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Executive Report on Strategies in Belize
ICON Group International, June 2007, Pages: 381
How to Strategically Evaluate Belize
Perhaps the most efficient way of evaluating Belize is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
Latent Demand and Accessibility in Belize
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Belize. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Belize:
Openness to Trade in Belize
Openness to Direct Investment in Belize
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Belize. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Belize over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Belize when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Belize as an area of dominant influence in Latin America and, potentially, the world.
As a whole, this report presents a strategic assessment of Belize by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN BELIZE
Political Risks
Economic Relationship with the United States
The United States and Belize have traditionally enjoyed close and cordial relations. The United States is Belize’s principal trading partner: In 2001, the United States supplied 48.1 percent of Belize’s imports and bought 53.8 percent of Belize’s exports. The United States is also the primary source of investment funds and home to the largest Belizean community outside Belize. Because Belize’s economic growth and democratic political stability are important U.S. objectives in an often troubled region, Belize benefits from the Caribbean Basin Initiative (CBI) program which forms part of the U.S.-Caribbean Basin Trade Partnership Act (signed into law by President Clinton on May 8, 2000).
International crime issues dominate the agenda of bilateral relations between the United States and Belize. The United States has sought a cooperative effort with Belize in the fight against illicit narcotics. The United States is also working with Belize to control the flow of illegal immigrants to the United States through Belize. In 1996, the U.S. Government and Government of Belize signed a “Stolen Car Treaty,” which entered into force in 2002. Belize is considered a significant drug trafficking country because of its vulnerable position as a transit point for illicit narcotics. The U.S. Drug Enforcement Agency maintains an office in Belize City to assist Belizean officials in their efforts to disrupt, dismantle, and destroy major drug trafficking organizations in Belize.
Politics and the Business Environment
Belize is a parliamentary democracy that has traditionally enjoyed a stable political and economic environment. However, because of the antagonistic rivalry between the two major political parties, party patronage does influence local government expenditures and, occasionally, foreign investments. for instance, the Belize Airports Authority -- a quasi-government institution run by a board of directors -- forcibly ejected a legitimate U.S.-owned duty free shop from the arrival lounge of the international airport in April 1999, which the authority considered to be affiliated with the opposition political party. The dispute was eventually taken to Belize’s supreme court, where the bench ruled in favor of the American-owned duty free shop and awarded damages close to half a million U.S. dollars.
Belize has supported the implementation of a CARICOM single market and economy that would give significant trade and investment preferences to CARICOM member states. Additionally, Belize has sought to build closer ties with the neighboring Spanish-speaking countries of Central America to complement its historical ties to the English-speaking Caribbean states. Belize established diplomatic relations with Cuba in July 1995 and following the general elections in August 1998, the PUP administration opened an embassy in Cuba.
The Political System
Belize is a parliamentary democracy on the Westminster model and is a member of the Commonwealth. Queen Elizabeth II is head of state and is represented in the country by Governor-General Dr. Colville N. Young, Sr., a Belizean. The primary executive organ of government is the Cabinet, led by a Prime Minister, who serves as the head of government. Cabinet ministers are members of the majority political party in Parliament and hold elected seats in the National Assembly or appointed seats in the Senate concurrently with their cabinet positions.
The National Assembly consists of a House of Representatives and a Senate. The 29 members of the House are popularly elected to a maximum 5-year term. of the senate’s twelve members, the Governor General appoints six in accordance with the advice of the Prime Minister, 3 with the advice of the leader of the opposition, one each with the advice of 1) the Belize Council of Churches and the Evangelical Association of Churches, 2) the Belize Chamber of Commerce and Industry and the Belize Business Bureau, and 3) the National Trade Union Congress and the Civil Society Steering Committee.
Marketing Strategies
Distribution Channel Options
Because the local economy is extremely small, the best way for American exporters to penetrate the Belizean market is to seek a local importer/wholesaler who would generally act as their agent/distributor in Belize. A typical distribution channel for an American-made product involves the U.S. manufacturer or distributor, the local importer or wholesaler (who almost always acts also as the distributor), the retailer, and finally the buyer/consumer.
