 |
|
 |
 |
 |
 |
|
|
Info
Regions
|
|
|
|
|
|
|
|
|
|
|
|
|
Country Guide > Caribbean > Aruba | |
|
Business Profile Economy Between 1824 and 1916, the economy was based on gold mining. Subsequently, an oil refinery opened in the mid-1920s and, once among the largest in the world, was the most important commercial operation on the island until its closure in 1985. However, it was re-opened in 1990, under an agreement with an American operator to establish transhipment (mainly between Venezuela and the USA), storage and refining facilities. Oil has now reassumed its central position in the Aruban economy. In the meantime, a sizeable tourism sector grew up. More recently, Aruba has been joined by offshore service industries, including finance and data processing. The country’s free-port status, ship bunkering and repair facilities are the island’s other main sources of revenue. However, in June 2000, Aruba was identified by the Organization for Economic Cooperation and Development (OECD) – the world’s 30 largest economies – as one of 35 ’tax havens’ whose financial laws are believed to encourage large-scale tax evasion and money laundering. The government has since addressed most of the OECD’s concerns. Light industry is limited to the production of some tobacco products, drinks and consumer goods. Agriculture is confined to small-scale activity, because of poor soil quality. Aruba is classed as an Associate Overseas Territory of the European Union. The most important trading partners are The Netherlands, USA, Colombia and Venezuela. Business Office hours: Mon-Fri 0800-1700. Commercial Information The following organisation can offer advice: Aruba Chamber of Commerce and Industry, JE Irausquin Boulevard, PO Box 140, Oranjestad (tel: (58) 21566; fax: (58) 33962; e-mail: registers@arubachamber.com; website: www.arubachamber.com). Conferences/Conventions Information can be obtained from the following organisation: De Palm Tours NV, L G Smith Boulevard 142, Oranjestad (tel: (58) 24400; fax: (58) 23012; e-mail: info@depalmtours.aw; website: www.depalm.com). |