Tuvalu

Tuvalu is a Pacific island nation with a total land area of 26 km2 but an exclusive economic zone (EEZ) of 900,000 km2 and is an upper middle-income country with a GDP of 42.6 million USD in 2018. Tuvalu has an agricultural sector that is responsible for 24.5% of GDP. Tuvalu’s small terrestrial area and limited arable land means the country heavily relies on its ocean resources as both a driver of economic growth and a source of food security. Currently, only foreign vessels are involved in the offshore tuna fisheries of Tuvalu, which provides a source of revenue through licensing fees. Agricultural and fisheries products from Tuvalu include coconuts, bananas, taro, and fish. Tuvalu also has an industrial component to its economy that accounts for 5.6% of GDP and includes industries such as construction and a small manufacturing sector.

The main segment of Tuvalu’s economy is the service sector, which is mainly driven by public services. Tuvalu has a small tourism sector, which in 2018 saw 2,700 visitor arrivals. Despite its small size, the Government of Tuvalu has recognized the growth potential of the tourism industry and has formalized plans to develop the sector with an emphasis on ecotourism. Additionally, a portion of Tuvalu’s economy is based on remittances sent by Tuvaluans working internationally.

Tuvalu has a small startup community the government plans to support by establishing a business incubator. One area of potential collaboration with starups in Tuvalu is the aquaculture industry, as only small-scale aquaculture operations currently exist in the country. Likewise, climate change mitigation and adaption is another area of potential collaboration with Tuvaluan startups, as the nation’s low-lying islands that do not exceed five meters above sea-level and are highly vulnerable to the impacts of climate change.