Franchising Activities
Although many Belizeans are familiar with most popular U.S. brand names, franchising remains rare, since competition in the local market is more often based on price than name recognition or perceived quality standards. Franchising in Belize currently extends to just a few well-known brand names, including Best Western in the hospitality industry, Coca-Cola and Pepsi in the soft drink industry, and Avis, Budget, Hertz and National in the auto rental business.
Direct Marketing Options
Direct marketing in Belize by U.S. companies is rare. Normally, a local representative of the American firm performs all the local marketing functions.
Joint Ventures
The government welcomes foreign capital in the domestic economy and supports joint venture and partnership investments whenever possible as the preferred mechanism for the employment of such capital.
Creating a Sales Office
The following is taken from the laws of Belize, Chapter 206, Part IX. It applies to foreign companies wishing to establish an office in Belize.
Overseas companies that establish a place of business within Belize shall, within one month of the establishment of the place of business, deliver the following to the Registrar for registration:
A certified copy of the charter, statutes or memorandum and articles of the company or other instrument constituting or defining the constitution of the company, and if the instrument is not written in the English language, a certified translation thereof;
A list of the directors and secretary of the company containing the particulars:
In the case of an individual, his present Christian name and surname and any former Christian name and surname, his usual residential address, his nationality and his business occupation;
In the case of a corporation, its corporate name and registered or principal office; and
With respect to the secretary, or, where there are joint secretaries, with respect to each of them, his present Christian name and surname, any former Christian name and surname and his usual residential address.
The names and addresses of someone or more persons resident in Belize authorized to accept on behalf of the company service of process and any notices required to be served on the company.
Every overseas company shall, in every calendar year, file with the Registrar such a statement in the form of a balance sheet as would, if it were a company incorporated in Belize and having a share capital, be required to be included in the annual summary.
Every overseas company shall do the following:
In every prospectus inviting subscriptions for its shares or debentures in Belize, state the country in which the company is incorporated;
Conspicuously exhibit on every place where it carries on business in Belize the name of the company and the country in which the company is incorporated;
Cause the name of the company and of the country in which it is incorporated to be stated in legible characters in all bill heads and letter paper, and in all notices and other official publications of the company; and
If the liability of the members of the company is limited, cause notice of that fact to be stated in legible characters in every such prospectus as aforesaid and in all bill heads, letter paper, notices and other official publications of the company in Belize, and to be affixed on every place where it carries on business.
In addition, foreign companies are required to pay a registration fee of BZ$84 ($42) at the office of the Registrar General in the Supreme Court Building in Belize City.
Selling Strategies
Most major importers and wholesalers employ local commission agents who sell and deliver the product to the retailer. Most major supermarkets also deliver the product to the doorsteps of the customer. Personal contact with the clientele, therefore, is always recommended.
