In the most recent World Bank yearly assessments, the Marshall Islands is placed 153rd out of 190 nations in terms of how easy it is to do business there. The Marshall Islands’ ranking rose from 150 in 2018 to 153 in 2019. The Marshall Islands are working to create new businesses and expand their international market beyond copra. The travel industry, fisheries, natural cosmetics, medical supplements, local crafts, seafood farming, service providers, renewable fuels, transportation, and privatization all present economic potential. This article explores the commercial opportunities associated with these sectors.
Organic products
The Marshall Islands’ native tropical species are thought to offer aesthetic and therapeutic properties. Coconut palms and noni, which have recently gained popularity in the industry for natural cosmetic and wellness goods, are widely accessible at the RMI. Europe, Asia, and the US all have a significant market for noni-based organic healthcare items. The leading U.S. supplier of noni-based goods has created a $400 million global noni industry using a multi-level advertising corporate strategy.
According to several research, virgin oil has medical advantages, notably strengthening the intestinal system. Beauty cleansers made from virgin oil are thought to be of the greatest caliber currently accessible. There is a huge demand for these items in Asia and the U.S.
Aquaculture
Commodities from the RMI have significant potential in the aquaculture industry. Other parts of the Ocean, particularly Tahiti and the Cook Isles, have experienced great success in the black pearl business. The RMI is currently in the planning phase for black pearl enterprises, and the gems from the Islands have received positive evaluations. Many industries offer assembled jewelry as well as raw pearls for sale.
Tender corals and decorative clams are produced and distributed by local businesses. These businesses want to grow internationally. For potential future business prospects, the enterprises may be keen on establishing links with aquarium-related consumer businesses or traders.
Tourism
The RMI is well-positioned to enter specialized travel industry sectors. Presently, the nation receives over 6,000 guests annually, of which 20% are vacationers, largely from the United States and Japan. The volume of visitors started to rise with JAL’s incoming commercial flights, and that number has increased much more. Scuba divers, recreational fishermen, and tourists interested in World War II history are drawn to the RMI’s coastal areas, uninhabited islands, and historic sites.
The RMI is still an unexplored territory. Majuro and the surrounding islands’ structural versatility allows the RMI to manage a rise in tourist volume.
The Marshall Islands Tourist Agency (MIVA) is trying to enhance traveler satisfaction, raise awareness of RMI, and promote business. Guests and agencies including tour companies and sightseeing crews have access to a single information base. A five-year “Tourism Expansion Strategy” that prioritizes promoting the RMI, increasing environmental awareness, and enhancing human resource development will be launched by MIVA in the islands.
Local handicrafts
The complex embroidery and cutting-edge patterns of Marshallese craftsmen are greatly praised. The majority of the native items fans, trays, carpets, decorations, tapestries, and purses are made for the regional supermarket, with a little amount exported. These expertly crafted handicrafts can be marketed to high-end consumers.
The production of arts and crafts, which is concentrated in the outlying territories, is crucial for traditional continuity. The Marshall Islands’ more distant regions rely on the handmade industry for revenue due to the restricted industrialization and job opportunities on the outlying islands. The Marshallese heritage is promoted and only organic materials are used in the hand-weaving techniques that have been handed down for centuries.
Infrastructure
Infrastructure projects in RMI receive over 60% of the funds each year. Leasing prospects are also available in the establishment of healthcare and academic facilities.
The geographical makeup of the RMI presents several infrastructure issues that could create a demand for testing, reasonably priced renewable energy, and hazardous waste removal systems. The industry is still looking into other power sources as a way to supply electricity to distant territories. The outer regions have effectively deployed solar energy. There are thought to be 1,760 families in the RMI’s substitute electricity market.
