We thought we had seen the worst with Covid when, in February of this year, we found ourselves confronted with a conflict of geopolitical dimension, the consequences of which are bound to reverberate for still a long time. And did we expect that this conflict would lead to an unprecedented energy crisis which is shaking Europe to its foundations, something we are experiencing a little more every day?

And while we are reminded every day that the earth is also a bit off the hook and the environment is searching for a few degrees of cooling, at Euracen, we have every interest, more than ever, in keeping concentrated on what we, professionally speaking, are supposed to do.

While the ongoing conflict between Russia and Ukraine means that certain markets are now taboo, sometimes even mandatory, for some business leaders and investors, Chambers of Commerce in general and in our case, Euracen in particular can now play an important role.

Indeed, we are convinced that in close, direct cooperation with various ambassadors and their staff, we can make the difference for entrepreneurs and potential investors both in Belgium and in Belize, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua or Panama. The interest from these countries in the know-how, knowledge and expertise of Belgian companies in many sectors is more than real and, on the basis of our "Reversed Thinking" business model, we are currently doing all we can, by means of concrete proposals, to build bridges between potential "matching partners" here and "decision makers" on the other side of the ocean.

Finally, we hereby have the pleasure of inviting Belgian business leaders and investors to make themselves known during the “BLCCA- Chambers Export Day: make your foreign projects a reality!” by registering on the BLCCA website (https://belgianchambers.be/en/chambers-export-day-2022/). 

(see the article hereunder)

Wish you all another safe and interesting month of November!

On 8 December, the network of Belgian Chambers is organising the Chambers Export Day.

On this special day, companies will have the opportunity to set up individual 25-minute meetings with all participating Belgian-Luxembourg chambers abroad.

This year, we have decided to provide companies with concrete advice and solutions for their projects abroad.

Register now on the Conversation Starter platform!

More on the BLCCA website:

https://belgianchambers.be/en/...

Рhоtо Сrеdіt: Glеѕѕіmа Rеѕеаrсh/Муrtlе Раlасіо

Ву Ааrоn Нumеѕ - Міnіѕtеr оf Еduсаtіоn, Frаnсіѕ Fоnѕеса, recently said thаt thе сhаnсе tо dеfіnе Belize’s gоvеrnаnсе ѕуѕtеm wіll bе thе dесіѕіоn оf Веlіzеаnѕ аѕ раrt оf thе fоrthсоmіng Реорlе’ѕ Соnѕtіtutіоnаl Соmmіѕѕіоn, whісh wіll lооk аt quеѕtіоnѕ оf соnѕtіtutіоnаl rеfоrm асrоѕѕ thе ѕуѕtеm.

https://www.breakingbelizenews.com/2022/09/08/possible-constitutional-change-is-in-belizeans-hands-after-queens-death-francis-fonseca/

A Complete Guide to Opening up a Corporation in Costa Rica

Many expats coming to live or invest in Costa Rica decide or receive advice that creating a corporation is the best way to operate and protect their investment here. There are numerous reasons why they decide to proceed with that, but establishing a business, opening a bank account, or obtaining asset protection seem to be the most common ones. The initial process of a creating a new corporation is simple, but that does not mean people understand all details and extra obligations implied, and which is the right one required for their specific purposes.

The most popular and usual types of corporations are “Sociedad Anonima or S.A”. and “Sociedad de Responsabilidad Limitada or Limitada”. There are also other types of corporations that exist, which are: 1. Empresa Individual de Responsabilidad Limitada, 2. Sociedad en Nombre Colectivo, 3. Sociedades en Comandita, which are silent partnerships and 4. Sociedad Civil or Civil Company. These types of companies are seldom used because they do not differentiate between liabilities held by the company and those held by the stockholders.

DOMINICAN INFLATION MODERATES AND ECONOMIC GROWTH WOULD BE AMONG THE HIGHEST IN LATIN AMERICA, SAYS CENTRAL BANK

Inflation levels remain high in Latin America, influenced by international commodity prices. However, eleven of the eighteen countries in the region have higher inflation than the Dominican Republic. It indicates that to counteract inflationary pressures, monetary policy rates (TPM) have been significantly increased in relation to their pre-pandemic levels. In the Dominican case, monetary measures are helping to moderate inflation in a context where economic growth would be among the highest in the region.

EL SALVADOR IS AN INTERNATIONAL BENCHMARK IN THE EXPANSION OF RENEWABLE ENERGY

In El Salvador, 80% of the electricity produced in the country comes from renewable sources, with geothermal being the largest contributor, according to data from the Executive Hydroelectric Commission of the Lempa River (CEL).

