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Economy of Tonga and business opportunities

Economy of Tonga

Tonga's economy is characterized by a large nonmonetary sector and a heavy dependence on remittances from the half of the country's population that lives abroad, chiefly in Australia, New Zealand, and the United States. Much of the monetary sector of the economy is dominated, if not owned, by the royal family and nobles. This is particularly true of the telecommunications and satellite services.

The manufacturing sector consists of handicrafts and a few other very small scale industries, all of which contribute only about 3% of GDP. Commercial business activities also are inconspicuous and, to a large extent, are dominated by the same large trading companies found throughout the South Pacific.

Rural Tongans rely on plantation and subsistence agriculture. Coconuts, vanilla beans, and bananas are the major cash crops. The processing of coconuts into copra and desiccated coconut is the only significant industry. Pigs and poultry are the major types of livestock. Horses are kept for draft purposes, primarily by farmers working their api. More cattle are being raised, and beef imports are declining.

Tonga's development plans emphasize a growing private sector, upgrading agricultural productivity, revitalizing the squash and vanilla bean industries, developing tourism, and improving the island's communications and transportation systems. Substantial progress has been made, but much work remains to be done. A small but growing construction sector is developing in response to the inflow of aid monies and remittances from Tongans abroad. The copra industry is plagued by world prices that have been depressed for years.

Efforts are being made to discover ways to diversify. One hope is seen in fisheries; tests have shown that sufficient skipjack tuna pass through Tongan waters to support a fishing industry. Another potential development activity is exploitation of forests, which cover 35% of the kingdom's land area but are decreasing as land is cleared. Coconut trees past their prime bearing years also provide a potential source of lumber.

The tourist industry is relatively undeveloped; however, the government recognizes that tourism can play a major role in economic development, and efforts are being made to increase this source of revenue. Cruise ships often stop in Nukuʻalofa and Vava'u.

According to the CIA World Factbook,

The Tongan economy's base is agriculture, which contributes 30% to GDP. Squash, coconuts, bananas, and vanilla beans are the main crops, and agricultural exports make up two-thirds of total exports. The country must import a high proportion of its food, mainly from New Zealand. The industrial sector accounts for only 10% of GDP. Tourism is the primary source of hard currency earnings. The country remains dependent on sizable external aid and remittances to offset its trade deficit. The government is emphasizing the development of the private sector, especially the encouragement of investment.

Energy

Tonga is installing tailor-made policies to power its remote islands in a sustainable way - without turning to expensive grid-extensions. A number of islands within the Kingdom of Tonga are lacking basic electricity supply. In view of the decreasing reliability of fossil-fuel electricity generation, its increasing costs and negative environmental side-effects, renewable energy solutions have attracted the government's attention.

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

Global Tenders has one of the largest database of international and national tenders/competitive bids, procurement news, project information, contract awards, related to Tonga from all over the world..

This section contains economy and business opportunities and from Tonga.
Tonga Economy Tongan Economy, business opportunities in Tonga.
Summary:
Replacement of supervision and assistant to the Marine Coastal Watch Radio Network for Tonga.
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
24 May 2024
Posting Date:
06 May 2024
 
 
 
Summary:
Supply of VHF and HF radio transmitters and receivers for the main control center (Tonga Water Board site, MET/NEMO Site and Atele Site)
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
30 May 2024
Posting Date:
02 May 2024
 
 
 
Summary:
Construction of Mabe Pearl Center in Vavau
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
16 May 2024
Posting Date:
30 Apr 2024
 
 
 
Summary:
Hiring of a Support Trainer for PDT No.1
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
10 May 2024
Posting Date:
30 Apr 2024
 
 
 
Summary:
Hiring of a Support Trainer for PDT No.2
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
10 May 2024
Posting Date:
30 Apr 2024
 
 
 
Summary:
Review of the existing Pre-Departure Training Program
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
10 May 2024
Posting Date:
30 Apr 2024
 
 
 
Summary:
Construct new build for Houma Police and Fire Station
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
14 May 2024
Posting Date:
29 Apr 2024
 
 
 
Summary:
Construction of Mabe Pearl Center in Vava’u
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
16 May 2024
Posting Date:
29 Apr 2024
 
 
 
Summary:
Provision of Support Trainer for Pre-Departure Training: x 2.
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
10 May 2024
Posting Date:
29 Apr 2024
 
 
 
Summary:
Construction of a new warehouse in Tongatapu to store prepositioning stock, tools and equipment for disaster response.
Country:
Tonga
 
Notice Type:
Tender Notice
Deadline:
10 May 2024
Posting Date:
29 Apr 2024
 
 
 

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