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Dec 4, 2020

CFZ to Benefit from Chetumal also Becoming a Free Zone

Anil Hotchandani

While it has been announced that neighboring Chetumal will also be transformed into a commercial free zone to generate much needed economic activity in that part of Mexico, there are questions concerning the possible effects such a move would have on our local economy, including revenue generated at the Corozal Free Zone.

 

Anil Hotchandani, Vice Chairman, Corozal Free Zone

“I think it’s going to be a win-win situation.  Yes, it might impact the Belize economy because you are hearing about Chetumal dropping the tax in half.  They are planning to cut it from sixteen to eight, I believe, and they are planning to open it up to certain imports.  Remember, there are many things that the free zone imports that it‘s not going to be the same thing in Chetumal.  It‘s going to be different.  Belizeans will benefit from buying in the supermarkets there and the malls there because the tax is being basically cut.  This is what my understanding is, it is what Chetumal was twenty-five or thirty years ago, compared to the entire country of Mexico, the state of Quintana Roo had a preferential rate for imports and for taxes.  They are going back to that basically to revive their economy.  But I see more people from Campeche, from Yucatan and all, coming to Chetumal to shop also because they‘ll be stretching their peso and at the same time, when Chetumal is going to have an influx of their own Mexicans coming from various other parts, the free zone will benefit from that visitation.”


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