Kiribati — Business
Statistics
•GDP: US$64 million (2006).
• Main exports: Copra, pet fish and seaweed.
• Main imports: Food and manufactured goods.
• Main trade partners: Japan, USA, New Zealand, Australia and China (PR).
Economy
The main agricultural crop is coconut, from which copra, the principal export commodity, is derived. Bananas, breadfruit and papayas are also produced, largely for domestic consumption. The local fishing industry has declined drastically, particularly after the closure of the state fishing company, but the sale of licenses to foreign fleets is an important source of government revenue. Despite its remoteness, Kiribati has managed to develop a tourism industry which now accounts for about one-fifth of GDP. The economy grew by 1.8% in 2006, while inflation hovered between 3 and 4%.
Kiribati remains heavily dependent on foreign aid and remittances from the many islanders of working age employed overseas. Kiribati is a member of the Pacific Community, the South Pacific Forum and the Asian Development Bank. Kiribati is also involved with various regional initiatives to promote economic development. Kiribati is one of the 14 signatories to the Pacific Islands Countries Trade Agreement, agreed in 2001, which plans measures to boost regional trade.
Business Etiquette
Shirt and smart trousers or skirt will suffice most of the time; ties need only be worn for formal occasions.
Office hours: Mon-Fri 0800-1230 and 1330-1615.