This vocation for sustainable production and the transparency demonstrated by the institutions of the administration of President Nayib Bukele have earned El Salvador its recent selection by the International Renewable Energy Agency (Irena) to lead the Collaborative Dialogue Framework on High Penetration of Renewable Energies. The autonomous reported that the designation took place in a virtual event in which the representatives of the other nations learned how El Salvador went from being a country with a high consumption of hydrocarbons to prioritizing environmentally friendly production.

Guatemala has experienced continued economic stability, but this has not translated into growth acceleration to close the income gap with rich countries. In fact, poverty and inequality in the country are persistently high, with Indigenous Peoples continuing to be particularly disadvantaged.

With a population of 17 million and a GDP of US$77.6 billion (2020), Guatemala is the largest economy in Central America and an upper middle-income country, measured by its GDP per capita (US$4,603 in 2020). Over the last three decades, Guatemala had the least volatile growth among its structural and aspirational peers. Public debt and the budget deficit have been historically among the lowest and most stable globally.

Guatemala posted a strong recovery, with a GDP growth of 8 percent in 2021 and 3.4 percent expected in 2022. Risks remain, particularly given the uncertainty of the rapidly shifting global environment and local COVID-19 developments. As of early 2022, just 29 percent of Guatemalan population was fully vaccinated. The slow progress of vaccination efforts increases the country’s susceptibility to further COVID-19 outbreaks and greater developmental losses. It also undermines the confidence of households and firms and amplifies economic uncertainty.

Guatemala has an opportunity for transformation focusing on priority areas for accelerating inclusive, productive, and sustainable growth, including by building a more inclusive social contract through more and better Human Capital investment, fostering a stronger business climate to accelerate job creation and boost productivity, and enhancing sustainability with increased fiscal revenue and greater public expenditure efficiency and resilience to shocks through climate adaptation.

Boosting robust, inclusive growth and reducing poverty in Guatemala will require continued efforts to raise productivity growth and facilitate the entry of women into the labor market; increase investments in human capital, innovation and resilient infrastructure; and address challenges in transparency, governance, and citizen security, among others.

During recent years, Honduras has registered the second highest economic growth rates in Central America, only behind Panama and well above the average in Latin America and the Caribbean. However, the country faces high levels of poverty and inequality.

Honduras possesses multiple strengths and the potential for faster growth and higher shared prosperity, due to its strategic location, a growing industrial base, ongoing efforts to diversify its exports, and a young and growing population.

Real GDP in Honduras grew at an average annual rate of 3.1 percent over the past decade. The country also implemented prudent macroeconomic policies during recent years, anchored in the Fiscal Responsibility Law, and posted the second highest economic growth rates in Central America, only behind Panama. The country’s GDP growth reached 3.7 percent in 2018 and 2.7 percent in 2019, above the average in Central America and well above the average in Latin America and the Caribbean (LAC).

What the World Food Programme is doing in Nicaragua
-> 70% of people work in agriculture
-> 30% of people live in poverty
-> 6 million population

The decree clearly states that it is for "peaceful" purposes

Through Mother-and-Child health activities, WFP provides nutritional support to vulnerable groups in communities with high levels of chronic malnutrition. Children at the pre-school and primary-school levels receive hot, nutritious meals through the National School Meal Programme – one of the largest social safety nets in the country, supported by WFP.

PANAMA LEADERS DISTANT FROM NEEDS OF SOCIETY – BUSINESS CHAMBER

Floods in Colon mean economic loss of $15 million a day because of failing infrastructure.

The authorities are far from the needs of civil and business society says the Panama Chamber of Commerce, Industry and Agriculture (Cciap) on Sunday. It highlighted that this distancing from the government is demonstrated by the recent floods suffered in the city of Colón, due to a lack of maintenance of the drainage pumps.

Likewise, the deplorable state of the Pacific Logistics Corridor, the lack of bridges, the constant claims of citizens for broken roads, and the lack of water in some communities is a reflection of the situation.
“Addressing the state of the national infrastructure is not only a duty of the State so that the different actors of society can carry out their daily activities, but we have also indicated that to the extent that these public works are attended to and maintained The much-needed formal jobs will be generated that help the country's sustainable recovery, and improve the personal and family situation of our citizens”, says the Cciap.

The business association pointed out that the case of the floods in the province of Colón as a result of the lack of action through a pump maintenance program resulted in an economic impact of more than $15 million per day. Similarly, it is highlighted that the lack of maintenance programs for road, sanitary, and rainwater infrastructure, among others, is more worrying because it is lowering the standard of living of Panamanians, and the image and competitiveness of the country.

“When we present our Country Agenda document with short- and medium-term action recommendations to the presidential candidates - and the current president and his team – we point out the attention of these sectors as essential to be able o promote competitive economic growth; today we require immediate attention, without this means a real debacle for the country as a whole. In your hands is the power to generate the necessary changes”, says the Cciap.

