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Get to Know About US Virgin Islands
The US Virgin Islands, comprising mainly of islands, is situated in the Caribbean and is a territory belonging to the United States. Its economy has grown considerably in recent decades, mostly on the strength of its growing tourism sector. It is a much-preferred tourist destination and has millions of visitors every year.
Distilling of rum is one of the main activities in the manufacturing sector here. The exports of rum are projected to generate good income in the future years as well. The finance sector here has the potential to develop. Most of the workforce in the US Virgin Islands work in tourism-related jobs.
One of the advantages for investors for doing business in the US Virgin Island is that there a favorable tax system. Another significant benefit is that of the availability of skilled and educated labor. The infrastructure is also a plus point for the investors here. Another significant advantage to be considered here is, of course, the connection with the United States. The government’s favorable attitude towards setting up of private companies, which is another driving force for potential investors.
Challenges include the high cost of electricity here with the power supply being unpredictable. There is also a lack of sufficient water supply in some areas. The reliability of imports for its food is another disadvantage.