Nauru Business
• Main exports: Phosphates.
• Main imports: Food, fuel and manufactured goods.
• Main trade partners: Australia and New Zealand.
Economy
In an attempt to boost its economy, Nauru turned to offshore financial services, but was named and shamed by the OECD (Organisation for Economic Co-operation and Development) in 2002 because of the laxity of its tax and financial disclosure arrangements.
Since then, Nauru has brought its banking legislation in line with international requirements. It has also found an alternative source of income by agreeing to accept Australia-bound asylum seekers while their applications are processed in exchange for financial aid.
Other revenue sources include the sale of fishing licences and tourism, but these are both limited and Nauru's economy remains on shaky ground.
Business Etiquette
Office hours: Mon-Fri 0800-1200 and 1330-1630.
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