Market Research in Tuvalu
Tuvalu, or the former Ellice Islands, is a Polynesian country. Its location is in the Pacific Ocean near the equator. Tuvalu comprises a chain of nine small atolls and reef islands midway between Hawaii and Australia. The capital of this low-lying country is Funafuti.
Tuvalu has a sparse population. Many of the islands in the chain have huge lagoons, and beautiful coral reefs and palm-fringed beaches surround them.
The islands have the title of the fourth smallest country in the world. Thus, it’s special when it comes to physical land size. Tuvalu is only 16 square miles large, with its highest point being 15ft.
The islands have no cities. Instead, their communities consist of many villages and neighborhoods. These settlements include Alapi, Julia, Senala, Lola, and Tonga Vaiaku. The country’s population is tiny, reaching only 11,000 people. With so few people and very little in the way of resources, the country remains undeveloped.
Funafuti Atoll, the country’s capital, is the liveliest of Tuvalu’s nine atolls. The main island is Fongafale. Also, over in the village of Vaiaku, one can find most of the country’s government offices.
As the country is so isolated, it depends on imports such as fuel and food. The country’s primary industries are fishing and tourism. It also exports small portions of copra made from coconut meat, which is also a source of oil.
Tuvalu also has a trust fund, set up by Australia, Japan, New Zealand, and the United Kingdom by a program set back in 1987. This fund is for providing financial support and protection to the country. It protects it from budget shortfalls caused by its over-dependence on fisheries.
Yet, these islands’ agriculture and service industry sectors are also thriving. They are like any other country in this regard.
The country’s economy is slow as it lacks many modern influences. The economy stays alive because of agriculture and fisheries.
Tuvalu bases its agriculture product on copra and other by-products from coconut trees. The people also grow pulaka (a type of taro) in giant pits of composted soil below the water table. Also, the selling of stamps was a huge gain for the country. It has sold stamps ever since it became independent in 1978. But in recent times, this has dropped. What has taken its place is the sale of .tv domain name extensions. The country is cashing in, especially in recent times as streaming sites have become more popular.
The people of the country rely on fishing and farming. Most people engage in these two activities, creating products from what they grow and even exporting some.
They export fish-related products to countries like Thailand, Japan, and Australia. Meanwhile, they import things from Japan, China, Malaysia, Australia, and Singapore.
Reasons to start a business in Tuvalu
Starting a business in Tuvalu can be very useful. The country is not as developed as other islands. Thus, starting new businesses will improve the economy. Another benefit is that it will create jobs for the people. It will also help people learn more modern ways of doing things. That will, in turn, draw more attention to the country, which may even make it a bit more independent. So, this newfound attention to the islands will benefit all businesses.
About Market Research in Tuvalu
It can be hard to start up a business. That’s why we are always ready to give a helping hand. We can set up focus groups to conduct strategic, qualitative, and quantitative research. Our company goes out of its way to make sure all firms get to where they want to be. We also help with surveys and interviews. Our groups are always at hand and ready to help. Contact us today!