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Article: Hot spots: Cayman Islands. (International Insight).(Industry Overview)(Statistical Data Included)
- Article from:
- Business Credit
- Article date:
- July 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The economy of the Caymans rests on two industries that are not only its primary pillars but, in fact, its only pillars; namely tourism and financial services. The tiny archipelago in the Western Caribbean (capital: George Town) funds itself from license fees and import duties, since there are no income, capital gains, corporation, inheritance, or sales taxes. More than 90% of the economy is service-based. Agriculture (growing mangoes, bananas, citrus fruit, yams, cassava, breadfruit, tomatoes, honey, beef, pork and goat meat) and fishing (with an annual catch of only about 300,000 tons) operate mainly for local needs and for the tourist industry. Even so, people in the ...
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