Local sugar market too small to accommodate two sugar companies – Love FM

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Sugar is also exported from western Belize by the Santander Sugar Group. Very recently, however, the company attempted to sell sugar in the local market in blatant violation of its export processing license and was fined US $ 9,000 from the government. Following an apology, the company maintained its interest in selling sugar on the local market and submitted a waiver request to do so. The company believes that the local sugar market should be shared by all Belize-based sugar companies in a fair and equitable manner, especially as global sugar prices are falling. Agriculture Minister Godwin Hulse, however, says the market is too small for such competition.

Godwin Hulse, Minister of Agriculture: “Santander has an EPZ, Export Processing Zone license, so that’s how they were allowed to invest in the first place and they complied with all the things that they needed to comply with, which are still relevant today. does not allow them to put products on the local market, that is the first thing and so the government told them that the law must hold and it holds. Now, in terms of exporting their sugar again, we argue because it’s exporting from Belize and it’s that kind of thing. The Belize market is a very small market, nobody needs to compete for this small market and I ask what will be the benefit for a company to come into the market for 12,000, which is a very small amount of sugar in the local market, please man. The markets we’re targeting are the overseas markets, they earn that currency and this is where we support their development.

The Export Processing Zones Committee, which had examined the violations of the company’s EPZ license, also decided that since there was no shortage of sugar in the domestic market, demand for the business of selling sugar locally was rejected.

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