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 NEWS-TRENDS-ANALYSIS
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RECENT MARKET OPPORTUNITIES FEATURES
US Virgin Islands 
As readers will have observed from this series of features, InsideTrack discusses and presents information on business opportunities in some of the world's less trafficked markets; opportunities that are open to UK and Ireland based businesses. On this occasion we review opportunities in the US Virgin Islands, a modern democratic economy that sets an example to much of the Caribbean. Part of the Caribbean chain of islands, the US Virgin Islands comprise four inhabited islands, St Croix, St Thomas, St John and Water Island that were purchased by the United States from Denmark in 1917 and are now a US Territory with local administration arrangements in much the same way as Puerto Rico. 
The islands were originally discovered by Christopher Columbus on his second journey in 1493 which he christened Las Islas Virgenes - The Virgin Islands. However it was Denmark who first settled the islands in 1671 and remained under Danish control until the early 20th century. Occupying some 352 square kilometres (137 square miles), the US Virgin Islands has a residential population of around 125,000 but attracts more than 2 million tourists a year, thus there can be up to half a million people on the islands at any one time. The tourist economy is heavily developed and accounts for 70 per cent of GDP and employment with a mix of light industries and services making up the balance. While the cost of living is high by US or European standards, the islands have become a haven for American and Canadian tourists who are attracted by the sun, surf, wild life and low taxes on purchases. The islands are also a favoured destination for cruise operators. Residency rights are given to US citizens so house and apartment development, like the hotel sector, has been extensive in the last twenty years. However the islands are wholly dependent on imported raw materials including foodstuffs to serve the buoyant retail sector but unlike other island economies like Bermuda and the Bahamas, the offshore service sector is as yet under developed. For the discerning exporter, the significant tourist economy presents opportunities to market fast moving consumer goods including foodstuffs, giftware, clothing, telecoms equipment as well as consumer durables, luxury goods and IT services. However exporters should note that the territory is managed as if it were mainland United States and all US compliance requirements and standards apply, though oddly enough vehicles drive on the left. With two major airports serving up to ten US and Canadian cities and other Caribbean centres, business access is straightforward. There are also three major ports serving the larger islands that can handle all modern freight requirements. For the curious exporter, a visit to the islands would be highly beneficial but it would be wise to conduct research on sectoral opportunities before a visit takes place. 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)
Malta 
In this series of articles covering some of the world’s less trafficked markets, InsideTrack discusses business opportunities for regional companies in countries that are sometimes regarded as being 'off the beaten track', yet possess opportunities for discerning marketers. In this issue we review the island nation of Malta, one of the most fascinating and intriguing of the EU's newer member states, and one that has a capacity to surprise. 
The Republic of Malta is situated in the Mediterranean Sea between Sicily and the North African states of Tunisia and Libya and has had various colonial rulers over the centuries. The three islands comprising present day Malta (Malta, Gozo and Kemmuna) gained independence from the UK in 1964 and is today, a stable democratic regime. With a rich and diverse history as a centre for trade and commerce in the Southern Mediterranean stretching back over 2,000 years, it is one of the newer EU states, having joined the European Community in May 2004. It sports a vibrant economy with trading links throughout Europe, North Africa and the Middle East. English is the language of commerce, presenting opportunities for enterprising regional companies. Indeed some Northern Ireland and Scottish businesses already have manufacturing and distribution interests that have been established for many years. Although Malta is small, it has a resident population exceeding 400,000, but for much of the main tourist season, the population triples, thus swelling the purchasing power. For a small economy, it has a surprisingly well developed infrastructure that compares favourably with much of southern Europe. While there are no motorways, there are around 1,000 miles of paved roadway that can accommodate most traffic adequately. However urban driving around Valetta, Malta’s capital, is an adventure and not for the faint hearted. Traffic management procedures often appear to be ‘notional’, a feature that tests one’s assertiveness skills! The message is when travelling - stick to taxis. The country's energy and water are in ample supply and operate to UK standards, thus does not suffer the limitations often found in other parts of Southern Europe. It has a well established marine services sector and emerging financial services interests. However the mainstay of the economy is tourism, contributing to high levels of employment. Indeed Malta is much favoured by Northern Europeans who are attracted by its unique blend of features - history, heritage and happiness, packaged in sunshine. The retail system is also well developed and is served by established professional distributors. However retail premises tend to be smaller family run businesses, similar to those found in other Mediterranean centres like Gibraltar and Cyprus. Malta is significantly dependent on imported goods as its manufacturing base is, as yet, relatively underdeveloped and in this regard the UK accounts for only 15% of all imports. Malta’s largest trading partner is Italy, supplying manufactured goods. Indeed the Maltese have a considerable thirst for consumer goods, the consumption per head of which is greater than that of the UK despite the GNP per capita being only half that of Britain. There is particular demand for long shelf life products, textiles, clothing and craft related goods as well as white and brown goods. There is a steady demand for capital goods including motor vehicles, agricultural equipment, engineering plant and marine related equipment. Malta is also experiencing growth in its physical infrastructure as the housing stock, hotels, apartments and road network developed during the 1960s and 70s are replaced. Access to and from Malta is well developed. Luga airport (near the capital Valetta) handles over two million passengers plus freight per year with scheduled flights from several UK and Irish airports. The marine cargo handling facilities at Valetta meet modern standards. Regular ferry and helicopter services also operate between Malta and the adjoining islands.
If you feel tempted to explore business opportunities in Malta, Quintus recommends that you contact your local Chamber of Commerce or local Regional Development Agency who can provide information on business to business and business to consumer opportunities. The UK also maintains a fully staffed High Commission at Valetta that can provide local commercial intelligence. However we would also urge you to spend some time researching business opportunities and take the trouble to visit Malta for yourself. The rest is up to you and your imagination. 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) Faroe Islands: InsideTrack carried out a review of business opportunities in the Faroe Islands, the self governing overseas region of Denmark, located north east of Scotland (1 August 2005). Portugal: The InsideTrack team conducted a review of commercial opportunities in Portugal, the EU nation much favoured by British and Irish tourists (25 May 2005). 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.
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