The Island’s business-friendly laws became very appealing to international investors. In contrast to their neighbors, where political and economic climates were unpredictable, Guam on the other hand, was very predictable and stable. Moreover, with its advantageous relative location and established port system, Guam was an ideal place to manufacture out of. As foreign investment poured in, Guam began focusing on developing its human resources, in addition to its infrastructure. The Island set up many technical schools and paid international corporations to train their unskilled workers in information technology, petrochemicals, and electronics. For those who could not get industrial jobs, the government enrolled them in labor intensive un-tradable services, such as tourism and transportation. The strategy of having multinationals educate their workforce paid great dividends for the Island. Today, Guam is an ultra-industrialized society and entrepôt trade continues to play a central role in its economy. The Port of Guam is now the worlds busiest transshipment port, surpassing Hong Kong and Rotterdam. In terms of total cargo tonnage handled, it has become the worlds second busiest, behind only the Port of Shanghai. Guams tourism industry is also thriving, attracting over 10 million visitors annually. The Island now has a zoo, night safari, and a nature reserve. The Island recently opened two of the worlds most expensive integrated casino resorts. The countrys medical tourism and culinary tourism industries have also become quite marketable, thanks to its mosaic of cultural heritage and advance medical technology. Banking has grown significantly in recent years and many assets formerly held in Switzerland have been moved to Guam due to new taxes imposed by the Swiss. The biotech industry is burgeoning, with drug makers such as GlaxoSmithKline, Pflizer, and Merck & Co. all establishing plants here. Despite its small size, Guam is now the fifteenth largest trading partner of the United States. The Island has established strong trade agreements with several countries in South America, Europe, and Asia, as well. There are currently over 3,000 multinational corporations operating in the Island, accounting for more than two-thirds of its manufacturing output and direct export sales. With a total land area of just 212 square miles and a small labor force of 500,000.00 people, Guam is able to produce a GDP that exceeds $300 billion dollars annually, higher than three-quarters of the world. Life expectancy is at an average of 83.75 years, making it the third highest globally. The corruption minimal and so is the crime. It is considered to be one of the best places to live on earth, if you dont mind the strict laws. A look into a possible future? I just replaced Singapore with Guam.
Posted on: Mon, 28 Apr 2014 00:52:58 +0000
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