(courtesy FocusEconomics)

Economic Growth

Regional economic growth will soften this year and next year amid the fallout from the war in Ukraine, which is driving up price pressures and eroding real incomes, and pushing the U.S. and EU countries into winter recessions. Weakened demand in key export markets will weigh on the external sector. Elevated short-term political risk in Latin America also clouds the outlook.

Inflation Outlook
Regional inflation eased to 8.6% in August, from a series high of 8.9% in July. Price pressures moderated in the Dominican Republic, Honduras, Panama and Puerto Rico. While inflation is expected to remain elevated this year, it should moderate next year. However, risks are skewed to the upside.

Embassy of Belize

HEM Ambassador Alexis Rosado was called back to Belize.

Mr Urbina Raineldo is ad interim in charge of current affairs.

Bd Brand Whitlock 87-93, 6th floor

1200 Brussels

T +32 2 732 62 04

Embassy of Costa Rica

Elections earlier this year caused a change of Government.

HEM Ambassador Sergio Alfaro Salas has served his term and we expect a successor to announced soon.

Avenue Louise 489 Louizalaan, 9th floor

1050 Brussels

T +32 2 640 55 41

NEW

In the meantime, pending the appointment of a new ambassador, Mrs. Sylvia Van Der Laat,has joined the embassy team as Trade Attaché.

Embassy of the Dominican Republic and Mission to the European Union

HEM Ambassador Ivan Ogando

Avenue Louise 231, 2nd floor

1050 Brussels

T +32 2 346 49 35

NEW

Have recently joined the team at the embassy

Mrs. Ellen Martínez de Cooreman, Minister Counsellor

Mrs. Sarah Herasme Echavarría, Counsellor

FB: http://www.facebook.com/domini...

Twitter: @domembassybe

Embassy of El Salvador

HEM Ambassador Hiugo Nelson Ortiz Dubon

Rue de la Science 14A Wetenschapsstraat, 2nd floor

1040 Brussels

T +32 2 733 04 85

NEW

Ambassador Ortiz Dubon is assisted by

Mrs. Maria Alejandra Giron, Counsellor

Embassy of Guatemala

HEM Ambassador José Lambour Penalonzo

Avenue Winston Churcill 185 Winston Churchilllaan

1180 Brussels

T +32 2 345 90 58

NEW

Dr. Gabriel ORELLANA ZABALZA, Consejero

T +32 2 340 18 03

Embassy of Honduras

Elections took place earlier this year, bringing for the first time a lady, Mrs Castro, to power.

As HEM Ambassador Roberto Ochoa Madrid served his term, Mrs. Viviane de Pierrefeu, Minister Counsellor, is in charge of current affairs ad interim

Avenue de Cortenbergh 89 Kortenberglaan, 3rd floor

1000 Brussels

T +32 2 734 00 00

Embassy of Nicaragua

HE Ambassador Mrs Zoila Muller Goff

Avenue Wolvendael 55 Wolvendaellaan

1180 Brussels

T +32 2 375 65 00

Embassy of Panama

HE Mrs. Yavel Mireya Francis Lanuza, Ambassador

Avenue Louise 475 Louizalaan, 11th floor

1050 Brussels

T +32 2649 07 29

Belgium (Flanders) is a top 5 “innovation leader” in Europe

The 2022 edition of the European Innovation Scoreboard is out. Published by the European Commission, it reveals that the EU's innovation performance has grown by about 10% since 2015. So, who’s among the best players? Belgium, of which Flanders is the northern region, steals the show with a top 5 performance.

Cream of the crop as far as innovators go

WALLONIA, A LOGISTICS HUB FOR THE AGRI-FOOD INDUSTRY

Ideally located in the heart of Europe, infrastructure, multimodality, skills, available space: Wallonia ticks all the boxes necessary for a successful logistics project. What is less well known is that the Walloon region also has many assets for logistics and the transport of perishable goods. SIAL in Paris, the world's leading food industry event, is an opportunity to make this known to the sector's manufacturers.

Space is a rare commodity. The French group STEF, which specializes in the transport and storage of refrigerated food products, has been faced for several years with the saturation of its warehouses. The constraints on the food industry are constantly increasing, leading more and more manufacturers to outsource their logistics. The group, which already had three sites in Wallonia, Liège, Courcelles and Saintes, decided last spring to build a new 10,000 m2 refrigerated warehouse in Tubize. This is a major investment that could create between 50 and 150 additional jobs.

The land reserve is not the only asset that attracts investors. "One of the reasons why we continue to invest in Wallonia is that it is easier to find competent personnel who are ready to accompany us in our development in Belgium," explains Gauthier Morel, Managing Director of STEF Belgium.

Multimodal transport is another of Wallonia's strengths. Connections to road, air, rail and river, with the autonomous port of Liège, which is Belgium's leading inland port and the third largest in Europe.

