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Jun 22, 2011

Chamber says GOB needs private sector to bring back investor confidence

Alberto Young

So what did the Chamber say that has the government in a twist? Well, the Chamber was outright against the expropriation, the manner in which it took place and expressed concerns about foreign investment. Its comments on the forcible takeover of B.E.L. came along with a survey in which over seventy percent of its polled members disagreed with the nationalization of the company. The private sector also reminded the government that the only way to bring back investor confidence in the country is with the help of our local business community. Alberto Young, Vice President of the Chamber spoke at length to News Five. Here’s an excerpt of what he said.

Alberto Young, Vice President of Commerce, BCCI

“As Lynn Young said, it could be that there is no need to improve prices. But the truth is that everything around us—if you look at the price of every commodity: food, fuel, all your basic items have increased. There is no consumer that can say they have seen decreases in any of their basic needs and the things they purchase every day. I think if you are going to promise consumers a reduction in the rates or a credit back on their account, there must be a plan in place to make sure that you don’t do that and affect the profitability of the company because the company still has to remain profitable—whether it be under private ownership or government ownership. We need to handle these things with a lot more diplomacy instead of the confrontation and mudslinging that happens on the airwaves. It is really disheartening to see that we as a people, all of us, cannot resolve or do not take the time to resolve things amicably with diplomacy. The international community looks at that. We are to resolve situations. I mean, the B.E.L. issue was not an over thing and it could not have been. There are people there, there is the S.S.B. who had their people there, you had Fortis, you had the chairman, you had people who should have known what’s happening and these things should have been resolved and not end up the way it has ended up. And a lot of these things we believe should have not even come to this stage. At the end of the day the chamber sees very important that we need to improve the international; how the international community perceives us and how we can build back investor confidence and that will require both private sector and government to continue working hand in hand to do that. And that’s something that requires a lot of building back after you’ve had the B.T.L. and B.E.L. situation.”

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Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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2 Responses for “Chamber says GOB needs private sector to bring back investor confidence”

  1. BZNinCALI says:

    I had to read this a couple times in order to try to understand what you are trying to say & what I am hearing is that everyone but the consumers were represented & no one had a viable plan other than to bend the taxpayers over so that the investors would not lose money & we could attract more investors. As an investor, regardless of location, there are risks & we have to stop touching our toes for every smiling face who flashes a few dollars at us. Sometimes investors lose money & if an economy as large & diverse as the US is struggling, please explain how much more blood you can squeeze out of the Belize stone. Our people are struggling, broke & angry & killing each other because no one gives a spit about their needs.

    A few months ago, there was a story about the City Council not paying BEL for years, some members abused their positions by setting up accounts they never intended to pay. How many of these accounts exist? We watched the Fish Farm go under, we saw Novelos play head games with their employees & those “employees” were demanding unemployment even though it appeared that many worked off the books. It has to stop somewhere & we have to stop shuffling incompetent people from one executive or board position to another.

  2. Lucas says:

    The pessimistic economic situation of our beloved Belize is not an individual case nor an isolated one but, a national one.The rich gets richer and the poor gets poorer and, only those with connection in high places are doing well. Now the chamber of commerce wants us poor to believe that they are concern about prices. Until I hear the rich are lowering prices and are absorbing some of the cost of acquisition and are contented with a less margin of profit, then and only then will I believe that they are truely concern about us poor. But as Alberto is saying, they do not want their margin of profit affected. By the way, how much is profit for them? I tell you that profit is determined by the extend for the love of money. I once worked for a person who wanted to make $5,000.00 profit for the month and that month came. Then he wanted $7,000.00 then $10,000.00 and he reached $20,000.00 profit per month and the guy was still not happy.

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