Comoros' Main Business Sectors
Agriculture, such as hunting, fishing and forestry, is the leading business sector in Comoros, contributing forty percent of the gross domestic product. Of the almost 150,000 people in the country's work force, those industries employ 80% of them. However, unemployment is at almost 20%, making the reduction of poverty a high priority for the government.
Another main business sector in Comoros is the production of perfume. The country is the world's single largest ylang-ylang producer, and a large vanilla producer. The industrial and service sectors contribute the remaining 60% of Comoros' GDP. Comoros has a grossly inadequate transport system, a burgeoning population, high unemployment, and barely enough economic growth for the country to survive. Those facts have led Comoros to depend heavily on foreign aid.
The financial sector of the Comoros is small, with a focus on banking. There are two main banks there, and together they barely contribute nine percent of the country's GDP.
Entrepreneurs will have difficulty getting credit in Comoros because of the small size of the financial sector, which lacks the oversight that can bring new investors.
Microfinance entities currently account for one-fifth of total lending in the country's banking sector. Comoros' insurance sector is very small, so small that there is scant information available. There is scarce protection for property rights in Comoros, and registering real estate and other property is both expensive and time-consuming. The entire financial sector is overseen by the Banque des Comoros, which is the central bank. The Banque manages foreign exchanges, and businesspeople needing to transfer capital need prior authorization from the government.
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