Background
Discovered
and claimed by Portugal in the late 15th century, the islands'
sugar-based economy gave way to coffee and cocoa in the 19th century -
all grown with plantation slave labor, a form of which lingered into
the 20th century. Although independence was achieved in 1975,
democratic reforms were not instituted until the late 1980s. The first
free elections were held in 1991.
This
small poor island economy has become increasingly dependent on cocoa
since independence 26 years ago. However, cocoa production has
substantially declined because of drought and mismanagement. The
resulting shortage of cocoa for export has created a persistent
balance-of-payments problem. Sao Tome has to import all fuels, most
manufactured goods, consumer goods, and a substantial amount of food.
Over the years, it has been unable to service its external debt and has
had to depend on concessional aid and debt rescheduling. Sao Tome
benefited from $200 million in debt relief in December 2000 under the
Highly Indebted Poor Countries (HIPC) program. Sao Tome's success in
implementing structural reforms has been rewarded by international
donors, who have pledged increased assistance in 2001. Considerable
potential exists for development of a tourist industry, and the
government has taken steps to expand facilities in recent years. The
government also has attempted to reduce price controls and subsidies.
Sao Tome is also optimistic that substantial petroleum discoveries are
forthcoming in its territorial waters in the oil-rich waters of the
Gulf of Guinea. Corruption scandals continue to weaken the economy.
Holidays
Jan 1 - New Year's Day
Feb 3 - Heroes' (Martyrs) Day
May 1 - Labour Day
Jul 12 - Independence Day
Sep 6 - Armed Forces Day
Sep 30 - Agricultural Reform Day
Nov 26 - Argel Accord Day
Dec 21 - Sao Tome Day (Catholic)
Dec 25 - Christmas Day, Family Day
Phone Codes
Country Code: 239
Resources
Market Research
CIA - The World Factbook - Democratic Republic of Sao Tome and Principe
This
website indicates a wide range of detail information about Sao Tome and
Principe by introducing under 8 different fields as its
geography,people, government, economy, communications, transportation,
military, transnational issues.
About Sao Tome and Principe
There
is available to find out Sao Tome and Principe's general outlook on the
issues of its social and business profile, passport/visa, money,
accomodation, government, duty free, health and so forth.
Sao Tome and Principe Business
Mbendi
serves as business oriented directory providing an ultimate African
Business Source for the potential investors seeking new business
opportunities in Sao Tome and Principe including the list of industries
for Sao Tome and Principe.
Business in Sao Tome and Principe
This
website provides an extensive information gateway for Sao Tome and
Principe in terms of doing business with Sao Tome and Principe, legal
guides to establishing business in Sao Tome and Principe and so forth.
Business & Politics in Sao Tome and Principe
This website represents a comprehensive analysis on Sao Tome and Principe's business, economy & politics.
Tourism in Sao Tome and Principe
It
is the official Sao Tome and Principe tourist site that makes available
to research tourism opportunities in Sao Tome and Principe.
US Department of State: Background Notes for Sao Tome and Principe
Us Commercial service provides a wide range of information about Sao Tome and Principe
Trade Information
The Government of Sao Tome and Principe
It
displays the structure of Sao Tome and Principe's government by looking
at its political units, branches, ministries, embassies and so forth in
details.
Embassy Listings For Sao Tome and Principe
There are listed the embassies of the democratic republic of Sao Tome and Principe including the embassies' contact information.
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