About Marshall Islands
Marshall Islands is a group of islands and atolls located in the Pacific Ocean. The country has a population of 68,000 people. The island gained independence from the US in 1979 and signed a Compact of Free Association in 1986. Marshall Island economy is boosted by foreign aid and gets contributions from the tourism industry and agriculture (mainly fishing).
The Marshall Islands GDP is mostly made up of aid provided by the United States. In accordance with the Compact of Free Association signed with the US the islands receive military defense and monetary aid. The Government of the Marshall Islands is the largest employer on the island with approximately 30% of the population working for the government.
The tourism industry in Marshall Islands is developing and in addition to employing a significant number of residents also generate revenue in terms of accommodations, the sale of local crafts and products and the services sector.
Marshall Islands have very few natural resources and for decades the inhabitants have depended on fishing. The export of fish and fish product has brought in a steady income for the islands for many years. The government also sells fishing license to other nations. Farmers also grow on small farms, tomatoes, breadfruits, coconuts and melons for export.
Marshall Island also introduced the registration of exempt companies in order to attract investors to the island and increase government earnings through the payment of fees for company registration and maintenance. The registration of ships is also done in Marshall Islands.
The economy of Marshall Islands has shown small growth as the lack of natural resources forces the country to import most of of its food, machinery and consumer goods and exports are very low.