Advertising and Trade Promotion
Advertising in Belize is done mainly through radio, newspapers, magazines, and television. However, the use of billboards is fast gaining popularity. The Economic and Commercial Section of the U.S. Embassy in Belize puts out a quarterly newsletter titled “Commercial Opportunities.” American companies are welcome to place advertisements in this publication free of charge. Also, the U.S. Embassy generally participates in two national trade events: the National Agriculture and Trade Show, normally held in May, and EXPO Belize, held in September as part of the country’s independence day celebration. American firms are also welcome to join the U.S. Embassy’s pavilion at these two trade shows. The following is a list of the major local newspapers, magazine, and television stations:
Newspapers
Amandala Press
3304 Partridge Street, P.O. Box 15
Belize City, Belize
Tel: 501-202-4476
Fax: 501-222-4702
E-mail: amandala@btl.net
Web site: http://www.belizemall.com/amandala
Editor-in-Chief: Russel Vellos
The Belize Times Press
3 Queen Street, P.O. Box 506
Belize City, Belize
Tel: 501-224-5757
Fax: 501-223-1940
Web site: http://www.belizetimes.com
Editor: Andrew Steinhauer
The Reporter
147 Allenby and West Streets, P.O. Box 707
Belize City, Belize
Tel: 501-227-2503
Fax: 501-227-8278
E-mail: editor@belizereporter.com
Web site: http://www.belize.com/reporter.html
Editor-in-Chief: Harry Lawrence
The Guardian
Cor. Ebony Street and Bel-China Bridge
Belize City, Belize
Tel: 501-207-5346
Fax: 501-207-5343
E-mail: guardian@btl.net
Web site: http://www.udp.org.bz
Editor: Herbert Panton
San Pedro Sun
Coconut Drive
San Pedro, Belize
Tel: 501-226-2070
Fax: 501-226-2905
Web site: http://www.ambergriscaye.com/sanpedrosun
Editors: Bruce and Victoria Collins
Magazines
TV Times
P.O. Box 2218
Belize City, Belize
Tel/Fax: 501-922-3559
Editor: John Acott
Television Stations
Great Belize Productions
(Channel Five)
17 Regent Street
Belize City, Belize
Tel: 501-227-3146
Fax: 501-227-4936
E-mail: gbtz@btl.net
Manager: Stuart Krohn
Tropical Vision Ltd.
(Channels Seven and Eleven)
73 Albert Street
Belize City, Belize
Tel: 501-227-3988
Fax: 501-227-5602
E-mail: tvseven@btl.net
Manager: Nestor Vasquez
Pricing Issues
Certain items, including basic foodstuffs (rice, beans, sugar, bread and flour), butane gas, and fuel, have government price controls (1987 supplies control regulations). Most items are subject to one of two sales tax rates: 12 percent on petroleum products, alcohol and tobacco, and 8 percent on all other commodities. Staple food items such as rice, beans, corn, fresh meat, flour, sugar, eggs, bread and tortilla are sales tax exempted.
Supplying Customer Service
Sales service in Belize is limited to business establishments dealing with electronic equipment, including photocopiers, typewriters, computers, and air conditioners.
Public Sector Marketing
Suppliers of U.S. products and services generally have little difficulty selling to the GOB. In many cases, however, success of the suppliers in selling to the government depends on their political affiliation or personal contacts with the governing party. Local suppliers who are not members of the party of the day may not have the opportunity to sell to the government, and whenever they do, they may experience late payments. Numerous opportunities exist for selling to local projects that are funded by multilateral financial institutions, such as the Inter-American Development Bank.
In addition, the general orders, a list of government rules and regulations pertaining to the administration of the public service, govern the contractual and purchasing practices of government departments and agencies. Under this order, government purchases of over $50,000 must be submitted for public bidding by both local and foreign companies. However, bidders for tenders for externally funded projects must comply with the procurement rules and regulations of the foreign funding organization.
Intellectual Property Risks
On May 19, 2000, the Belize National Assembly passed a comprehensive package of IPR legislation to satisfy Belize’s obligation under the World Trade Organization (WTO) to implement the Agreement on Trade-Related Aspects of Intellectual Property (the TRIPS Agreement). The set of six IPR pieces of legislation includes copyrights, industrial designs, patents, trademarks, protection of new plant varieties, and protection of layout - designs (topographies) of integrated circuits.
With the enactment of these measures Belize acceded to the Paris Convention for the Protection of Industrial Property and of Literary and Artistic Works and the Patent Copyright Treaty.
This legislation came into effect on January 1, 2001. However, music and video stores in Belize continue to carry hand-copied tapes for sale or rent. Local television stations and cable companies also continue to pirate American television networks and cable channels with impunity, although two of Belize’s major cable television companies have increased rates, ostensibly to compensate for the payment of royalties to channels that have previously been pirated.
