Anguilla (top)
In recent years, GDP has grown at a double-digit pace though the pace is
expected to slow as the global economy weakens. Financial services, tourism
and construction have been driving forces behind growth but foreign
investments in land are also growing .
Aruba (top)
Aruba has one of the highest per capita incomes in the Caribbean region.
Per capita income has more than doubled in the past two decades, so that
Aruba is now one of the richest islands in the Caribbean .
Offshore banking, oil refining and storage are the other mainstays of the
economy. Supervision and regulation of the financial sector has been
strengthened in line with the recommendations of the recent Offshore
Financial Sector assessment. Recent tax reforms have made the economy more
investment friendly.
Authorities have agreed to turn the telecommunications company into a
private law company and introduce competition in the mobile phone market.
This creates opportunity for foreign investment and market expansion.
Tourism is a major earner of income and provides the most employment
opportunities. It contributes more than half of GDP and around 80% of
non-oil export revenues. This sector continues to need foreign investment
for infrastructure purposes .
Aruba is home to the one of the largest desalination plants in the world .
The island has no fresh water supplies and every liter has to be imported or
is the product of desalination. The plant continuously seeks further foreign
investment.
Bahamas (top)
The Bahamas has one of the highest per capita incomes in the western
hemisphere. The tourist industry is the heart of the economy, accounting for
a third of GDP .
There is no income or corporate tax. The degree of competition is limited
and reforms, particularly in the labor market, are needed. The business
climate is relatively attractive but seeks further foreign investment to
develop the country.
Barbados (top)
Barbados has about 2.9 million barrels of proven reserves and produces
small amounts of natural gas. The country plans to expand production to
3,000 barrels per day in the next few years and has begun to employ
horizontal-drilling techniques. The island, along with the Dominican
Republic, Haiti and Jamaica, is party to the San Jose pact under which
Mexico and Venezuela supply crude oil and refined products on favorable
terms .
Liberalization of the capital market is also expected in order to bolster
capital inflows and is part of the Caribbean's effort to create a single
market. The international business sector contributes around half of all
government revenues from corporate taxes. The authorities hope to boost
competitiveness by reducing income tax rates.
Bermuda (top)
Bermuda has one of the highest per capita incomes in the world, having
successfully exploited its location by providing financial services and
luxury tourist facilities. International business drives Bermuda's economic
success, with insurance, reinsurance, mutual fund management and
administration dominating .
Bermuda is one of the world’s richest countries. The country realizes around
25% of its GDP from international business. There are more than twelve
thousand foreign companies .Companies pay no tax on their profits or their
investment income, allowing them to build up reserves for future losses more
quickly and making it more attractive to foreign investment
Bermuda realizes around 25% of its GDP from international business. There
are more than twelve thousand foreign companies. One-third of the workforce
is non-Bermudian and that percentage has been rising over time.
Manufacturing tends to center on perfumes, flowers and pharmaceuticals .
Tourism accounts for about 14% of GDP with more than 80% of visitors coming
from North America. Tourism is expected to show growth of around 8.8% of GDP
in 2009 .
British Virgin Islands (top)
The country is one of the world's principal offshore financial centers.
Financial services are the fastest-growing industry in the country. Together
with banking and insurance, financial services account for a significant
portion of GDP.
The government has introduced a zero income tax regime.. Other incentives
include no capital gains tax; no estate duty; no dividend; no withholding
tax; no capital transfer tax and no death duties.
The British Virgin Islands is one of the wealthiest countries in the world.
It is highly dependent on tourism, which generates about one-third of GDP .
Cayman Islands (top)
The Cayman Islands are the largest offshore banking center in the world
with 600 banks and deposits worth US$500 billion.
Tourism is the main source of income in the Cayman Islands. The sector
accounts for about 70% of all economic activity and employs one-third of the
workforce. There are more than 100,000 visitors in a typical year. A
majority of tourist arrivals (close to 90%) are passenger visitors from
cruise ships. The Cayman Islands' currency is often stronger than the US
dollar, a factor which periodically impacts on the tourism sector.
