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Country Profile: Madeira
Fact FileCapitalFunchalOther CitiesSanta Cruz, Machico, CalhetaOfficial languagePortugueseAreaTotal 828 km2Population(2009est) 245,806CurrencyEuro |
Overview
Madeira is a Portuguese archipelago in the mid Atlantic Ocean off the coast of Portugal. It is one of the Autonomous regions of Portugal, with Madeira Island and Porto Santo Island being the only inhabited islands. Madeira is an archipelago with volcanic origins from a Hot Spot, so is not geographically part of an specific continent , but Madeira belongs and has belonged ethnically, culturally, economically and politically to Europe for 600 years. Madeira is part of Portugal, so is part of the European Union, as an Outermost Region.
Business Developments
Recently in Madeira has enacted government reform policies into their economy, in order to further stimulate it. The Free Zone of Madeira, also called the Madeira International Business Centre is a tax free economic area, which provides an incentive for companies, offering them financial and tax advantages via a whole range of activities exercised in the Industrial Free Zone, the Off-Shore Financial Centre, the International Shipping Register organisation, and the International Service Centre. Aside from this, Madeira has three major industries that are, the food, beverage and wine industries.
Climate Change Effects
Because of the volcanic activity on the island of Madeira, there has been much attention placed on global warming and climate change recently. Madeira feels that effects of global warming perhaps more than other nation, because not only are they a small island nation, the island is mostly an active volcano. Because of these factors and also the natural beauty that the nation depends on for its tourism industry, Madeira has undergone research and studies to better understand and possibly control climate change and global warming in the future.
Tourist Attractions
In Madeira, tourism is one of the most important industries, accounting for the vast majority of GDP for the nation. Development in Madeira is considered to have potential since the necessary infrastructure has been established and adequate investment incentives have been introduced for expanding its hotel and catering structure in a controlled manner. Conservation of its nature is important as it is one of tourists' main reasons for visiting Madeira. Madeira has been able to create a well balanced tourism industry that has the necessary infrastructure, yet does not impose on the natural beauty and wonders that the nation has to offer.
Future Development
In recent years to come, Madeira looks to expand its tourism industry, as well as to expand their already successful industries, such as their agricultural ans food and beverage industries. They look to achieve these goals through a combination of direct foreign investment, as well as government economic reform policies recently enacted. Madeira has also undergone research and studies to better understand and possibly control climate change and global warming in the future.
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