Hiring Local Counsel
It is advisable to seek legal assistance when planning to do business in Belize. The U.S. Embassy can provide a comprehensive list of the major law firms in Belize on request, as well as a list of local certified public accountants, but cannot recommend specific practitioners.
Import and Export Regulation Risks
Trade Barrier Risks
On April 1, 1999, the GOB repealed the 3-year old 15 percent value-added tax and replaced it with two different sales tax rates: 12 percent on petroleum products, alcohol and tobacco, and 8 percent on all other commodities. Staple food items such as rice, beans, corn, fresh meat, flour, sugar, eggs, bread and tortilla are sales tax exempted. Also, the GOB implemented on April 1, 2000, the fourth and final phase of CARICOM’s common external tariff, bringing Belize’s import duties on industrial products to an average of 20 percent. There is also a variable revenue replacement duty ranging from 15 to 25 percent for non-essential goods, such as beer, cigarettes and liquor.
In order to protect certain domestic industries, the government maintains a list of 27 categories of products that require import licenses. This list includes mostly consumer goods. In January 1999, the GOB contracted a local private firm to conduct post-importation inspection for the Belize Customs Department. The post-importation inspection entails randomly reviewing completed customs declaration forms to look for under-valued invoices. The Belize Business Bureau and the Belize Chamber of Commerce and Industry have expressed concerns about the potential negative impact the scheme could have on legitimate local importers.
In addition, the Belize Investment Guide notes that the following areas are not normally open to participation by foreign private investors:
Merchandising (distributive trades)
Commercial fishing (inside the barrier reef)
Sugar cane cultivation
Internal transportation
Restaurants and bars
Souvenir manufacturing for local market
Bee-keeping
Cruise ships
Sightseeing tours (sea, overland, river)
Accounting
Legal Services
Real estate and insurance
Entertainment
Beauty salons
Customs Regulations
The Belize Customs Department generally uses original commercial invoices and product catalogs to determine the value of goods coming into the country. for instance, the valuation unit of the Belize Customs Department uses the U.S. National Automobile Dealers Association (N.A.D.A.) publication, commonly known as the Blue Book, to valuate used vehicles being imported into Belize. However, there are occasional reports of harassment, pilferage, and requests for bribes in order to facilitate lower valuations.
Under the post-importation inspection scheme, duly authorized customs agents will review the customs declaration forms submitted by the local importers and verify that the declared prices on the invoices are indeed correct. This scheme is intended to recover the tremendous loss of customs revenue as a result of under invoicing.
Licenses Required for Imports
A list of 27 categories of products requires import licenses prior to importation into Belize. The list includes products such as rice, beans, eggs, sugar, citrus, flour, meats, jams/jellies, pepper sauce, matches, peanuts, pasta, soap, toilet paper, beer, aerated beverages, fuel, brooms, and boats. The Ministry of Industry is expected to submit recommendations to government for the gradual removal of these quantitative import restrictions. Belizean importers continue to complain that the process for obtaining import licenses is prone to corruption and needless red tape.
In addition, the Belize Agricultural Health Authority (BAHA), working under the Ministry of Agriculture, Fisheries, and Cooperatives (MAFC), also has its own requirements for the importation of agricultural products into Belize. for instance, BAHA requires importers of fresh plant products to obtain an import permit and to supply phyto-sanitary certificates and certificates of origin. Importers of live animals are also required to obtain an import permit from MAFC and to supply a zoo-sanitary certificate from the country of origin, while importers of pesticides must also obtain an import permit.
Controls on Exports
Certain products also require export licenses and/or zoo-sanitary certificates prior to exportation. The list includes cattle, pigs, fish, crustaceans and mollusk (excluding aquaculture species), logs and lumber, sugar, honey, citrus fruits, and beans.
Documentation Required for Trade
Both importers and exporters must obtain the appropriate permits prior to importing into or exporting from Belize. Importers are required to submit all original commercial invoices to the Customs Department. The exportation of animals (including pets) and agricultural products from Belize require zoo-sanitary and phyto-sanitary certificates issued by the Belize Agricultural Health Authority in addition to export permits.
