Economy of Dominica: Discovery

Discoverying Dominica: Economy

Economy

Dominica's economy is above all based on the resources that it gets from its land. Its wet and fertile soil makes for flourishing agriculture. Bananas, vanilla, limes, grapefruit, coffee, cocoa and coconut, were at various times the primary cultivated products for export. Up until now the banana has been the most exported fruit but faced with competition on the international market and the giants in the American market, the banana has to fight to remain in existence. Following the good figures for this year (exports) we are reassured because it is the number one source of revenue for many Dominican farmers and their families. The government intends to develop other sectors, such as nature and ecotourism, the hotel industry, small manufacturing plants, Off-shore activities and real estate.

Opportunities for investment are urgent in the sectors mentioned above. Those holding ministerial offices intent to increase their efforts in order to promote this new destination in the Caribbean. They are setting up various projects and laws that encourage foreigners to come and live and invest here. Dominica is a peaceful and secure island where the tax system is minimal and almost nonexistent in some areas, compared to neighbouring islands. Dominica has a substantial ecotouristic advantage that is to be reckoned with, with its natural sites such as its natural parks, listed as part of the world heritage of humanity by Unesco. It also has sites that are preserved and protected, marine reserves with springs of hot volcanic sulphurous water, natural rivers and waterfalls…

The government and the population want to make Dominica a destination centred on ecotourism. Investment is being made in the hotel industry, in small but yet luxurious structures. And this recent development is just only getting started. The small industrial plants are producing fruit juice, jams and syrups with tropical fruit (Bello). They also produce spicy sauces that you can even buy in the French islands.

Other produce banana plantain chips, soya curd, tea and "Dominica coffee". The largest companies cover the local beer market (Kubuli), paints (Harris), soap, and candles (Candle Industrie), cartons and plastic bags (Paul Plastique). Soaps made from essential oils (Coal Pot). Spring water: (Loubière and Trois-Pitons who also bottle coconut water).

You'll also find truly local artisans with their woven attrapes doudous that slip over your finger or leather footwear for men and women that you see on sale in the streets of Roseau. Products available in the self-service stores are expensive, but you can now find more and more items and more choice to satisfy western tastes, but you have to pay for it.

Standard of living

The population of Dominica is 70,000 and the average monthly salary is 300 €/month.

Le Off-shore

Off-shore licences are issued with parsimony by the government of Dominica, in order to avoid money laundering and in order to monitor this sector. The Habitation caraïbes company, in partnership with a