Market Research in the Marshall Islands

The Marshall Islands in Oceania are a country of scattered atolls and remote islands. This country comprises more than 1,200 islands and islets. Almost everyone speaks English, but the primary language is Marshallese. The islands are tropical, and the temperatures never exceed 100 degrees.

Key Industries

Tuna processing

Fishing has become one of the best drivers for the RMI. Foreign fishing companies dominate the market. So, the country only receives a fraction of the value of fish caught on its shores. Still, the islands have built an income from the fishing industry. The city of Majuro is among the biggest tuna shipment ports in the world.

Agriculture

Although not as big as the fishing sector, farming has also supported the country. Its cash product is copra (dried coconut).

Handicrafts

The Marshall Islands have a history of producing intricate woven objects made from local natural materials. Tourists flock to craft shops for these unique souvenirs.

Neighborhoods

Majuro

The capital and biggest city in the Marshall Islands is Majuro. It is also the largest coral atoll. The city, spread across 64 islets, has beautiful coral, exotic fish species, and WWII wrecks. This divers’ paradise, founded in 1884, also has a major port and international airport. In addition, it has beautiful coral, exotic fish species, and WW11 wrecks.

Ebeye

Ebeye, roughly 80 acres in size, is one of the 97 islands that make up the Kwajalein Atoll. Kwajalein is one of the world’s largest coral atolls. Ebeye has a little over 1500 residents. More than half of the people are under the age of 18.

Arno

Arno, a 45-minute boat ride from Majuro, is one of the most populous atolls in the Marshall Islands. Its sites include sandy beaches and marine life. The island has three lagoons, which the Marshallese use for scuba diving, deep-sea fishing, and swimming. The lagoon is not a tourist attraction, but it offers much to see.

Trends

A more severe trend has been the rising sea levels in this atoll nation. This looming crisis threatens more than half of the structures in the capital, Majuro. A World Bank study also projects that most of Majuro will be subject to flooding due to climate change. This study provides alarming visual forecasts and gives adaptation options to assist the islands in tackling this problem.

Benefits and Strengths of the Marshall Islands

One of the main strengths of the Marshall Islands market is its exporters. The US and the Marshall Islands have a Free Association (the Compact), which provides the island nation with defenses and financial aid from the US. This aid is also two-thirds of the Marshall Islands’ total budget. The US offers this to have exclusive rights to operate military bases in the Marshall Islands.

Both the US and Australia are trade partners of the Marshall Islands. An Australian bilateral aid program has given water and sanitation to Ebeye. Openings for women and girls in the job market also increased. Another benefit is the Australian awards. These awards provide scholarships for selected colleges in the Pacific region.

Consumer Base

The Marshall Islands have a seemingly neutral consumer base. The country’s population is no more than 60,000. Thus, the citizens tend to interact with the same businesses often. Some don’t do business with any, and they live rural lives. Poverty is also a massive concern in the islands. With rising sea levels and low quality of life, many migrate to the US for the best future.

Reasons to Grow your Business in the Marshall Islands.

The Marshall Islands government is interested in increasing foreign investment. Still, it has not taken the necessary steps to implement such a plan. The country’s lack of land rights is holding back its economic progress. Non-natives can’t buy land, only lease it through traditional practices. Land ownership depends on family lineage and social class.

The Foreign Investment Business License (Amendment) Act also restricts foreign investments. It is not easy to invest in retail and service businesses. Luckily, this law is not consistent. It allows some foreign investors to form partnerships with local Marshallese companies.

There is also no online website for registering a new business in the Marshall Islands. The investor must do this all in person, and there is no guarantee that the proposal will be accepted.

Still, there are many reasons to open a business in the Marshall Islands. It is a freely associated state of the US. Thus, businesses can operate in a sovereign country while keeping some benefits such as a US-based currency and favorable trade agreements. The Marshall Islands offer other advantages, such as political stability, tax incentives, and a large pool of workers.

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