control Board for

monetary policy, introducing the concept of Free Cities where investors can

develop industries with little or no restrictions to increase exportation and create

jobs, as well as instituting E-governance systems to reduce the cost of doing busi-

ness in Belize. He indicated that there were several things necessary for this concept

to work:

1.A Bill of Law;

2.Property Rights - no nationalization;

3.Free Market – no price control;

4.Free Trade – very important;

5.Lower levels of GOB spending;

6.Taxation;

7.Monetary freedom – very important; and

8.Freedom of currency.

Dr. Rahn ended his speech by saying that when he returns to Belize in the future he

would like to see lots of big hotels, nice big houses and no poverty.

7.0 CEO’s Speech

“With your permission, I wish to take just a few minutes to share with you a very

short brief for inclusion into the records of the AGM.

As you are all aware, the Chamber’s leadership changed hands in December 2011.

Having regard for our financial fragility, and the very highly charged political sensi-

tivity being navigated by the Chamber at that time, I still wonder what part of this

landscape I did not clearly process to actually embrace this assignment!

Well, five months later, embracing the assignment has meant pulling up our boot-

straps!

We have had to take daringly bold decisions requiring tremendous sacrifice by the

Secretariat staff. We have had to hunker down in severely compromised spacing on

the ground floor and have had to become very intimate with each other. We did this

willingly with an aim to facilitate the generating of new and critical revenues for our

sustainability and viability.

Tonight, however, I want to applaud and thank the staff of the Chamber and Presi-

dent and Board, for your unwavering support and commitment in forging the critical

path forward. Together we will continue to make the tough decisions.

Together we will continue to fortify and strengthen our very base and core….you,

our membership!

Together we will continue always to be the financial and economic monitor and

pulse of this country.

Together we will continue to advocate, defend and protect the rights of the Private

Sector to ensure the most attractive, predictable and secure investment climate in our

beloved Belize.

Together we will continue to be the leading voice for the Private Sector promoting

economic vitality and quality of life in Belize…without fear of favour to none.

Thanks to the President, Board and most of all the staff, for your stellar support and

determination, to do the “very most” with the “very little”. This here tonight was for

the most part made possible through innovation and the relationships that we have

forged.”

8.0 Review and Confirmation of Minutes

Mrs. Kim Aikman reviewed the minutes of the 2011 AGM. The minutes were

confirmed upon a motion by Mr. Charles Woods and seconded by Mr. Francisco

Alvarado.

9.0 President’s Report

As our Vice-President mentioned, tonight we're holding our 92nd AGM. But do we

ever really take the time to think about what that number means? Our organization, the

Belize Chamber of Commerce and Industry, is 92 years old. We're 8 years away from

celebrating our centennial, we're older than independent Belize, older than the political

parties, and we are certainly the oldest - and largest- private sector advocacy

organization in the country. Imagine, in 1920 when the Chamber was born Belize did

not even have a democratically elected government to call its own.

Over 92 years, like any other organization that achieves such longevity, we have

evolved with the times and with stringent regard for the needs of the private sector that

we serve. The BCCI began as a commerce-oriented organization, and in more recent

times added industry to its name and focus, and then turned its attention to services as

the one sector left to make our representation all-inclusive. Everything we do as

businesspeople involves production, distribution, service provision, or some mix

thereof, meaning that the Chamber gives you the fullest possible representation. You

may note that even the Councillor Nominees tonight represent a mix of all three sec-

tors, with the aim of course that there be a thorough mix of representation on the next

Executive Council. That part, of course, is up to you.

I say all that to say that we truly, over 92 years, have evolved into the voice of the

private sector. Our Mission Statement now reads "As the voice of the business

community, we are the country's leading advocate for private enterprise, promoting

economic vitality and quality of life in Belize." Today through its mix of members,

from all sectors and all parts of the country, including other associations that see the

value of what we do, the Chamber represents in excess of 900 employers. You, as

members, trust us to speak on your behalf, and with your support we do so and are

heard. We're not always agreed with, but we are heard. Our Triple-C philosophy, to

Connect, Capacitate and Champion, means that today's Chamber doesn't just focus on

advocacy either, but rather has grown to include networking and training in its

Repertoire of business-strengthening tools. Your success is the Chamber's success, and

believe me when I tell you that the team, led by our new CEO, Mrs Kim Aikman, lives by

that philosophy every waking moment - they may even dream about it from time to time,

though I haven't asked.

Now, being the nation's largest and oldest private sector organization carries a great deal of

responsibility and requires maturity as well as a fair amount of resolve. You've seen our

objectives posted on the belize.org website, but just to refresh your memory, let me read:

To foster the economic growth and social well being of the nation through the

free enterprise system at all levels, by promoting and protecting, both nation-

ally and internationally, commerce, and all sectors of industry which includes

agri-business, tourism and manufacturing, the professions and the trades.

What this objective requires from us is that we in the private sector speak up on our own

behalf and convey our views of the best course of action for the wider objectives of

economic development. If we don't do it, who will? Now, while it is the most wonderful

thing in the world when we agree with the policymakers and can focus fully on getting the

job done, obviously there will from time to time be disagreements, no matter who's in

charge. We as partners then must do our best to understand each other's needs and find the

best solution to meet them, and if we can't, at least be able to place on record that we tried.

I'm not going to ask you how many of you read the White Paper on Investment that we

published in March, but please do take the time to review it and give us your input so that

we can keep it relevant.

Our second objective is an internal one:

To continually strive to enhance the Chamber's ability to better serve its

members whilst operating as a self-sustaining, non-profit, non-political

organization.

