Business Profile
Economy
Much of the land is under cultivation, with bananas, coconuts, citrus fruits and cocoa as the main produce. The banana industry, which is the country’s main export earner, has been under serious pressure following a World Trade Organization ruling outlawing the preferential access to its main European markets that Dominica had previously enjoyed. This, and the -1 per cent GDP rate have added urgency to the Government’s efforts to diversify the country’s economic base and improve the country’s inadequate infrastructure. At present there is a little light industry producing vegetable oil, canned juices, cigarettes, soap and other consumer goods largely for domestic consumption. In the service sector, tourism initially developed rather more slowly in Dominica than elsewhere in the Caribbean but it has become a vital component of the economy. The government has lately sought to promote Dominica as an ecotourism hotspot. In recent years, the Government has also been trying to promote an offshore financial services industry; in a highly competitive market, it has enjoyed limited success. Dominica is a member of the Caribbean economic bloc CARICOM and of the Organisation of East Caribbean States. Substantial overseas aid is provided by the USA, the UK and the EU. The island’s largest trading partners are the UK, the USA, Canada and Japan; Barbados and Guadeloupe are the largest within the Caribbean region.
Business
Businesspeople should usually dress smartly and dealings will be formal, initially at least. Government office hours: Mon 0800-1300 and 1400-1700, Tue-Fri 0800-1300 and 1400-1600.
Commercial Information
The following organisations can offer advice: Dominica Association of Industry and Commerce (DAIC), PO Box 85, 6 Cross Lane, Roseau (e-mail: daic@marpin.dm); or the National Development Corporation (see Contact Addresses section).
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