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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) |
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