As you'll see from the Annual Report, fulfilling the 'self-sustaining, non-profit' portion has

been more than a little challenging. However, I am happy to report that as of 2012, after

making some fairly harsh decisions, none of which compromised our priority of service to

you, we are optimistic about our success in facing our internal challenges. As for the

non-political portion of that objective, anyone who has tried to apply a partisan label to us

must have difficulty maintaining their argument on either side. We are at all times, only

interested in representing and serving one constituency: you. While that singularity of

purpose makes for the challenges we've faced, it also allows us to be constant in the face of

whatever we meet.

Of course, we cannot do it without you. As members, please remember that the Chamber is

your organization, and it can only function as well as you want it to. Keeping that in mind,

on behalf of the Executive Council and the Secretariat, I thank each of you for all that you

do. Whether it's serving on various committees, or attending meetings when asked to do so,

or giving your vocal support when needed, or encouraging others to join, or -especially-

paying your subscription, we thank you

and ask you to pat yourselves on the back. You are the Chamber, remember that, and

your contribution helps us fulfill our mission on your behalf.

As for the next two years, some of the biggest challenges your new Executive Council

will face are fairly obvious. The crime problem isn't going away, and while enforcement

is the domain of the authorities, we will need to find ways to do our part to address and

repair the social ills that exacerbate the situation. We do have a Crime Sub-council in

place, and that Sub-council met yesterday in order to develop ideas for addressing the

crime problem. If you have suggestions as to approaches we can take -beyond asking the

authorities to enforce the law, we already have that noted- please do submit them to the

secretariat. The unavoidable fact, however, is that crime is everybody's problem, and it

will take everybody working in a united manner to fight it.

The economic challenges are also obvious. The good news we have there is that the

government has recruited excellent people from our ranks: our former Senator, Godwin

Hulse, is now Minister of Labour, Rural Government and NEMO; our former Vice-

President of Industry, Jose Alpuche, is now CEO of Agriculture; and I am told that Past

President Amparo Masson should take up her post as Business Development Officer in

the Office of the Prime Minister as early as next month. These are good people who have

comprehensive knowledge of the workings, challenges and needs of the private sector,

and we congratulate all three of them on their new posts, where we expect them to excel.

Their recruitment is, we hope, symbolic of a new and energetic commitment to partner-

ship with the private sector, and we welcome that partnership as a necessity for moving

the economy forward.

I'll wrap this all up by thanking you for the confidence you've shown in your Executive

Council through the challenging times we've faced together, and asking you to continue

that confidence as we begin our 93rd year. I personally would like to thank all the

members of the 2010/2012 Executive Council for their hard work and unswerving

commitment to the private sector, and as I go to thank the members of the Secretariat I'd

like them all to step forward so you can see them. These young professionals are, as I

mentioned, singularly dedicated to the healthy development of the private sector, and

they have made great sacrifices in their dedication to this organization.

Tonight you will elect five new councillors to serve on the 2012/2014 Executive Coun-

cil, and while I do warn those on the nomination slate that the work will be hard, I can

assure them that meeting the challenges we face makes it all worthwhile. Let us commit

to facing those challenges on behalf of the private sector, in the quest to improve not just

our economy, but the quality of life for all Belizeans - that is, ultimately, the impact

that the private sector's positive performance can and should have. Thank you again, and

let's continue to work together to make and keep the Chamber the organization we

need it to be.

10.0 Presentation of 2011 Financial Statements

Treasurer – Mrs. Claudette El Ters presented the financials. A motion to adopt the

Financials was made by Mr. Carlo Habet and seconded by Mr. Billy Musa Sr.

11.0 Election of Officers

The councilors up for elections, namely: Mr. Israel Marin, Mr. Carlo Habet, Mr.

Nikita Usher, Mr. Daniel Gutierrez, Mr. Douglas Bowen, Mrs. Virginia Johnson,

Mrs. Valeria Woods, Mr. Francisco Alvarado, Mr. Nolan Michael and Mr.

Reynaldo Magaña introduced themselves to the members.

After voting, the ballots were taken out of the box by Mrs. Kim Aikman and

authorized by auditors from Pannell Kerr Forster and Castillo, Sanchez &

Burrell. A new Executive Council was elected. They are as follows:

President - Kay Menzies

Past President - Emile Mena

V.P. Commerce - Alberto Young

V.P. Industry - Allen Reimer

V.P. Services - Rishi Mungal

Secretary - Ashanti Martin

Treasurer - Claudette El Ters

Councilor - Carlo Habet

Councilor - Nikita Usher

Councilor - Israel Marin

Councilor - Daniel Gutierez

Councilor - Douglas Bowen

12.0 Resolutions

There were no resolutions.

13.0 Motion to Appoint Auditors for 2012

There was a motion to have Pannell Kerr Forster re-appointed as the Chamber’s

auditors. Mr. Ernesto Vasquez carried the motion and was seconded by Mr.

Emile Mena.

14.0 Closure of Business Session

The meeting was closed on a motion by Mr. Arturo Vasquez and seconded by

Mr. Jose Coye.

15.0 Gifts to Guest Speaker & select EC members

Ms. Kay Menzies presented an award to Mr. Alberto Young (he was absent) for

his outstanding and tireless contribution to the BCCI Secretariat. One was also

given to Mrs. Amparo Masson in recognition of her years of dedication and

service to the BCCI. Mrs. Vanessa Peyrefitte – DMR and Mrs. Kim Aikman –

CEO distributed gifts to members of the EC. The gift for the guest speaker was

presented at the President’s Circle on Friday, April 27, 2012 as he had left the

AGM earlier.