There are no taxes in the Cayman Islands: government revenue comes from
customs duties, stamp duty and annual fees levied on corporations. More than
80% of the economy is service-based, principally financial services and
tourism. The number of registered companies is approaching 60,000. The
figure represents one-and-a-half companies per person. The island also has
more than 600 banks and trust companies. About 90% of all food and consumer
goods must be imported.
Dominica (top)
The move to a value added tax has been accompanied by the elimination of
the consumption tax, the sales tax, the hotel occupancy tax and other minor
levies. On the revenue side, the tax base has been broadened. The social
security system is being reformed and a hike in contribution rates has been
imposed.
Authorities are working to reduce the cost of doing business are focused on
easing infrastructure constraints and streamlining business procedures. The
government has also made several moves to bolster the efficiency of the
financial system by restructuring state banks and strengthening the
supervision of credit unions. These moves should help to boost productivity
and encourage competition.
Most industrial enterprises are geared to the processing of agricultural raw
materials: rum manufacture is a major activity. There are also fruit canning
plants, tobacco processing sheds and plants making soap and other light
products.
Agriculture generally accounts for almost 30% of GDP and employs more than
two-fifths of the labor force. The main agricultural product is bananas
although limes, oranges, grapefruit, copra and bay oil are also produced for
export. Dominica exports 25-35 tons of bananas per year .
Guadeloupe (top)
The country has an industrial free port at Jarry and a fair-sized ship
repair business. This creates ease of transportation for companies looking
to do business.
Agriculture contributes 15% of GDP and employs 15% of the work force. The
industrial sector employs 20% of the workforce and contributes 9% of GDP.
Services, which are dominated by the tourist sector, account for 68% of GDP
.
Guyana (top)
Officials are anxious to diversify the economy. Guyana has much potential
to develop the tourist sector but seeks foreign investment for improvements.
Brazil has recently committed US$3 million to complete a bridge between the
two countries. This could help to boost trade if it is accompanied by other
improvements in transport .
Guyana consists of mainly Amazon rainforest area, which is being
deteriorated daily and needs international support to cease its destruction.
Guyana's economy depends heavily on sugar and rice production, gold and
bauxite mining, and logging. Foreign investors are hoping to move in to grow
sugar cane for ethanol.
Policy makers are working to restructure the state-owned sugar and bauxite
companies, and strengthen the regulatory framework of the domestic banking
system. To improve the quality and efficiency of public spending and
safeguard debt sustainability, the authorities plan to establish a five-year
rolling Public Sector Investment Program.
Haiti (top)
The key objective of the current government is to stabilize the economy
and gain support of the international community. In support of this effort,
the US government eased regulation on the import of Haitian textiles in 2008
which makes the country more attractive to foreign investment and markets.
Haiti has deposits of copper, silver, bauxite, gold, marble, lignite and
asphalt, but only bauxite has ever been mined. There is very little foreign
investment in the country at present.
There is very little foreign investment in the country at present. There was
a significant investment of US$40 million Hilton hotel being built near the
airport. The country wants to expand the tourism sector, therefore seeks
further investments such as these .
The economy relies overwhelmingly on the agricultural sector, which employs
70% of the workforce. Agriculture accounts for only about 30% of GDP. Coffee
is grown for export along with sugar and mangos .
Netherlands Antilles (top)
The banking sector has demonstrated continued resilience. Profitability,
provisioning and balance sheets in the banking sector have improved. A new
agreement with the Netherlands on dividend taxation is expected to improve
the international financial industry.
Tourism, petroleum trans-shipment and offshore finance are the mainstays of
the economy, which depends heavily on overseas markets. The main industries
are petroleum refining in Curaçao, petroleum trans-shipment facilities in
Curaçao and Bonaire and light manufacturing in Curaçao.
The islands enjoy a high per capita income and a well-developed
infrastructure. Pension payments will rise from 2009 due to the ageing
population. The retirement age will also be raised to 65 .
Private investment has improved which has been helped by the extension of
two airports and several hotel projects that will boost construction
activity, although the country continuously seeks foreign investment.
St. Kitts (top)
Nevis's economy is based on tourism and offshore financial services,
while St Kitts's economy is larger and more diversified. Services account
for 70% of GDP and depend mainly on tourism. Tourism is not fully developed
but has considerable potential. It is typically one of the fastest growing
sectors of the economy .
