India’s decision to stay out of the Regional Comprehensive Economic Partnership (RCEP) may increase Southeast Asia’s dependence on China, but a recently opened corridor between Thailand and Myanmar could ease those concerns by bringing new business opportunities for five ASEAN countries and India.
The Deltas of seafaring and commerce.
The new bridge – part of the East-West Economic Corridor between Thailand and Myanmar that opened a few weeks ago will give Cambodia, Laos, Myanmar, Thailand and Vietnam access to the vast Indian market and reduce heavy reliance on China, ET has learnt.
The second Thai-Myanmar Friendship Bridge across the Moei River, which connects Myawaddy, a city in Myanmar’s eastern region, and Mae Sot district in western Thailand, was built at a cost of about $140 million, according to the Thai government. Distribution of goods will become smoother on this new highway link.
The East-West Corridor is a project to build a large economic bloc along a 1,700-km land route from Vietnam to Myanmar via Laos and Thailand. From there, Southeast Asian states can gain access to India over the Bay of Bengal.
India has built a port at Sittwe in Myanmar, which will be linked to Mizoram state in the north via a multi-modal transport network. Besides, a highway connecting India with Thailand via Myanmar could become operational by 2020 and may be expanded to Vietnam. India and Thailand recently signed pacts for port connectivity, adding meat to the Act East Policy and the Indo-Pacific vision.
Besides, India is expediting a maritime connectivity link between the Andaman and Nicobar Islands and Aceh in Indonesia, where it will build a port in Sabang. India has major plans to expand its presence in the Ganga-Mekong region, which covers the five ASEAN states.
Nothing captures the imagination quite like an island of luxury and excess. Believe it or not, there are 46 island nations in the world, and many of them are home to the world’s elite. Here are the 20 richest island nations in the world, according to the International Monetary Fund’s rankings of GDP per capita.
Palau – $16.27K Located in the South Pacific, Palau is a collection of over 500 beautiful, picturesque islands. Formerly a territory of the United States, Palau became a sovereign nation in 1994. It owes its status as one of the richest island nations to a strong tourism industry, which attracts the world’s wealthy to its many private islands and exclusive resorts.
Seychelles – $16.38K Seychelles is not only one of the world’s richest island nations, it’s also one of the wealthiest nations in Africa. It owes some of this economic success to a thriving tourism industry for the world’s elite, including Prince William and Kate Middleton. Seychelles is also a haven for offshore banking and has been labeled a haven for “tax-dodgers.”
Trinidad and Tobago – $16.93K Trinidad and Tobago consists of two islands in the Caribbean with a bustling tourism industry and, more importantly, a wealth of national resources such as oil and gas, that keep its economy moving. As a major shipment point in the Caribbean, Trinidad and Tobago is also a hub for cocaine smuggling, which contributes to the country’s relatively high crime rate.
La Brea Pitch Lake, La Brea, Siparia, Trinidad and Tobago. Photo taken as part of the Southern Trinidad Aerial Photo Project, a small project sponsored by WMDE. Drone used: DJI Phantom 4. Snapshot taken from video footage via VLC.
Hanuman statue, Carapichaima, Couva-Tabaquite-Talparo, Trinidad and Tobago.
Antigua and Barbuda – $17.48K Despite high rates of inequality and poverty, Antigua and Barbuda retains a high GDP thanks to its tourism industry and its status as an offshore tax haven for Western industrialists such as Texas billionaire Allen Stanford, who invested heavily in Antigua and operated an offshore bank on the island nation before being convicted of creating a massive Ponzi scheme.
Saint Kitts and Nevis – $17.96K Saint Kitts and Nevis attracts many tourists to its beautiful islands every year. In recent years, however, this tropical paradise has become a centre of investment for its valuable passport, which allows visa-free access to 128 countries. The catch, however, is that you must invest in the nation if you’re planning to call yourself a citizen.
Barbados – $18.37K Barbados is one of the most well-developed nations in the Caribbean, with a thriving tourism industry and a reputation as a tax haven. Not many billionaires reside in Barbados full-time, but numerous members of the super rich own property on the idyllic island, including the owners of the Sandy Lane, one of the most exclusive resorts in the world.
Aruba – $24.88K Like many islands on this list, Aruba relies on tourism for its economy. This can be treacherous when global markets are slow, but recent years have been good to Aruba. In 2013, the Ritz Carlton, Aruba opened, lending the Caribbean nation a touch of class and helping it earn a reputation as a playground for the rich.
Taiwan – $25.53K Unlike many of the wealthy island nations on this list, Taiwan has a sizeable population and a long-standing industrial base. In recent years, Taiwan has become a major hub for electronic exports. Despite increasing tensions and competition from mainland China, Taiwan retains a strong, independent economy.
Bahrain – $26.53K Bahrain is a small island state in the Persian Gulf, with much of its wealth coming from the discovery of oil, but Bahrain has diversified by liberalizing its economy and becoming a major hub for tourism and trade in the region. The wealthy from the Gulf States flock to Bahrain for its liberal nightlife and more tolerant legal system.
Cyprus $27.86K Located in the Mediterranean Sea, Cyprus is an island nation with a distinctly European flavour. Some of the island is currently under the occupation of nearby Turkey, but Cyprus continues to prosper. In recent years, Cyprus has attracted wealthy foreigners to invest in the island, with the promise of quick access to Cypriot passports.
