A bilateral trade agreement signed Thursday between the United Arab Emirates (UAE) and Belize aims to attract investments from UAE and reinforce Belize as a regional energy leader in Central America and the Caribbean.
Commercial oil was discovered in Belize in 2005 by Belize Natural Energy Limited (BNE), and it represented a boost to the country's economy.
BNE, which believes that the country can have a similar development history as the UAE, highlighted the importance of the recent agreement.
"The signing of the UAE-Belize agreement is a critical step in fulfilling the original vision of native Belizean Mike Usher, who always believed that his country was full of abundant natural resources," BNE Chairman and Founder Susan Morrice said. "He also believed that through the BNE holistic business model, the economic benefits of those resources could be shared by all Belizeans and pave the way for a better Belize.
"Since BNE first discovered commercial oil in 2005, we have always stayed true to that original BNE model and vision. Through BNE Director Josh Stewart, who resides in UAE, and the special relationship he has developed with his Emirati partner, Ali al Naqbi, BNE is now in an excellent position to continue to build out its vision," Morrice said.