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 shopping

The 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.