Jost Group, specialized in air, road and sea transport, customs and forwarding and warehouse logistics, has set up on the site of the Liege trilogiport with a 300,000 m2 site. This access to rail and waterways allows it to continue to reduce its CO² emissions. In line with Wallonia's desire to reduce its emissions by 35% by 2030, the Logistics in Wallonia competitiveness cluster encourages its members to participate in multimodal transfer projects (Multimodal Wallonia), innovation projects (Innovation Pitch) or emission reduction programs (Lean & Green).

Air transport, which remains the fastest and safest means of transport to guarantee the freshness of the most fragile products, is not left out either. Liege Airport, the 6th largest airport for freight transport in Europe, has specialized in the transport of this type of goods. 25 countries export perishable products to Liege Airport.

For more information, please feel free to contact Euracen or the experts in logistics at AWEX (logistics@awex.be)

CONTI SEAFRIGO ANTWERP REALISES
NEW FROZEN FOOD WAREHOUSE

The JV Conti Seafrigo Antwerp (CSA) has acquired a concession on the Nieuwe Westweg (near the Bevrijdingsdok in the port of Antwerp). The joint venture between the Conti-Lines Group and Seafrigo will build a sustainable frozen food warehouse with space for more than 40,000 pallets on the approximately 6-hectare site. This investment further strengthens the "cold chain" segment in Port of Antwerp-Bruges.

Maritime growth

The concession will be the location for a brand new, state-of-the-art food logistics platform. Seafrigo Antwerp NV will be responsible for its operation and the processing and storage of a wide range of refrigerated and frozen perishables. The development of a frozen warehouse will allow the CSA alliance to expand its maritime network through strong international partnerships. Also, the warehouse offers essential added value for the Antwerp cold chain segment given the very high utilisation rate in the temperature-controlled warehouses and the high current market demand.

Innovative ambitions

The 25 m high-rise warehouse will be equipped with a brand new IT system that - combined with inspections via drones - will ensure higher overall safety and efficiency on the shop floor. Sustainability is also a high priority for the parties involved. In addition to using solar panels and heat pumps, hydrogen-powered vehicles are being examined. We are also looking at whether waste heat can be used to heat our own buildings. In addition, the new building meets the "very good" label of the BREEAM (Building Research Establishment Environmental Assessment Method) principles.

William Demoor, Vice President Customer Relations Port of Antwerp-Bruges said, "This new investment will provide great added value within the cold chain segment of Port of Antwerp-Bruges. With their clear ambitions for sustainability, Antwerp Cold Stores Seafrigo's strategy is fully in line with our own long-term vision."

RENEWAL OF EUROPA TERMINAL AT PORT OF ANTWERP-BRUGES OFFICIALLY UNDERWAY

Port of Antwerp-Bruges and PSA Antwerp has given the official green light for the renewal of the quayside and terminal at Europa Terminal. The works, which will take about nine years and be carried out in three phases, will ensure that the latest generation of container ships can continue to call at Antwerp. These renovations will also result in an efficient and sustainable terminal that contributes to the transition towards a climate-neutral port.

In order to remain a top-class world port, the port must be able to offer its customers a well-functioning infrastructure and additional container capacity. Port of Antwerp-Bruges and PSA Antwerp are therefore investing in the renewal of the Europa Terminal. It was officially inaugurated in 1990 as the first tidal container terminal in Antwerp. With the renewal, which will cost 335 million euros, Port of Antwerp-Bruges aims to strengthen its competitive position while taking steps towards becoming a sustainable port.

Works carried out in three phases to keep the terminal operational
The depth of vessels that can moor at the 1,200-metre quayside will be increased from 13.5 metres to 16 metres. Because ships must be able to continue to moor during the extensive works and in order to minimise operational impact, we are tackling the quayside in three major phases. In addition, we will create additional temporary moorings for inland navigation, so we can guarantee that our customers will receive a smooth service. The works will be spread over about 9 years and have been carefully plotted based on expected traffic in the coming years.

Attention to climate and the environment
The renovation of the terminal will also contribute to the transition towards a climate-neutral port. Electrification and other optimisations will reduce CO2 emissions per container by 50% and wind turbines will increase the share of renewable energy.

The new quayside will be given a new orientation to ensure sufficient distance between passing ships and the terminal, and to protect the nearby Galgenschoor nature reserve. The works include in the final phase the construction of an underwater dam to provide additional protection for the nature reserve and ensure it does not subside.

During the entire process, all parties involved will take the necessary measures to minimise disruption, in close consultation with the surrounding area.

Following a tender process, the contract for the works was concluded today with a consortium of four contractors, namely Artes-Roegiers, Artes-Depret, Herbosch-Kiere and Boskalis, all contractors with extensive experience in large-scale hydraulic engineering projects.