Wallis and Futuna and its economy features some promising business opportunities, though remoteness and tiny domestic markets pose challenges.
In Wallis and Futuna – Agriculture currently produces mainly for local consumption, but larger-scale exports of tropical fruits and vegetables could expand. Wallis and Futuna already exports small quantities of yams, vanilla, passionfruit and pineapple. Its rich soil and favorable climate support further cultivation of coconut, coffee, cocoa and other crops.
Fishing also holds potential, both for increased exports and more fish processing plants locally to add value. Wallis and Futuna lands rich tuna catches in its waters. Supporting further development of fishing infrastructure would help maximize this resource.
However in Wallis and Futuna— agricultural and fishing enterprises struggle with high operating costs due to reliance on imported fuel, equipment and supplies. The islands’ remoteness from major trade partners and lack of natural resources contribute to these barriers.
Traditional subsistence agriculture with potential for growth in coconut and vegetable production. Fishing industry with licensing of fishing rights to Japan and South Korea. Potential for tourism development, given the territory’s unique culture and natural beauty. French government support for economic development including funding for key projects in- infrastructure, economic development, environmental management and healthcare facilities.
One of the major challenge of Wallis and Futuna face is having an aging population which poses challenges for economic development. Hence, there are limited formal employment opportunities which leads to a decline in the island’s population.
The small population of around 11,500 residents also limits local demand. But the introduction of tax incentives and subsidies could foster business growth to serve export markets instead. Easing regulations and licensing requirements would likewise support entrepreneurship. Overall— though tourism remains Wallis and Futuna’s primary economic engine when open to visitors. Spin-off businesses in- transportation, hospitality, retail and entertainment must recover as tourism rebounds post-pandemic. Diversifying within tourism such as promoting eco-tourism would also help the sector thrive.
