Marshall Islands is determined to expand its economy, which has grown relatively slowly due largely to overreliance on grant, particularly from its Compact of Free Association with the US. Compact grant is expected to decrease significantly from 2024. Consequently, the government is vigorously pursuing investment, to expand the economy’s productive capacity.
It has created OCI to spearhead programs and projects to significantly increase investments. Focusing on areas of comparative advantage, OCI has identified key areas of investments to promote to both foreign and domestic investors.
Public–private partnership is the cornerstone of strategies and measures that are being pursued to shore up investment.
The agro-industry offers investment opportunities in these areas:
Marshall Islands produces coconut meal and fishmeal ‐ both excellent feed ingredients.
The lagoons in the atolls offer pristine and protected environment for investments in the these opportunities:
Attractiveness of Marshall Islands
Marshall Islands has preferential market access for its seafood products to USA through its Compact Agreement with the US, and the European market through Economic Partnership Agreement.
Data available to date indicates that the seabed of Marshall Islands is rich in rare metals like cobalt and titanium, as well as nickel and platinum. The prices of nickel, and platinum have more than tripled in the past 5 years, making it attractive to further investigate opportunities in these minerals.
Technology is constantly evolving that should make exploitation of deep-sea mineral a possibility. OCI is working closely with organizations like International Seabed Authority and SOPAC to exploit these opportunities.
NOTE: The Above Policy & Legislation are awaiting RMI Parliament’s approval in the August 2015 Parliament cessian.
Database is now available for seabed of Marshall Islands.
Google Earth Placemark Mean:
YELLOW DOT –
The report outlines survey sites where voyages did sonar and took samples
There were 13 sites in total that were investigated 12:08 PM At each site there may have been one sample or multiple samples.
The surveys were done over a few years by a number of organisations.
SPC SOPAC has a summary for RMI in the DSM register that highlights each of these sights 12:09 PM this does not include work
done by US Geological Survey (USGS) after 2002.
It is for known investigations between 1996 and 2002.
Korea, Japan and SPC SOPAC partnerships.
GREEN DOT –
Placemark it to the atolls and the islands.
(Click Link below and follow DOT color info)
Marshall Islands is located in the highly productive western and central Pacific Ocean, the largest tuna fishery in the world with current annual catches exceeding 1.5 million metric ton.
Its Exclusive Economic Zone (EEZ) of over 822,000 square miles has a large supply of high-grade tuna, including skipjack, yellow fin, big eye and albacore. Its strategic location has made the country an important hub for fishing operations such as transshipment, refueling and re-supply by fishing vessels.
Its pristine lagoons make it ideal for fish farming for export to close-by markets like Hawaii.
The following are investment opportunities:
Marshall Islands is an active member of the:
It contributes to the development of key conservation and management measures designed to promote profitable and sustainable tuna fishery.
Majuro has the necessary infrastructure and facilities for fishing activities, including:
Current investors include:
The Marshall Islands Marine Resources Authority (MIMRA) is charged with managing fisheries resources, approves license for tuna fishing in Marshall Islands. For more information on their policies refer to this link: http://www.mimra.com
Marshall Islands is located in the northern Pacific region of Micronesia – one of the fastest growing regions for tourism in the world – and is located between North America and Asia, two of the most productive tourism source markets.
Its one of the most isolated nations in the world, perfectly located in a tropical warm area with a large swell window and consistent trade winds.
For more information on Hospitality/Tourism refer to this link:
Marshall Islands has an infant manufacturing sector with two main manufacturing enterprises – a copra processing plant which can process 15,000 tons copra & make 10,000 tons crude oil, and a loining plant whose production has been averaging 2,000 tons since 2008.
These enterprises prove that more manufacturing enterprises can be developed particularly in:
There is also potential for expansion of production and export of handicraft products using pandanus and other local materials. Marshallese handicrafts are known for being one of the best in the Pacific region, due to its high quality of material and output. Most handicraft makers are currently exporting their products to the Hawaiian market. Some are also exporting to Japan.
Attractiveness of Marshall Islands as a manufacturing base
Marshall Islands offers a number of benefits to international manufacturing companies to set up production units locally, including:
Modern telecommunication links enables remote islands nations like the Marshall Islands to overcome the tyranny of distance and attract services industries like ship registration. Marshall Islands today has the third largest ship registry in the world, with 3,100 vessels and over 100m gross tons.
It’s one of the world’s premier quality maritime registries that is globally recognized as a modern and efficient administration and is noted for its contributions to the safety and security of shipping and efforts to protect the marine environment. The service is provided by Trust Company of the Marshall Islands (TCMI) established in 1990 by the government jointly with Virginia-based International Registry, Inc.
For more information on Telecommunication refer to this link: http://www.ntamar.net
The Division of Energy within the Ministry of Resources and Development is responsible for the National Energy Policy Coordination and some implementation. The Division of Energy comprises of an Energy Office, one support-staff and an Australian Funded Energy Adviser.
The Framework for the National Energy Policy used for developing the national energy policy includes the following follows where improvement is required in order to achieve sustainable energy development.
For more information on Renewable Energy refer to this link: http://www.rmimrd.com/resources
The Marshall Islands rely heavily on imports for supplies of water, food, tools, and other daily needs. The Wholesale & Retail industry is the main distributor of these needs to the people of the Marshall Islands and thus makes it the most sought out and most competitive market.
Republic of the Marshall Islands: 2011 Census of Population and Housing Report states that the Wholesale & Retail accounts as one of the top industry in employing paid workers.
To date, there are over ten (10) wholesale and retail services on the island which offers goods or products ranging from food, water, home appliances, hardware and construction materials, and gardening products.