Antigua Business

The Antigua’s main strength lies in its tourism sector as the island has good beaches and excellent climatic conditions. If you want to be successful in the business sector of Antigua you should equip yourself with some useful facts about business world in Antigua. Apart from its tourism industry, Antigua relies greatly on its offshore financial services.

Antigua is relatively underdeveloped and a great dependence on tourism makes the nation vulnerable to sudden downturns in the world market. Most of Antigua’s economy is service-based, with tourism and government services representing the major sources of income and employment. The tourism sector contributes to more than half of GDP whether directly or indirectly. The manufacturing sector mainly exports bedding, handicrafts and electronic equipments. The future prospects for economic growth depend on the economic growth of developed countries, especially US, which accounts for about one-third of total tourist arrivals. Antigua business is currently developing its transportation, financial services and communication sector to a great deal.

The agricultural sector in Antigua also suffers due to labor shortage and limited water supply and hence can cater to the domestic markets only, this reduces the income from the antigua business.

The financial services sector is relatively smaller in Antigua. This sector provides employment in insurance, international banking and trust. The Government of Antigua and Barbuda has implemented many special policies to safeguard and properly regulate this sector. The Financial Services Sector is supervised and managed by the International Financial Sector Regulatory Authority.

The Antigua Hotel and Tourist Association manages the private hotels. The Antigua and Barbuda Cruise Tourism Association, Antigua and Barbuda Tour Operators Association and The Antigua Hotel and Tourist Association together contribute to the economic development of Antigua Business and economy. There is a huge deal of business competition in the tourism business in Antigua.