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> Pacific Islands of Micronesia
> Marshall Islands
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Business Profile
Economy: The economy suffers many of the problems faced by the small, remote island states of the Pacific. Aid subventions from the USA remain essential, while repeated and diverse attempts to broaden the base of the economy have met with mixed success. Agriculture is of a subsistence nature, with coconuts, tomatoes, melons and breadfruit as the main products. The fishing industry is dominated by a commercial tuna operation, which includes canning and transhipment. Earnings from the islands’ international shipping registry are now significant: many shipping operators reflagged from Panama after the political turmoil there at the end of the 1980s. The Government had high hopes for a major tourist development, but these have been scaled down following the economic downturn in the Asia-Pacific region and the remote location of the islands may yet serve to undermine these efforts. There is also an important offshore financial services industry. However, in April 2002, the Marshall islands were one of seven countries ‘named and shamed’ by the Organisation for Economic co-operation and development, which has spearheaded a global assault on money-laundering, for their failure to tackle the issue. The USA provides around US$65 million annually in aid. The Marshall Islands is a member of the South Pacific Commission and the South Pacific Forum.
Commercial Information: For further information contact the Majuro Chamber of Commerce, Majuro MH 96960 (tel: 625 4081).
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