Market Research in Nauru
Nauru is a small island in the southern Pacific Ocean. The country does not have an official state capital, but Yaren is the location of the government offices. The island of Banaba is about 200 miles east of Nauru, making it the island’s closest neighbor. Nauruan is the country’s official language, but English is also widely spoken.
The country depends on phosphate mining, making it one of the primary industries. Phosphate accounts for about three-quarters of Nauru’s total annual exports.
Nauru closed down its offshore banking sector after reports of money laundering.
Some Nauruans also practice small-scale farming. Only about one-fifth of the land is suitable for farming due to widespread mining.
Australia has been a helping hand. It provides much financial aid to Nauru.
The country of Nauru has fourteen districts, each consisting of eight villages, more or less. Yaren is one of the most popular districts in Nauru. It stands as the country’s informal capital. Nauruans also refer to Yaren as Makwa, meaning “Moqua Well.” The city even has an underground lake, the primary source of drinking water for the Nauruans.
Nauruans face one of the most basic issues, which is land tenure. It is an issue that hinders foreigners from investing in the country. After widespread phosphate mining, the Nauruans have very little land space left. Owning land in Nauru has been a problem for the Nauruans themselves. Nauru also has a limited landmass, and it is prone to droughts, which are often severe.
Benefits And Strengths In The Market
- One of Australia’s largest banks, Bendigo, has a presence on the island. Nauruans have access to all its banking services. The country uses the Australian dollar as its local currency.
- The country is building a new climate-smart seaport. This state-of-the-art port will provide long-term benefits for shipping lines and exports and will be a boon the fishing sector.
- Food producers and grocery stores can do well in Nauru. The country imports almost all its consumer goods from abroad.
Drought and the large, mined phosphate areas have made farming very hard. Thus, farming is at a standstill. So, Nauru imports more than two-thirds of its food. Canned and processed foods make up most of these imports. Nauruans live close to the sea, so fish is also a typical cuisine.
Also, Nauruan food is like Chinese, with a slight difference in taste. Much of the difference is because many of the items needed to make it are in short supply. For example, vegetables only appear about once a week due to the lack of arable land.
Reasons To Grow a Business In The Market
The Nauruans have worked on an undersea fiber optic cable, which has helped to boost the network. It has improved communication in the country. Also, the Nauruan government has put in place a new taxation system, which is great for foreigners and investors. It has also built a new proactive chamber of commerce as a point of access for new and old investors.
About Market Research In Nauru
Entering the Nauruan market is a bit different from other Oceania nations. We recommend taking a tour of the country first, especially for setting up an international business. Quantitative, qualitative, and strategic research are excellent steps to business success. A focus group must also be set up to uncover the customer’s actual point of view and thoughts. Your business should also carry out surveys to find out the dos and don’ts of the country.