Doing Business in Martinique - Essay Example

Under the CARIFORUM-EPA agreement countries like Jamaica that are English speaking Caribbean countries have the opportunity to carry out trade in goods and services with the French overseas territories like Martinique as well as other countries like French Guiana and Guadeloupe. Doing business in Martinique can be a good opportunity for the investors due to the cultural, economic, social and political factors that favor the development of business in Martinique. For instance, the main exports from Jamaica to the Martinique are food products like shrimps, lobsters, and crustaceans.

Therefore, there remains room for the diversification of the goods and the expansion of the services. France is the main trading partner with Martinique but still there remains a vast untapped opportunity for Martinique due to the relatively lower prices. If an investor is considering entering in the service sector (service exporters), he or she should take a keen interest in a multitude of factors such as language, and the entry requirements. However, in terms of the entry requirements, they are similar to those of France especially when you are considering the service sector (businessmonitor.com, n.d.). For instance, Sam Kruiner, an Advisor at the Caribbean Export Development Agency (CEDA) during a presentation shared the information on support of CEDA, which has encouraged investors and countries to trade in Martinique.

The agency carries activities such as workshops, seminars and studies and the development of the Creative Industries and Sports Tourism in collaboration with Martinique in order to promote business (Worldtravelguide.net, n.d.). The national currency of Martinique is Euros and its balance of payments as at 2006, exports US$ 818 million and imports US$ 3,483 million. The agriculture contributes 6%, services 72% and industry 15%. The inflation rate as of 2005 was 2.4%. Martinique’s economy is characterized by chronic balance