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> Pacific Islands of Micronesia
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Business Profile
Economy: In all four territories subsistence agriculture is a key employer. Copra, coconuts, cassava and sweet potatoes are the major crops: yields are sufficient in some cases to sustain export markets. Fishing is similarly important. The Marshalls and Palau have developed small-scale light industries engaged in food-processing, boat-building and the like. Service economies based on tourism and financial services have generally proved difficult to establish owing to the remoteness of the territories and the lack of infrastructure. Micronesia and the Northern Marianas have gone furthest in their efforts to overcome these obstacles, but the region as a whole continues to rely heavily on foreign aid, mostly from the USA. As members of the Pacific Islands Forum, the islands have agreed to participate in a free trade zone, known as PICTA (Paciufic Island Countries Trade Agreement) to be established in the region in a few years’ time.
Business: Lightweight suits or shirt and tie are usually worn. Appointments should be made and calling cards are exchanged. Best time to visit is May to October. Office hours: Mon-Fri 0800-1700. Government office hours: Mon-Fri 0800-1200 and 1300-1700. There may be some local variations.
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