Market Research in Palau
Palau lies in the Pacific ocean. Known for its dive sites, it is a haven for romantic explorers and vacationers. The country’s culture dates back to 5000 years. Its capital is Ngerulmud, and its largest city is Koror.
The people are of the direct lineage of the Malays of Indonesia and the Melanesians of New Guinea. They are also descendants of the Polynesians.
The country has grown in many ways after gaining independence from the United States in 1994. For instance, its foreign trade has taken off, and so has its economy. The road network and education sectors have seen vast improvements as a result.
Matrilineal clans lead the Palauan culture. A council of women holds control. Gender roles are clearly defined. For instance, the men engage in fishing, farming, canoe building, and weaponry skills. In contrast, the women take care of the home and family and teach the children.
The main religion of Palau is Christianity. Almost half the population is Roman Catholic, and a little more than a third is Protestant. Other faiths include Islam and Modekngei, an indigenous animist religion.
Key Industries
The top industries of Palau are tourism, farming, fishing, building, and garment making. Tourism controls the economy; hence it contributes to the majority of GDP.
The government is the leading employer of the workforce. Yet, many Palauans engage in subsistence agriculture and farming. The fishing industry is on the decline due to falling fish prices. Palau used to be a leading supplier of clothing, but the garment industry has fallen off due to the closure of the primary factory.
Trends
Palau’s history shows population movements and settlement to countries such as Guam. Palauans have also emigrated to Hawaii and the western coast of the United States. In like manner, immigrants have entered the Republic of Palau seeking work. Most of these immigrants are Filipino nationals. Foreigners make up almost a quarter of the population.
Most of the settlers live in urban areas. Thus, they are closer to activities.
The location of Palau, close to Asia, puts the country in a position to gain from the major trade routes. Palau has an active ‘eat what you grow’ economy. It produces and exports food grown in Palau. Hence there is less dependence on imported goods.
Market Strengths
Palau also gets payments from granting licenses to foreign fishing vessels. This practice results in a high per capita income. As a result, the standard of living is high. More than half of Palau’s people are working; hence the country has a low unemployment rate.
The government is stable, and the country retains close ties to the United States. Another market strength is its low tax system. Palau also enjoys a good communication network, and its road system is world-class.
Consumer Base
The United States, the EU, Hong Kong, and Japan are the biggest users of Palau’s sea products. The Palauan people prefer to spend on local products instead of foreign goods.
Reasons to Grow Your Business in Palau
If you want to invest and grow your business in Palau, there are many reasons why you should do so:
- Easy access to land for development
- A high standard of living
- Fluency in two languages: English and Palauan
- Modern infrastructure and transportation system
- Many tourist attractions, hence it will support hotels and tours
Still, Palau has a downside. It has a reputation as being a haven for money-laundering activities. Recently, the introduction of tighter laws has halted such activities.
About Market Research in Palau
Does the Republic of Palau sound like the ideal investment deal? Are you interested in more up-to-date trends and market activity? We will provide you with such data to be sure you are taking the right step. We do Qualitative, Quantitative, and Strategy Research using many trusted sources.
In short, we support your decision to invest in Palau. We will give you all the help you need to ensure that it is the right choice.