Market Research in the Marshall Islands
Scattered atolls and remote islands make up the country known as the Marshall Islands in Oceania. This country comprises more than 1200 islands and islets. Almost everyone speaks English, but the primary language is Marshallese. The islands are tropical. The temperatures never exceed 100 degrees.
Fishing has become one of the best drivers for the RMI. Foreign fishing companies dominate the market. So, the country only receives a fraction of the value of fish caught on its shores. Still, the islands have built an income from the fishing industry. The city of Majuro is among the biggest tuna shipment ports in the world.
Although not as big as the fishing sector, farming has also supported the country. Its cash product is copra (dried coconut).
The Marshall Islands have a history of producing intricate woven objects made from local natural materials. Tourists flock to craft shops for these unique souvenirs.
The capital and biggest city in the Marshall Islands is Majuro. It is also the largest coral atoll. The city, spread across 64 islets, has beautiful coral, exotic fish species, and WWII wrecks. This divers’ paradise, founded in 1884, also has a major port and international airport. In addition, it has beautiful coral, exotic fish species, and WW11 wrecks.
Ebeye, roughly 80 acres in size, is one of the 97 islands that make up the Kwajalein Atoll. Kwajalein is one of the world’s largest coral atolls. Ebeye has a little over 1500 residents. More than half of the people are under the age of 18.
Arno, a 45-minute boat ride from Majuro, is one of the most populous atolls to visit in the Marshall Islands. Sites include sandy beaches and much marine life. The island has three lagoons, which the Marshallese use for scuba diving, deep-sea fishing, and swimming. The lagoon is not a tourist attraction, but it offers much to see.
A more severe trend has been the rising sea levels in this atoll nation. This looming crisis is a threat to more than half of the structures in the capital, Majuro. A World Bank study also projects that most of Majuro will be subject to flooding due to climate change. This study provides alarming visual forecasts. It also gives adaptation options to assist the islands in tackling this problem.
Benefits and Strengths of the Marshall Islands
One of the main strengths of the Marshall Islands market is its exporters. The US and the Marshall Islands have a Free Association (the Compact), which provides the island nation with defenses and financial aid from the US. This aid is also two-thirds of the Marshall Islands’ total budget. The US offers this to have exclusive rights to operate military bases in the Marshall Islands.
Both the US and Australia are trade partners of the Marshall Islands. An Australian bilateral aid program has given water and sanitation to Ebeye. Openings for women and girls on the job market also increased. Another benefit is the Australian awards. These awards provide a scholarship for selected colleges in the Pacific region.
The Marshall Islands have a seemingly neutral consumer base. The country’s population is no more than 60,000. Thus, the citizens tend to interact with the same businesses often. Some don’t with do business with any, living a rural life. Poverty is also a massive concern in the islands. With rising sea levels and low quality of life, many migrate to the US for the best future.
Reasons to Grow your Business in the Marshall Islands.
The government of the Marshall Islands has an interest in increasing foreign investment. Still, it has not made the step to fit such a plan. Lack of land rights is holding back the economic progress of the country. Non-natives can’t buy land, only lease through traditional practices. Land ownership depends on family lineage and social class.
The Foreign Investment Business License (Amendment) Act also restricts foreign investments. It is not easy to invest in particular retail and services businesses. Luckily this law is not consistent. It allows some foreign investors to get into partnerships with local Marshallese companies.
There is also no online website for registering a new business in the Marshall Islands. The investor has to do this all in person with no guarantee of the acceptance of the proposal.
Still, there are many reasons to open a business in the Marshall Islands. It is a freely associated state of the US. Thus, businesses can operate in a sovereign country while keeping some benefits such as a US-based currency and favorable trade agreements. The Marshall Islands offer other advantages, such as political stability, tax incentives, and a large pool of workers.
About Market Research in the Marshall Islands
Market research looks at the state of the economy. It would be best to conduct qualitative, quantitative, and strategy research. Market research can also involve focus groups and interviews. You can also use surveys before starting a business in the Marshall Islands.