The Corozal Free trade Zone is one big Duty Free source of supply for the hundreds of thousands of visitors from Mexico and Guatemala. Casinos and hotels have been opened who contribute largely to the successful activity of the Zone.
Aside from this massive captive market, BDFA acts as a traditional Duty Free supplier for:
- Border shops
- Airport Duty Free Shops
- Diplomatic Corps
- Armed forces
- Cruise ships
Basic Information of the Corozal Free Trade Zone
The Corozal Free Zone is located on the Belize/Mexico border (Santa Elena Border, Corozal District, Belize).
The Corozal Free Zone occupies an approximate area of 267 acres with expansion capacity of 200 acres more.
The Free Zone is managed by the Corozal Free Zone (CFZ). The CFZ is headed by the Executive Chairman and the Chief Executive Officer under a Board of Directors and its headquarters is based at the Free Zone.
The majority of the CFZ merchandise enters through the Belize Port in Belize City. Although via Merida Port In mexico goods in transit has been constantly increasing either In and Out-Bound on transit services, as well as from Chetumal international Airport, making the CFZ a perfect spot for International business and goods in transit from distant origins to Mexico and Central America and the Caribbean area as wellBelize has an international airport - Phillip Goldson International Airport - with daily flights to Houston, Miami, Dallas and Central America. Daily international carries by American Airlines, Continental, Grupo Taca, Delta, U.S. Airways and Atlantic Airways. Cargo air freight services by Grupo Taca and Amerijet. Among others constantly growing up services and destinationsClimate
Sub tropical (Dry season - January to May. Rainy season - June to December).
Currency prescribed by the Central Bank of Belize - U.S. Dollar and Mexican peso. (Investors can open their bank account in U.S. Dollar, Mexican Peso, and Belize Dollar). All Other international currencies are also possible to work with via a wide portfolio of growing international banking services
Historical background of the Free Zone
The closure of the Liberated Sugar factory in 1985 created extreme economic hardship for the northern region of Belize, particularly the Corozal District. The direct impact of this factory closure was a severe job loss, forcing Belizeans to migrate to Mexico and the United States of America in search of employment. Even today there are Belizean communities working in Cancun and New Orleans resulting from this outward migration. Due to this scenario Belizeans sought to stretch their hard earned dollars and began daily shopping in the border city of Chetumal, Quintana Roo. As a result, for every Belizean dollar that Mexico spent in Belize, there were forty dollars spent in Mexico by Belizeans.
The creation of the Corozal Free Zone
Under these circumstances the Corozal Free Zone (CFZ) was created. The CFZ concept is to provide job creation in the Belizean economy, attract national and foreign investors and generate more revenue to the Government of Belize. The Corozal Free Zone Act was enacted into law in the year 1994. The purpose for the creation of the Free Zone was for the development of trade in retail and wholesale of merchandise, as well as light manufacturing to take place at the Santa Elena Border in the Corozal District. The Government of Belize decided to capitalize on the opportunity of being next door to the second largest trading block in the world North American Free Trade Agreement.
The best option for investment and shoppingThe success of the Corozal Free Zone is due to the wide variety of merchandise offered at reasonable prices. There are over 300 businesses where you will find a wide variety of merchandise at reasonable prices. There are also three casinos in the region for your entertainment. It is the gateway to enter Mexico market. And nowadays also becoming a trading door to Latin American and Caribbean markets as well, thanks to a steady and growing development of warehousing and In-Bond facilities available