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Country Guide > South America > Falkland Islands | |
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Business Profile Economy The economy is dominated by fishing and sheep-farming. The poor quality of the land precludes large scale crop-growing. Productivity in sheep-farming has increased sharply since the mid-1980s with improved working practices. However, it is the fishing sector that now accounts for the islands’ much improved economic performance. The industry has grown substantially since 1982, assisted by the introduction of a licensing system in Falklands territorial waters. The presence of large quantities of squid, a very popular dish in several parts of the world, has fuelled an economic boom and the emergence of a ‘squidocracy’ – a group of individuals living on the islands who have become extremely wealthy as a result. There are some concerns about stock depletion, and controls have now been introduced. Other plans for the Falklands’ economic development have proved less successful. Restrictions on Antarctic development have undermined the islands’ hope of deriving benefit from being an en route staging post. The search for suspected oil and gas reserves began in earnest in 1995 after the signing of an agreement between the British and Argentinians; test drilling started in 1998 but no viable deposits have yet been located. However, as long as the squid last, the Falklands economic outlook remains bright. Despite the improvement in relations with Argentina, trade between the islands and the mainland is small and most trade is still conducted with Britain. Business Punctuality for meetings is expected. Office hours: 0800-1200, 1300-1630 (Government); 0800-1200, 1300-1700 (Private). Commercial Information For advice, contact the Falkland Islands Development Corporation (FIDC) (see Contact Addresses section) or the Falkland Islands Chamber of Commerce (e-mail: commerce@horizon.co.fk). Conferences/Conventions For details, contact the Falkland Islands Tourist Board (see Contact Addresses section). |