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Get to Know About New Caledonia
New Caledonia, which is made up of a number of islands, is a territory that belongs to France. The economy of New Caledonia has developed considerably in recent decades with a lot of support from France. Exports have grown significantly with most of them being minerals like nickel.
New Caledonia’s soil is not very suitable for agriculture and mainly consists of products like yam and coconuts. The nation’s imports are also high and mostly in the form of goods and fuel. Nowadays, many efforts are being made to increase the participation of the private sector in the agricultural industry.
The advantages of doing business in Caledonia include the easy access of the nation to the markets of countries in Europe. There is also the distinct benefit of the availability of a skilled and educated workforce here. The well-developed infrastructure is also a plus point in New Caledonia with excellent roadways and splendid internet connectivity. The tourism sector also has the potential for growth here.
Among some of the challenges here would be the need to understand the official French language and also the prevailing legal system which could appear complicated to new investors here. Another disadvantage would be the high cost of living on account of massive imports. There is also the danger of natural calamities like earthquakes.