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Things to Know About the Business for Takeover Micronesia
Micronesia means ‘small islands’ in Greek. Well, it is an area in the Pacific Ocean and a subregion of Oceania which consists of thousands of small islands. Micronesia has the Philippines on the west and Indonesia, Papua New Guinea and Melanesia on its south. As you can see, many people confuse Micronesia as a country itself, but it is more of a geographical area that consists of other territories.
These are the states in Micronesia:
Federated States of Micronesia: It is an independent republic, with associates itself with the United States of America.
Guam: Guam is an unincorporated territory of the United States of America.
Kiribati: Kiribati is a sovereign state.
Marshall Islands: It is another United States associated state.
Nauru: Nauru is an independent sovereign country.
Northern Mariana Islands: The Northern Mariana Islands is a United States of America’s insular area. This means that the country is organized but unincorporated.
Palau: Palau Is a country of its own.
Including all these states, Micronesia covers a total land area of 4,116 square kilometers and is home to 530,000 people.
Thus, if you are thinking of doing business in Micronesia, you will have to research the country of your choice. Tourism, fishery, and agriculture in some cases, are the most significant economic drivers in the region. As most of these countries associate themselves with the US, so they have good infrastructures. The literacy rate is very high in Micronesia.
Anyway, sometimes, you might find it challenging to find the workforce in your area of business. This is because citizens from some countries can easily enter and work in the US. Adding on to that, remittance from the US also plays a significant role in the economy.
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