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Economy of Comoros and business opportunities

Economy of Comoros

The Comoros is made up of three islands that have inadequate transportation links, a young and rapidly increasing population, and few natural resources. The low educational level of the labor force contributes to a subsistence level of economic activity, high unemployment, and a heavy dependence on foreign grants and technical assistance. The Comoros, with an estimated gross domestic product (GDP) per capita income of about $700, is among the world's poorest and least developed nations. Although the quality of the land differs from island to island, most of the widespread lava-encrusted soil formations are unsuited to agriculture. As a result, most of the inhabitants make their living from subsistence agriculture and fishing. Average wages in 2007 hover around $3-4 per day.

Agriculture, including fishing, hunting, and forestry, is the leading sector of the economy. It contributes 40% to GDP, employs 80% of the labor force, and provides most of the exports. The country is not self-sufficient in food production; rice, the main staple, accounts for the bulk of imports.

The government is working to upgrade education and technical training, to privatize commercial and industrial enterprises, to improve health services, to diversify exports, to promote tourism, and to reduce the high population growth rate. Continued foreign support is essential if the goal of 4% annual GDP growth is to be met. At 24 percent of GDP, remittances constitute an important source of inflows for the Comorian economy.

Sectors

Agriculture, involving more than 80% of the population and 40% of the gross domestic product, provides virtually all foreign exchange earnings. Services including tourism, construction, and commercial activities constitute the remainder of the GDP. Plantations engage a large proportion of the population in producing the islands' major cash crops for export: vanilla, cloves, perfume essences, and copra. The Comoros is the world's leading producer of essence of ylang-ylang, used in manufacturing perfume. It also is the world's second-largest producer of vanilla, after Madagascar. Principal food crops are coconuts, bananas, and cassava. Foodstuffs constitute 32% of total imports.

Agriculture and livestock

Two agricultural zones are generally defined: the coastal area, which ranges in elevation from sea level to 400 meters and which supports cash crops such as vanilla, ylang-ylang, and cloves; and the highlands, which support cultivation of crops for domestic consumption, such as cassava, bananas, rain rice, and sweet potatoes. As the population increased, food grown for domestic use met fewer and fewer of Comorans' needs.

The Comoros is the world's principal producer of ylang-ylang essence, an essence derived from the flowers of a tree originally brought from Indonesia that is used in manufacturing perfumes and soaps. Ylang-ylang essence is a major component of Chanel No. 5, the popular scent for women. The republic is the world's second largest producer of vanilla, after Madagascar.

The livestock sector is small-some 47,000 cattle, 120,000 goats, 13,000 sheep, and 4,000 asses in 1990. The Comoros continues to import most domestically consumed meat.

Forestry

Forested areas amounted to about 8,000 hectares (20,000 acres) in 2000. Numerous fruit trees and tropical hardwoods are found. Some timber is produced, notably on the island of Grande Comore, which has about half the remaining forest. Roundwood production in 2003 amounted to 9,000 cu m (300,000 cu ft).

Industry

Principal industries are those that involve processing cash crops for export: preparing vanilla and distilling ylang-ylang into perfume essence. These activities were once controlled almost entirely by French companies, but as they closed unprofitable plantations, individual farmers set up many small, inefficient distilleries.

Comorans also produce handicrafts for export.

Other industries are small and geared to internal markets: sawmills, printing, carpentry, and the production of shoes, plastics, yogurt, handicrafts (such as the jewelry exchanged as part of the grand marriage), and small fishing boats.

Tourism

About 100 other hotel rooms were available on the islands. Political instability, a declining South African interest in the islands as the apartheid regime was disassembled and other tropical tourism venues became more welcoming, and the need to import most construction materials and consumable supplies inhibited the growth of tourism, despite the islands' physical beauty.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Comoros"

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Summary:
National Consultant For The Final Review Of The Crcca Project
Country:
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Notice Type:
Tender Notice
Deadline:
22 Apr 2024
Posting Date:
16 Apr 2024
 
 
 
Summary:
PROVISION FOR COASTAL ZONE DEVELOPMENT WORKS FOR 4 SITES
Country:
Comoros
 
Notice Type:
Tender Notice
Deadline:
20 May 2024
Posting Date:
16 Apr 2024
 
 
 
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Comoros
 
Notice Type:
Tender Notice
Deadline:
22 Apr 2024
Posting Date:
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RECRUITMENT OF A SOCIAL, GBV AND STAKEHOLDER MOBILIZATION SPECIALIST
Country:
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Notice Type:
Tender Notice
Deadline:
19 Apr 2024
Posting Date:
13 Apr 2024
 
 
 
Summary:
PROVISION FOR RECRUITMENT OF AN EXPERT IN ENVIRONMENTAL RISK MANAGEMENT
Country:
Comoros
 
Notice Type:
Tender Notice
Deadline:
18 Apr 2024
Posting Date:
13 Apr 2024
 
 
 
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Country:
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Notice Type:
Tender Notice
Deadline:
18 Apr 2024
Posting Date:
13 Apr 2024
 
 
 
Summary:
Provision for the acquisition and delivery of nine double cabin Pick Up vehicles
Country:
Comoros
 
Notice Type:
Tender Notice
Deadline:
18 Apr 2024
Posting Date:
09 Apr 2024
 
 
 
Summary:
Supply and delivery of preparation and storage materials for vanilla preparers in the Union of the Comoros
Country:
Comoros
 
Notice Type:
Tender Notice
Deadline:
18 Apr 2024
Posting Date:
09 Apr 2024
 
 
 
Summary:
PROVISION FOR COASTAL ZONE DEVELOPMENT WORKS FOR 4 SITES
Country:
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Notice Type:
Tender Notice
Deadline:
20 May 2024
Posting Date:
08 Apr 2024
 
 
 
Summary:
Provision for the Construction work on Medium Voltage (MV) interconnection lines for the photovoltaic (PV) power plants
Country:
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Notice Type:
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Deadline:
02 May 2024
Posting Date:
08 Apr 2024
 
 
 

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