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Cook Islands (South Pacific)

Encyclopedia—Cook Islands

Economy

Copra, fresh and canned fruits and fruit juices, clothing, pearl shell, handicrafts, and jewelry are the principal exports. Tourism and food processing are the major industries. Beginning in 1980s the islands also became a popular tax haven and offshore banking center, but in 2003 the government moved to increase regulation of offshore banks as a result of international pressure. Government spending is important to the economy, and some 60% of the labor force work in the public sector. Most imports, largely foodstuffs, textiles, and fuels, come from New Zealand. The Maoris generally work their own land.

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