Aruba is characterized by an open economy which, because of its small scale, is dependent upon imports from and exports to other countries.
The main economic activities in Aruba are tourism, banking and transportation. The locally manufactured goods presently exported are semi-finished petroleum products, plastic bags, soaps/disinfectants, printed textiles, refined sugar and rice products.
Since most goods must be imported, it has become necessary to expand Aruba's export market in order to maintain a proper balance of trade.
The liberal economic policies of the Aruban government are aimed at accomplishing such, by actively stimulating the establishment of "export-oriented" or "import-replacement" companies in Aruba.
Examples are companies in the area of international telecommunications, international financial services, international trade, free trade zone activities/services and small scale high tech operations in agriculture, husbandry and fisheries.
Extensive information on foreign trade in Aruba, manufacturing, the transshipment of foreign goods, preferential trade agreements of which Aruba is a beneficiary country, and foreign investor information is provided by the Department of Economic Affairs, website www.arubaeconomicaffairs.aw.
Government Economic Plan
The goals of the economic plan are:
- To achieve a stable social policy that will ensure the benefits of economic growth are more widely and equitably distributed
- To achieve a more dynamic domestic economy and stimulate a more efficient operation in the international arena
- To consolidate the finances of the government and provide better governance in all area
- To achieve consistent increases in productivity and provide effective education, training and technology in order to improve development management
- To ensure the consolidation and expansion of existing industries and assist in the creation of new firms by promoting a competitive business environment
- To enhance Aruba’s trade in services and goods where possible, especially through providing the appropriate infrastructure in telecommunications and regulatory framework.
The promotion of small business is a priority for the government due to the fact that small businesses adapt more rapidly to changes in the market with appropriate support and encouragement and provide much needed stability to the economy.
Key Economic Indicators
Link below for key economic statistics:
Free Zone
Aruba’s geographical location and overall favorable business environment makes the Free Zone of Aruba a perfect overseas location for export business. The Free Zone of Aruba holds a strategic position for import from and export to North America, South America, Caribbean region and Europe. For more information, visit
www.fzanv.com.
Financial Center
The Aruba Financial Center is the regulatory authority of the non-bank financial sector. It is a government entity that incorporates all limited liability companies and issues permits for these concerns. The Center also issues permits for companies that act as a legal representative and/or director of companies of which the ultimate beneficial owner does not reside in Aruba.
The Center is an advisory body to the Minister of Finance and Economic Affairs on policy matters regarding the non-bank financial sector and drafts legislation in that respect. For more information, visit
www.arubafinancialcenter.aw.
Chamber of Commerce
The Aruba Chamber of Commerce (Kamer van Koophandel) is required to report to the Minister of Economic Affairs and to furnish information and advice of a social, financial and economic nature in the general interest of commerce and industry.
Furthermore, the Chamber performs advisory tasks through its representation in advisory bodies as well as in the governing bodies of foundations and other organizations, whose purpose it is to promote, directly or indirectly, the interest of the business community, in the broadest sense.
The Chamber is officially designated the advisory body to the Minister of Economic Affairs on all applications for permits relative to the Business License Ordinance.
In addition to its advisory task, the Chamber is by law responsible for administering and supervising the Commercial Register and the Foundations Register.
The Chamber is also responsible for maintenance of a public record of the annual financial statements of those limited liability companies incorporated in Aruba (Dutch: naamloze vennootschap), which by the Commercial Code are required to file complete copies of these statements at the office of the Commercial Register.
General Information
For information, newsletters and publications regarding the economy as well as requirements for establishing a business, visit
www.arubachamber.com.