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 NEWS-TRENDS-ANALYSIS
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MARKET OPPORTUNITIES
Gibraltar 
In this series of articles InsideTrack discusses business potential in some of the world's less trafficked markets. In this issue we review opportunities in Gibraltar, often referred to as the 'Gateway to the Mediterranean.' Located at the southern tip of the Iberian Peninsula, Gibraltar is an amazing self sustaining economy that offers much to discerning businesses. If all we knew about Gibraltar was what we read in the popular press, we would know three things: that it is a big limestone rock, there are Barbary apes on it and it has a long running border dispute with its neighbour Spain. But there is much more to this exciting place than the press ever feature - much more, but then this writer makes no apology for talking about the Mediterranean's best kept secret. 
Situated on the northern shore of the Straits of Gibraltar where the great Atlantic Ocean meets the Mediterranean Sea and the continents of Europe and Africa eyeball one another, the amazing vista that is Gibraltar is a stunning sight. The promontory of Gibraltar has been a spectacle familiar to mariners down the centuries. Ceded to Britain by Spain under the Treaty of Utrecht, it is a remarkable place; rich in history, diverse in culture, flora and fauna, with a vibrant modern economy that presents opportunities for companies with interests in the manufacturing, service and engineering sectors. To use its full definition, Gibraltar is a self governing British Crown dependency in which the currency is the £Sterling and English the spoken language, much like Jersey. However unlike Jersey it is inside the European Union but has its own independent customs and tax regime. Although occupying a mere 6.5 square kilometres (under 3 square miles) with a small resident population of around 37,000, Gibraltar has a phenomenal visitor throughput of up to five million people a year (tourists and shoppers). Thus it has a highly developed infrastructure that overshadows the neighbouring Spanish provinces. Indeed it provides employment for many external residents. 
Gibraltar (or 'The Rock' as it is popularly called by residents), is self sufficient in energy, water and other utilities and has a telecom infrastructure that ranks among the best in the world. Such facility is vital to the local economy where the offshore financial services is highly developed. However the territory imports all its consumer and raw material needs where there is widespread preference for UK made goods. Indeed popular British High Street chains such as Marks & Spencer, Safeway (Morrisons) and BHS among others, dominate the local retail scene. The Rock is a favoured destination for international cruise liners where all retail purchases are free of VAT and sales tax which means that despite the added transport costs, margins will often be more attractive than may be typical in the UK or Ireland. Further, local distribution and marketing arrangements can be readily secured through established professional distributors and wholesalers. 
There is a growing demand for fresh and long life foodstuffs and other fast moving consumer goods, and craft related products including glassware and textiles. Gibraltar is also experiencing a rise in manufacturing investment which augments the established economic interests and investors recognise that being an EU territory there are significant advantages for certain types of industry. The territory is also experiencing growth in its physical infrastructure and recent reclamation and building programmes will continue to present opportunities for enterprising civil engineering companies. Indeed Northern Ireland companies have a particular track record here. There are direct daily flights from Heathrow, Gatwick, Manchester and Luton and freight access can be gained via overland routes through Spain or direct shipments to/from the Port of Gibraltar. So if you are interested in exploring business opportunities, the Gibraltar Government maintains a commercial office in London. Alternatively you can secure further advice from your local Chamber of Commerce. The rest is up to you. NB: The images used in this article are provided courtesy of the Gibraltar Government Further Information For more information on Quintus Management Marketing Services please contact us at:quintus@quintusmanagement.co.uk or at +44 (0)28 9146 9901. © Quintus Management (2009) |
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