Kiribati Business

By | March 3, 2021

According to commit4fitness, Kiribati is an island nation located in the central Pacific Ocean. The economy of Kiribati is largely dependent on its exports, with fisheries and copra being major contributors to the national GDP. Other important exports include coconut oil, handicrafts, and seaweed. Tourism is also an important industry in Kiribati with its pristine beaches and tropical climate drawing visitors from around the world. The government has been focusing on diversifying its economy by encouraging investment in infrastructure such as roads and telecommunications networks in order to attract more foreign investors. In addition to this, foreign aid from other countries has also been increasing in recent years which has helped to improve the country’s economic outlook.

According to abbreviationfinder, KI is the 2 letter abbreviation for the country of Kiribati.

Service industries dominate employment and accounted for 75% of GDP in 2002. Fisheries and agriculture had their share reduced from just over 25% in 1992 to 14.2% in 2002, but still employed 26% of the workforce. Coconuts are grown for sale (copra); for their own consumption, bananas, breadfruit, papaya and screw palm (which yield berry-like fruits) are grown. Kopra accounted for 23.5% of exports in 2002 against 77.1% in 1992. Cultivation of seaweed began in the mid-1980s and amounts to approx. 15% of export revenue, while shark fines account for 5%. Otherwise, there is a widespread animal husbandry of pigs and poultry. The state fishing company was closed down in 1991 due to. strong decline in catch, but sale of fishing licenses to Japan, South Korea, Taiwan and the United States have become an important source of revenue. In 2001, license sales brought in approx. NOK 250 million, or five times as much as the country’s total exports.

Gross Domestic Product (GDP) of Kiribati

Up to 1979, phosphate was extracted on Banaba (Ocean Island) by the British Phosphate Commission, for export to Australia and New Zealand. Phasing out phosphate mining, which gave Kiribati about 80% of export revenue and 50% of state revenue, has had a devastating effect on the country’s economy. Interest income from a reserve fund, established in 1956, remains an important source of income.

Tourism is an important source of income and constitutes approx. 15% of the country’s income. Since the turn of the millennium, the island kingdom has had annual visits of approx. 14,000 travelers, including over 4,000 tourists; most from Asia. Kiribati had 200 hotel rooms at the turn of the millennium, but a new hotel with nearly 150 rooms was under construction at Kiritimati. Since 2001, Norwegian Cruise Line has had weekly sailings from Honolulu to Tabuaeran (Fanning Island).

Foreign Trade

According to countryaah, Kiribati’s main trading partners are Bangladesh (receives about 77% of Kiribati’s export products), Australia, Japan and Fiji. The country’s limited exports and imports of most products mean that the country has a permanent deficit in the trade balance abroad.

Sales of fishing rights and transfers from Kiribatians abroad are the main source of currency; about. 2000 works as sailors on foreign ships. Kiribati has good fishing banks within its economic zone and has sold fishing rights to Japan, South Korea and Taiwan. Almost all of Kiribati’s production of seaweed and kelp is exported to Denmark.

Transport and Communications

The large distances make transport between the islands difficult. Air routes link Tarawa to most of the outer islands and to Tuvalu, Nauru, Fiji and Hawaii. The main port city is Betio on Tarawa. Kiribati, Tuvalu, Nauru and the Marshall Islands have since 1995 planned the establishment of a joint regional airline.

The island kingdom has 670 km of roads that can be used by motor vehicles.

Economic geography and demography. – Island state of Oceania. In 2010 the population was 103,058 residents, While in 2014, according to an estimate by UNDESA (United Nations Department of Economic and Social Affairs), it was 103,942 residents, With an annual growth rate estimated for 2014 at 1, 18%. About 44% of the population lives in urban areas (the agglomeration of the capital, Tarawa, has 40,311 residents). Life expectancy is 68.9 years (2013) and access to water and health resources remains critical. It is one of the areas most at risk from rising water levels; for this reason, in November 2010 it hosted the Climate change conference on the island of Tarawa.