Malta – $30.56K Like other island nations on this list, Malta attracts wealthy foreigners to the Mediterranean island with the promise of a convenient passport. As a member of the European Union, Malta’s passport is attractive to outsiders. Likewise, its promise not to tax nationals on income or wealth earned abroad makes the Maltese passport an ideal choice for the world’s wealthy.
Puerto Rico – $32K The US territory of Puerto Rico was harmed by the effects of Hurricane Maria in 2017, yet its GDP remains strong compared to its Latin American neighbours. This could be due to trade, Puerto Rico’s connection to the United States, the use of the US dollar, and stronger labour regulations than neighbouring states.
Coast Guard Barque Eagle sailed into San Juan, Puerto Rico, May 21, 2014, for a four-day port call, as part of the school ship’s training schedule to sail to the Caribbean, along the East Coast, to Canada, and throughout New England. Following San Juan, Eagle is scheduled to visit Oranjestad, Aruba; Cozumel, Mexico; Miami; Sydney, Canada; St. Johns, Canada; New York; Bourne, Mass.; and Rockland, Maine. Eagle will return to New London City Pier in early August. During these voyages, Eagle will train four different groups of approximately 150 cadets each. (U.S. Coast Guard photo)
The Bahamas – $34.33K Like several other island nations on this list, the Bahamas attracts tourists with its beautiful tropical beaches and high-class resorts, as well as tax laws that have caused some to describe it as a tax haven. In addition, celebrities like Johnny Depp and Eddie Murphy own private islands in the Caribbean nation.
Japan – $40.11K Japan might seem like an odd fit for this list, considering it has the world’s third-largest economy, but it is still an island. Japan owes much of its current stature to the post-war “economic miracle” that occurred between the 1960s and 1990s, allowing the island nation to become a global hub for culture, design, auto manufacturing, and, most importantly, technology.
051115-N-8492C-125 Pacific Ocean (Nov. 15, 2005) – The Japan Maritime Self-Defense Force (JMSDF) destroyer JDS Kongou (DDG 173) sails in formation with other JMSDF ships and ships assigned to the USS Kitty Hawk Carrier Strike Group. The Kitty Hawk Carrier Strike Group is currently conducting the bilateral Annual Exercise 2005 (ANNUALEX) with Japan Maritime Self-Defense Force. ANNUALEX focuses on improving the military-to-military relationship between the U.S. and Japan. The purpose of ANNUALEX is to improve bilateral interoperability, defend Japan against maritime threats and to improve capability for surface warfare, air defense and undersea warfare. U.S. Navy photo by Chief Photographer’s Mate Todd Cichonowicz (RELEASED)
New Zealand – $41.62K In recent years, New Zealand has become a hub for the world’s technology elite, even wooing Silicon Valley investors and entrepreneurs like Peter Thiel. Advocates for the island explain that it owes this reputation to a welcoming business climate unencumbered by the regulations of starting a business in the United States.
The Emerald Lakes seen from the Red Crater. This is about half way on the Tongariro Alpine Crossing, one of the most impressive walks in New Zealand.
United Kingdom – $48.26K The United Kingdom may have a long reach around the globe, but the country itself consists of the island of Great Britain (along with Northern Ireland). The United Kingdom has long been one of the world’s wealthiest nations, thanks to a long history of imperial conquest, innovation, and long-established trade routes with former colonies.
Pictured is an aerial view of HMS Queen Elizabeth, HMS Iron Duke (centre) and HMS Sutherland (right). The carrier is shown conducting vital system tests off the coast of Scotland. HMS Queen Elizabeth left Rosyth, where she has been under construction since 2014, to conduct sea trials. Type 23 frigates Sutherland and Iron Duke joined the 65,000-tonne aircraft carrier, along with Merlin Mk2 helicopters of the Fleet Air Arm, to guard the seas as the trials get under way. The Queen Elizabeth Class Carriers are the biggest warships ever built for the Royal Navy – four acres of sovereign territory, deployable across the globe to serve the United Kingdom on operations for 50 years. HMS Queen Elizabeth and HMS Prince of Wales will be the most advanced warships in the Royal Navy fleet. They are the future flagships of the nation. Initially the ships will carry helicopters. The vast flight deck and hangar can accommodate any helicopter in Britains military inventory. From 2020, however, our punch will be delivered by the F35 Lightning II, the worlds most advanced stealth fighter-bomber.
Stitched Panorama
Hong Kong – $48.23K Hong Kong, currently a pseudo-autonomous “Special Administrative Region” of the People’s Republic of China, became a centre of trade in Asia as a colony of the British Empire. Presently, as Asia’s economy continues to grow, Hong Kong is benefitting from that history. The region now has more multi-millionaires than New York City.
Singapore – $61.23K Singapore was recently the setting for the Hollywood film Crazy Rich Asians, which speaks to the city-state’s high GDP and concentration of wealth. Located at the tip of southern Malaysia, Singapore has historically benefited from being a hub for trade in Asia, and it has long attracted the continent’s wealthiest businesspeople and elite to its shores.
Ireland – $75.19K Ireland has a long history of emigration due to poor economic circumstances, which is why you can find signs of the Irish diaspora around the world. In recent years, however, Ireland has attracted corporations and big tech companies with its business-friendly tax policies, allowing it to become one of the wealthiest island nations in the world.
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Iceland – $75.7K Cold and remote Iceland, located in the middle of the Atlantic Ocean, once had an economy that relied mostly on fishing. However, Iceland has diversified its economy in a number of ways over the past half a century, investing heavily in tourism, financial services, and natural resources, making it the richest island nation in the world.