Agriculture contributes just 4% of GDP and is spread around the coastal
areas. Bananas, copra and cotton are the main export products but sugar cane
is the dominant product. The authorities hope to boost production of
agricultural crops, livestock and fisheries as part of its overall
diversification program .
Banking reformation has taken place on St Kitts, therefore making it an
attractive place for foreign investment and removing it from the OECD's list
of non-cooperative states.
St. Lucia (top)
Tourism accounts for nearly three-quarters of the country’s exports.
Plans exist to increase the stock of hotel rooms by about 30%, or 1,100 new
units. The country attracts more than 200,000 visitors in most years . The
industry has much potential with forests, sandy beaches, minerals (pumice),
mineral springs and geothermal sources. This sector is continuously seeking
foreign investment to realize its tourism potential.
St. Lucia has been able to attract some foreign business and investment,
especially in its offshore banking and tourism industries. The fact that the
manufacturing sector is the most diverse in the Eastern Caribbean area is of
great interest to foreign investors looking to penetrate the market.
Trinidad and Tobago (top)
Within the Caribbean, Trinidad and Tobago has become a major financial
center and a source of capital. The authorities have embarked on an
ambitious effort to modernize the legal, regulatory and supervisory
frameworks governing the financial sector, with a view to reducing
vulnerabilities and promoting Port-of-Spain as a financial center.
Additionally, in 2007, the corporate income tax was cut to 25% .
Growth averaged 9% in 2002-2007. Trinidad and Tobago now has one of the
highest per capita incomes in Latin America. The government hopes to use its
energy resources to reach the status of a developed country by 2020.
Currently, natural resources provide almost 40% of government income .
Trinidad and Tobago is the largest producer of oil and gas in the Caribbean.
Crude oil reserves, at an estimated 728 million barrels, will be exhausted
in less than two decades unless new reserves are found, therefore the
country is seeking foreign investment to help realize this exploration .
Trinidad and Tobago has received foreign direct investment of more than US$6
billion and these inflows are expected to accelerate over the next few
years. A series of steps to promote exports including the liberalization of
trade and the foreign exchange market have been introduced with modest
success. Sugar, citrus fruits and copra being grown for export, while rice,
coconuts, yams and bananas are produced for the domestic market.
Suriname (top)
Suriname is a member of CARICOM (Caribbean Community and Common Market)
common external tariff and approved the CARICOM Single Market and Economy
Treaty.
To strengthen the financial system, a new banking supervision law was passed
and an anti-money laundering law was implemented.
The government intends to spend heavily on new roads, railways and low-cost
housing. These investments are much needed and should contribute to an
improved business environment. Officials are also working to promote
diversification of the economy. Officials plan to introduce a VAT regime, a
move which should reduce the volatility of government revenues. The
government reached agreement with private investors to build six industrial
plants valued at US$7.4 billion. The projects include urea ammonium nitrate
plants, aluminum smelters, a petrochemical complex, and an iron and steel
plant .
The government’s policy stance has become more expansionary. The central
government's overall deficit has widened, owing to a substantial increase in
capital expenditure and a drop in domestic fuel taxes. Monetary policy also
became more accommodative.
Agriculture makes up 13% of GDP, industry accounts for 22% and services
contribute the remainder. Agriculture is viable only along the coastal
regions where the terrain is more accessible. Products range from sugar and
banana plantations to rice, which is the staple crop, and vegetables.
Further inland, timber and forestry are found. In the high sierras, balata
is extracted from trees . Suriname has an abundance of other natural
resources including timber, hydropower potential, fish, shrimp, iron ore, as
well as small amounts of nickel, copper, platinum and gold.
The country's main industries include bauxite, lumbering, food processing
and commercial fishing. The economy is dominated by the bauxite industry,
which accounts for around 15% of GDP and more than 70% of export earnings in
recent years. Alcoa and BHP Billiton have invested US$150 million in two new
bauxite mines which began operation in 2006 .
Suriname has immense and largely unrealized hydroelectric potential in its
upland jungle areas, as well as some oil resources offshore . The country is
seeking foreign investment to reach its exploration potential.
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