Market Research in the Republic of Kiribati

The Republic of Kiribati (Ki. ri. bas) is an island nation in the Pacific Ocean. It consists of 33 islands. But people only live on 20 of them. People live on the 16 Gilbert Islands and the 3 of the Line Islands. The Line Islands are, for the most part, reefs and atolls.

Neighborhoods

The capital of Kiribati is Tarawa. It is a string of islands connected by causeways and a road. Tarawa is the most developed area among the islands. Thus, many people move from the other islands to the capital.

In the urban areas, the people build their houses with materials such as blocks and concrete. But in the villages, the houses have thatched roofs and raised floors. There are also Western-style churches and hospitals throughout the island.

Key industries

Agriculture is a key industry on the islands. Some of the main crops grown on the islands are copra, breadfruit, and sweet potato.

Fishing is also one of the country’s most important jobs. In the Pacific Ocean, Kiribati is one of the best tuna sources. Finally, tourism is a major industry. It creates thousands of jobs.

Exports help to support the economy. For example, the government owns the most prominent agricultural company on the island. Copra is their biggest export crop. Some of the countries they export to are Taiwan, Australia, and Morocco.

It’s also essential to look at imports. The country brings in much food. Oil, rice, and vehicles are some of the most popular items. They import from countries such as Australia, Japan, and Singapore.

Trends

Kiribati uses the Australian currency. There was strong fiscal growth in recent years, followed by a decline. The economy is trending upward again.

The increased population has created a larger workforce. Yet, the country’s narrow economic base prevents job creation, resulting in many unemployed people.

Furthermore, the country is near the equator, making it a good place for satellite telemetry and spacecraft launching. National and transnational space companies invest in space projects, which bring jobs and capital to the country.

Benefits and Strengths in the Market

The tourism, handicraft, and fishing industries are the best entry point for investors.

Some of the private sector entities on the island are small. With more investments, the clothing, furniture, and beverage industries will grow. This will also employ skilled people and create more jobs.

Investment in the capital will promote the development of the other islands. It will also lead to better industries and more exports. Citizens will welcome commercial engagement in the public sector. It will give people more options and create healthy competition.

Consumer Base

Kiribati is a lower-middle-income country. The island’s economy is reviving, and the government plans to develop the tourism sector.

Still, close to a quarter of the people live below the poverty line. The country has few employment prospects. However, many people with jobs have started living an urban lifestyle, thus increasing the cost of living.

Reasons to Grow Your Business

Kiribati has a large labor force for tourism investors. Furthermore, the islands in the chain bring all kinds of tourist attractions. There is a market for both niche and more common commercial attractions. The government is also raising the people’s education levels. This project will create a better workforce for investors.

Finally, long-term investment is needed. Such investment will create more jobs, lower the poverty level, and increase the island’s development.

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