Entering Temporary Imports
The Belize Customs Department allows temporary entry or transit of certain items into Belize. Products brought in temporarily or in-transit would generally enter duty-free, providing they are not modified or transformed while in Belize. If, however, the importer later decides to modify or sell the product locally, all necessary duties must be paid at the Belize Customs Department.
Labeling Issues
The Belize Bureau of Standards introduced in late 1998 a standard for labeling and marking of locally manufactured and imported products sold in Belize. The three-part standard explains, for example, that the label affixed to a product shall give a description of a good and shall provide adequate information to a potential purchaser enabling him to select the goods best suited to his needs.
Restrictions on Imports
Certain goods are generally not allowed into Belize unless they originate from another CARICOM member state. The list includes peanut butter, jam, jellies, matches, pasta, beans, rice, wheat flour, and pepper sauce. Beans and rice, however, like many other locally produced agricultural products, may not be imported at all whenever there is a surplus of these products on the domestic market.
Local Standards
The Belize Bureau of Standards was established in 1992 to promote and encourage the maintenance and use of codes of practice, specifications and standards. However, it was only at the beginning of 1997 that the bureau became relatively active in drafting standards regulations. In some cases, the bureau has introduced standards regulations modeled off those of other CARICOM member states, such as the standard on labeling. As is the case with labeling and marking requirements, American products that have been made in accordance with the standards regulations of the United States are deemed to comply with Belize’s standards regulations as well.
Free Trade Zone Options
The 1990 Export Processing Zone (EPZ) Act of Belize enables companies to operate within special or general export processing zones in the country. Special EPZs are enclosed one-factory operations and general EPZs are enclosed multi-factory operations. Belize’s first EPZ, consisting of 28.5 acres and located just 8 miles from the Mexican border in the northernmost district of Corozal, was officially opened in July 1992.
The Commercial Free Zone (CFZ) Act of 1995 provides for the establishment and operation of CFZs within Belize to foster commercial trade and investment with neighboring countries. One of the features of the CFZ Act is that it establishes an autonomous body known as the Commercial Free Zone Management Authority (CFZMA) with full supervisory authority of the CFZs in the country. However, the autonomy of the CFZMA board has been eroded as a result of amendments to the Free Zone Act, specifically the amendment which changed the composition of the board, from one previously controlled by zone investors to one controlled now by government-appointed representatives. The other two major amendments impose a social fee of 1.5 percent on all imports and 10 percent on petroleum products in the zone and change the foreign exchange regulations. Business enterprises generally encouraged under the CFZ scheme include commercial offices, warehouses, manufacturing, insurance services, and financial services.
Adherence to Free Trade Agreements
Belize, as a CARICOM member state, has free trade agreements with the Governments of Venezuela and Colombia. Belize does not have an FTA with either the United States or with any European Union member countries. Nevertheless, it enjoys preferential treatment from the United States under the Caribbean Basin Initiative (CBI) program and from the European Union under the Lome Convention as an African, Caribbean, and Pacific (ACP) member state for its major agricultural exports.
Belizean goods also enjoy duty-free entry into Canada based on commonwealth membership. A proposal for a bilateral free trade agreement between the Governments of Belize and Mexico that was drafted in the late 1990’s has been put on hold.
Investment Climate
Openness to Foreign Investment
The Government of Belize generally welcomes foreign investment and normally encourages projects that result in increased production, domestic income, employment opportunities, foreign exchange earnings and savings, diversification of the economic base, and the transfer of technology and skills. Above all, the government gives special consideration to export-oriented businesses established in less-developed areas.
The GOB has stated that it recognizes the importance of creating an enabling environment to attract genuine local and foreign investors as a catalyst to achieve sustained economic growth and facilitate further diversification of the Belizean economy. to this end, the Ministry of Industry has opened an industrial development office, whose primary function is to promote industrial development of non-traditional industries of the productive sector.
