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Title: A primer on building successful business environments on islands
Other Titles: The 21st century maritime silk road islands economic cooperation forum annual report on global islands 2018
Authors: Briguglio, Marie
Cordina, Gordon
Moncada, Stefano
Keywords: States, Small -- Economic conditions
Islands -- Economic aspects
Small business
Industrial management
Issue Date: 2018
Publisher: Island Studies Press
Citation: Briguglio, M., Cordina, G., & Moncada, S. (2018). A primer on building successful business environments on islands. In L. Brinklow, L. Liyun, & C. Qinhong (Eds.), The 21st century maritime silk road islands economic cooperation forum annual report on global islands 2018 (pp. 171-188). Charlottetown: Island Studies Press.
Abstract: The creation of successful business environments is an important prerequisite for durable and sustainable competitiveness. This chapter documents the type of constraints that may hinder business success as well as the policy approaches that may create operating environments conducive to business success in small island contexts. Surrounding influences and circumstances are well known to make considerable difference for business―both on a national and global level. The defining characteristics of small island economies themselves have also been explored and documented in what is now a considerable body of research. Less well known is the manner in which conditions in small island contexts may make a difference to business. The contribution of this chapter lies in juxtaposing knowledge on the type of contextual conditions that may result in business success against situational considerations applicable in small island contexts. The chapter reviews the kind of market and regulatory failures that may hinder business success and then proceeds to examine a number of good-practice examples in the domains of connectivity, sector-led initiatives, innovation, place-based approaches, sustainable tourism, circular economics, and climate change. Drawing lessons from islands that have managed to actively capitalize on their geographic specificities and succeeded in attaining higher levels of competitiveness, the chapter provides a synthesis of factors that create the right environment for business to develop and flourish in small island contexts, and that boost marine island economy competitiveness. Today’s marine economy is, however, dependent upon onshore infrastructure; labour; expertise; and healthy and stable ecological, social, and political environments, none of which can simply be taken for granted. The very factors that make islands ideal for hosting marine activities—such as an extensive land-sea interface and density-facilitated agglomeration economies—may be placed at risk by marine economyoriented island development. It is thus that economic activities on the land-sea interface—whether port services or coastal tourism—can reduce islanders’ access to the sea as well as lead to environmental degradation that threatens the continued viability of the economic activities in question. Those pursuing island development should take care to balance short-term and longterm objectives while leveraging the very real competitive advantages that arise from island spatialities.
ISBN: 9781988692289
Appears in Collections:Scholarly Works - FacEMAEco

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