Palau- Business Opportunities
The Consul General of Embassy of Palau Mr. Neeraj A.Sharma accepted the Honorary Membership of Global India Business Forum, in the presence of Global President Dr. Jitendra Joshi. Realizing Strengths of Global India Business Forum and Consulate of Palau and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
Palau, or formally known as the Republic of Palau, is an island country located in the western Pacific Ocean. The country was also historically called as Belau, Palaos and even Pelew. The country approximately has 340 islands and it forms the western chain of the Caroline Islands along with parts of the Federated States of Micronesia. The total area of Palau is 458.4 sq. km. making Palau one of the smallest countries in the world. Of the different islands present, Koror is the most populous one. The country’s capital Ngerulmud is located on the nearby island of Babeldaob, in Melekeok State. The country shares its maritime borders with Micronesia, Indonesia and the Philippines. The country was formed approximately 3000 years ago by migrants from Maritime Southeast Asia. Along with other Pacific Islands, Palau was made a part of the US-governed Trust Territory of the Pacific Islands in the year 1947. After voting against the Federated States of Micronesia in the year 1979, the islands gained complete sovereignty in 1994 under a Compact of Free Association with the United States. Palau is a presidential republic in free association with the USA which provides defense, funding and access to social services. And Palau’s economy is mainly dependent on sectors like tourism, subsistence agriculture and fishing and the significant portion of the Gross National Product (GNP) derived from foreign aid. The country’s currency is the US Dollar.
Business Opportunities in Palau
Since fishing and related activities form a major part of the country’s economy, there are abundant business opportunities for countries that want to invest in the fishing industry of Palau. Another important sector which generates a lot of income for Palau is the tourism industry. There are different kinds of attractions for tourists across the world like visiting the Rock Islands for snorkeling, kayaking, scuba diving, etc. Peleliu is another island which is famous for its white beach coral reefs and rusted World War II military remains. The country also attracts high number of tourists because of its scenic destinations. Hence, this sector can also generate a lot of business opportunities for the country.
Exports and Imports in Palau
The exports of Palau were recorded at $13,35,28,992 in the year 2018, according to the World Bank. Also, the imports of the country were recorded at $154 million in 2018.
Top Exports of Palau
Palau’s main exports are fish and its related products, along with scrap vessels, computers, office machine parts and refined petroleum. The country’s major export partners are Japan, the USA, India, Turkey, Chinese Taipei and Mexico.
Top Imports of Palau
The major imports of Palau are refined petroleum, cars, recreational boats and beer. Palau’s major import partners are the USA, Chinese Taipei, Singapore, Japan and South Korea.