Because promotion of investment in Belize has always been complicated by red tape, with several government ministries sharing authority over any given investment, the GOB established the Belize Trade and Investment Development Service (formerly the Trade and Investment Promotion Service) or “BELTRAIDE” to serve as a one-stop shop for information to investors. BELTRAIDE (http://www.belizeinvest.org.bz) has identified the following sectors of the economy as priority areas for investment:
Agriculture, agro-industries, food processing and livestock.
Tourism and tourism-related industries.
Aquaculture and horticulture.
Light-manufacturing industries and offshore assembly plants.
Deep-sea fishing and processing.
Forestry and forestry-based industries.
There are several incentive schemes designed to encourage investment in Belize, including the fiscal incentives act, international business and public companies act, export processing zone act, and commercial free zone act. However, many foreign investors have complained that these investment promotion tools are rarely as open and effective as they are portrayed. Investors are not required to have development concessions or to work in free trade zones in order to invest in Belize. Nonetheless, many factor these incentives into their investment decisions as an essential tool to save on local taxes and duties.
Visa, Residence, and Work Permit Requirements
No visas are required for citizens of the United States, United Kingdom, and any other Commonwealth country. Upon arrival at any of Belize’s principal points of entry, a visitor is given a maximum of thirty days permit to remain in the country. This time period depends on the visitor’s financial situation (one must show available resources of at least $30 per day) to cover his/her planned stay in Belize. However, if the visitor wishes to stay in Belize for an extended period past the initial thirty days, the individual will have to visit the immigration department to renew his/her visitor’s permit. In this case, the immigration department may grant the individual an extension of three months, depending on the specific needs of the individual. A visitor is then required to pay a monthly permit fee of BZDOLS 25 ($12.50) for the first six months; thereafter the fee is BZDOLS 50 per month. If, on the other hand, the visitor inadvertently lets her/his permit expire, s/he is subject to a fine of BZDOLS 1,000.
Foreigners who wish to become legal residents of Belize must satisfy several requirements of the immigration department. Americans wishing to obtain permanent residency in Belize are required to pay an application fee of BZDOLS 1,250 and BZDOLS 125 for the permanent residence card. Detailed information can be had by contacting the Immigration Department at tel: 501-822-2611 or fax: 501-822-2662.
Non-Belizeans in Belize on a visitor’s permit are not allowed to work. Also, as part of government’s immigration policies introduced in 1999, businesses that hire illegal immigrants are subject to heavy fines of up to BZDOLS 5,000 and payment of repatriation costs. Work permits will not be issued to aliens who seek employment as waiters, vendors, domestic and farm workers. Foreigners who qualify for a work permit are required to pay a fee for the permit.
To apply for a work permit, visitors may contact the Labor Department at tel: 501-822-2281 or 501-227-4023/4027 or fax: 501-227-4031.
Conversion and Transfer Policies
According to BELTRAIDE, foreign investors are required to register any investments made in Belize with the Central Bank of Belize to facilitate the repatriation of profits, dividends, etc. The GOB allows companies with proper documentation to go directly to the commercial banks to request foreign exchange. However, much to the aggravation of foreign investors (and local importers alike), there are sometimes shortages of foreign exchange in the commercial banks, which result in some delays in payments for current international transactions. Transfer or sale of land in excess of 10 acres in rural areas and one-quarter acre in urban areas to or from non-Belizeans requires the approval of the Minister of Natural Resources, but this is usually not an obstacle.
Expropriation and Compensation
There have been no instances where the government has expropriated or nationalized a foreign company. However, there have been several contentious cases where government, under its right of eminent domain, appropriated land that belonged to private property owners, including some foreign investors. These expropriations were ostensibly made for public purposes, but several were uncovered as political payoffs. In an effort to prevent abuses, the Ministry of Natural Resources has embarked on an institutional strengthening project funded by foreign lend
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