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Strategic Objective
Create Economic Opportunity (Insular Areas)
Strategic Objective
Overview
OIA implements activities that create economic opportunity in all US-affiliated insular areas. OIA helps create economic opportunity by forging partnerships to bolster tourism and attract industry by promoting the unique island cultures, natural resources, and by preparing the next generation of business leaders. OIA also pursues economic development initiatives to encourage private sector investment in the insular areas.
Progress Update
The average per capita Gross Domestic Product (GDP), in the four U.S. Territories (Guam, US Virgin Islands, American Samoa, and Commonwealth of the Northern Mariana Islands (CNMI)) for which GDP is measured, remains a fraction of that for the U.S. The Office of Insular Affairs (OIA) provides technical assistance to the insular areas to assist with economic development planning and execution and supports local planning and education activities related to tourism, agriculture, and aquaculture. In addition, OIA funds infrastructure projects related to economic development, such as fiber optic connectivity, port improvements and renovations to tourist districts. American Samoa and CNMI suffer steady economic hardships as global competition and international treaties entice businesses to exit. The US Virgin Islands’ current economic situation, a 24% decline in GDP since 2010, stems in large part from the closure of the Hovensa oil refinery on St. Croix.
