Non-conventional Sources of Revenue
Samoa annually receives important financial assistance from abroad. The more than 100,000 Samoans who live overseas provide two sources of revenue. Their direct remittances have amounted to $12.1 million per year recently, and they account for more than half of all tourist visits. In addition to the expatriate community, Samoa also receives roughly $97.57 million annually in official development assistance from sources led by Japan, Australia, and New Zealand. These three sources of revenue—tourism, private transfers, and official transfers—allow Samoa to cover its persistently large trade deficit.
In the late 1960s, Potlatch Forests, Inc. (a US company), upgraded the harbour and airport at Asau on the northern coast of Savai'i and established a timber operation, Samoa Forest Products, for harvesting tropical hardwoods. Potlatch invested about US$2,500,000 in a state-of-the-art sawmill and another US$6,000,000 over several years to develop power, water, and haul roads for their facility. Asau, with the Potlatch sawmillers and Samoa Forest Products, was one of the busiest parts of Savai'i in the 1960s and 1970s; however, the departure of Potlatch and the scaling down of the sawmill has left Asau a ghost town in recent years.
Read more about this topic: Economy Of Samoa
Famous quotes containing the words sources and/or revenue:
“The American grips himself, at the very sources of his consciousness, in a grip of care: and then, to so much of the rest of life, is indifferent. Whereas, the European hasn’t got so much care in him, so he cares much more for life and living.”
—D.H. (David Herbert)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)