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Yesterday, Italy’s Minister for Economic Development, His Excellency Claudio Scajola was welcomed to Belize. Minister Scajola arrived in the country yesterday and met with Minister for Foreign Affairs and Foreign Trade, Honourable Wilfred Elrington, and with Minister of Economic Development, Honourable Erwin Contreras.

The Ministers discussed strengthening bilateral economic and commercial relations by identifying areas of economic cooperation and instruments to encourage Italian investment in Belize and Belizean investment in Italy. Italy has a GDP of almost 2 trillion dollars and the country is ranked number 11 in the World for purchasing power.

Belize and Australia Sign Tax Info Exchange Agreement

The worldwide recession plunged the economies of both developed and underdeveloped countries into a tailspin, sending financial policy makers scrambling to find new sources to boost revenue.

Developed countries have looked to tax monies hidden in so-called tax shelters including Belize’s offshore sector. That’s why the High Commissioner of Australia to Belize, Phillip Kentwell was here signing a Tax Information Exchange agreement with Belize yesterday. This brings to four so far, the number of exchange agreements signed by Belize. The other three are with the United Kingdom, Belgium and the Netherlands. Other countries in the Caribbean are also signing identical agreements.