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• GDP: US$824 million (2003).
• Main exports: Rum, fresh fish, fruit, animals, gravel and sand.
• Main imports: Building materials, cars, food and machinery.
• Main trade partners: US Virgin Islands and USA.
• Main exports: Rum, fresh fish, fruit, animals, gravel and sand.
• Main imports: Building materials, cars, food and machinery.
• Main trade partners: US Virgin Islands and USA.
Economy
Tourism and financial services are the islands’ main economic activities. Tourism employs around one-third of the working population directly or indirectly and accounts for about 45% of GDP.
The offshore financial sector, which has been operating since the mid 1980s, has been a spectacular success, by virtue of the British connection, benign legislation and political uncertainty in rival centres (notably Hong Kong and Panama). However, in the last few years, the government has been forced to respond to international pressure to tighten its regulatory regime in order to prevent money-laundering.
Agricultural production is limited by poor soils, and relies mainly on livestock rearing, but some fruit and vegetables are produced for export. Rum is an important export commodity, and its distilling is the principal industrial activity.
The offshore financial sector, which has been operating since the mid 1980s, has been a spectacular success, by virtue of the British connection, benign legislation and political uncertainty in rival centres (notably Hong Kong and Panama). However, in the last few years, the government has been forced to respond to international pressure to tighten its regulatory regime in order to prevent money-laundering.
Agricultural production is limited by poor soils, and relies mainly on livestock rearing, but some fruit and vegetables are produced for export. Rum is an important export commodity, and its distilling is the principal industrial activity.
Business Etiquette
A shirt and tie are required for the summer months; lightweight suits are normally worn at other times. Best time to visit is December to April.
Office hours: Mon-Fri 0830/0900-1630/1700.
Office hours: Mon-Fri 0830/0900-1630/1700.
Business Contacts
The Government of the British Virgin Islands in the UK
15 Upper Grosvenor Street, London W1K 7PJ, UK
Tel: (020) 7355 9570.
15 Upper Grosvenor Street, London W1K 7PJ, UK
Tel: (020) 7355 9570.