Marshall Island

The Marshall Islands is composed of approximately 1,200 islands and islets that form 29 atolls running in two parallel chains across the Pacific Ocean and is an upper middle-income country with a GDP of 221.2 million USD in 2018. The Marshall Islands has an agricultural and fisheries sector that accounts for 4.4% of GDP and produces agricultural and fisheries products that include coconuts, taro, breadfruit, and tuna. As arable land in the Marshall Islands is currently affected by the impacts of climate change, such as sea level rise and drought, there is a need to develop and implement innovative solutions to climate change related issues in the nation’s agricultural sector. The Marshall Islands also has an industrial sector that makes up 9.9% of GDP and is predominately based around construction, the making of handicrafts, and the processing of tuna and coconut (copra).

The service sector of the Marshall Islands contributes 85.7% to GDP. The economy of the Marshall Islands is largely supported by a Compact of Free Association with the United States, which provides funding and security to the Marshall Islands in return for maintaining and operating a military base in the island nation. To diversify the economy, the Government of the Marshall Islands has expanded its financial services industry by formally adopting cryptocurrency. As well, The Government of the Marshall Islands is seeking to expand its tourism industry, which saw 6,800 visitor arrivals in 2018; however, the isolated nature of the Marshall Islands leads to costly transportation costs that remain an impediment to further developing the local tourism industry.

The Marshall Islands has a small but growing startup community with some assistance programs, such as the soon to be implemented Women’s Business Start-up Small Loan Revolving Fund, which is a joint initiative by the Government of the Marshall Islands and the Government of Taiwan. Likewise, The International Union for the Conservation of Nature launched their Small Grants Enterprise & Community Development Accelerator in 2016, which offers support to Marshall Island startups engaged in work pertaining to sustainable development. Recently, local startups with support from the United States expanded the aquaculture industry of the Marshall Islands from the rearing of invertebrates (e.g. coral, black-lip pearl oysters, and giant clams) to the farming of finfish (i.e. Pacific threadfin), which has a higher commercial value on local and international markets.