Republic of Kiribati
The Republic of Kiribati (Ki. ri. bas) is an island nation in the Pacific Ocean. It consists of 33 islands. But people only live on 20 of them. People live on the 16 Gilbert Islands and the 3 of the Line Islands. The Line Islands are, for the most part, reefs and atolls.
The capital of Kiribati is Tarawa. It is a string of islands connected by causeways and a road. Tarawa is the most developed area among the islands. Thus, many people move from the other islands to the capital.
In the urban areas, the people build their houses with materials such as blocks and concrete. But in the villages, the houses have thatched roofs and raised floors. There are also Western-style churches and hospitals throughout the island.
Agriculture is a key industry on the islands. Some of the main crops grown on the islands are copra, breadfruit, and sweet potato.
Fishing is also one of the most important jobs in the country. In the Pacific Ocean, Kiribati is one of the best tuna sources.
Finally, tourism is a major industry. It creates thousands of jobs.
Exports help to support the economy. For example, the government owns the most prominent agricultural company on the island. Copra is their biggest export crop. Some of the countries they export to are Taiwan, Australia, and Morocco.
It’s also essential to look at imports. The country brings in much food. Oil, rice, and vehicles are some of the most popular items. They import from countries such as Australia, Japan, and Singapore.
Kiribati uses the Australian currency.
There was strong fiscal growth in recent years, followed by a decline. The economy is trending upward again.
The increased population has created a larger workforce. Yet, the country has a narrow economic base, which prevents job creation. The result is that many people in the country are unemployed.
Furthermore, the country is near the equator. Thus, it is a good place for satellite telemetry and spacecraft-launching. So, national and transnational space companies invest in space projects. Such projects bring jobs and capital to the country.
Since the country is in the tropics, the tourism and fishing sectors are doing well.
Benefits and Strengths in the Market
The tourism, handicraft, and fishing industries are the best entry point for investors.
Some of the private sector entities on the island are small. The clothing, furniture, and beverage industries will grow with more investments. It will also make use of skilled people and provide more jobs.
Investment in the capital will promote the development of the other islands. It will also lead to better industries for more exports.
The citizens will welcome commercial engagement in the public sector. It brings more options to the people. It also creates healthy competition.
Kiribati is a lower-middle-income country. The economy on the island is reviving, and the government plans to develop the tourism sector.
Still, close to a quarter of the people live below the poverty line. The country has few employment prospects. But, many people with jobs have started living an urban lifestyle. Thus, the cost of living has increased.
Reasons to Grow Your Business
For tourism investors, Kiribati has a large labor force. Furthermore, the islands in the chain bring all kinds of tourist attractions. There is a market for both niche and more common commercial attractions.
The government is also raising the education level of the people. This project will create a better workforce for investors.
Finally, there is a need for long-term investment. Such investment will create more jobs and lower the poverty level. It will also increase development on the island.
About Market Research in Kiribati
A business owner must do Strategy research before they enter the market. Quantitative and Qualitative Research through Surveys, Focus Groups, and Interviews are also beneficial. These tools will give more insight into the type of market in the country.