Country Profile: St Martin
Although sighted by Christopher COLUMBUS in 1493 and claimed for Spain, it was the Dutch who occupied the island in 1631 to exploit its salt deposits. The Spanish retook the island in 1633, but continued to be harassed by the Dutch. The Spanish finally relinquished Saint Martin to the French and Dutch, who divided it between themselves in 1648. Friction between the two sides caused the border to frequently fluctuate over the next two centuries, with the French eventually holding the greater portion of the island (about 61%). The cultivation of sugar cane introduced African slavery to the island in the late 18th century; the practice was not abolished until 1848. The island became a free port in 1939; the tourism industry was dramatically expanded during the 1970s and 1980s. In 2003, the populace of Saint Martin voted to secede from Guadeloupe and in 2007, the northern portion of the island became a French overseas collectivity. In 2010, the southern Dutch portion of the island became the independent nation of Sint Maarten within the Kingdom of the Netherlands. On 6 September 2017, Hurricane Irma passed over the island of Saint Martin causing extensive damage to roads, communications, electrical power, and housing; the UN estimated that 90% of the buildings were damaged or destroyed.
Economy: The economy of Saint Martin centers on tourism with 85% of the labor force engaged in this sector. Over one million visitors come to the island each year with most arriving through the Princess Juliana International Airport in Sint Maarten. The financial sector is also important to Saint Martin’s economy as it facilitates financial mediation for its thriving tourism sector. No significant agriculture and limited local fishing means that almost all food must be imported. Energy resources and manufactured goods are also imported, primarily from Mexico and the US. Saint Martin is reported to have one of the highest per capita income in the Caribbean. As with the rest of the Caribbean, Saint Martin’s financial sector is having to deal with losing correspondent banking relationships.
In September 2017, Hurricane Irma destroyed 95% of the French side of Saint Martin. Along the coastline of Marigot, the nerve center of the economy, the storm wiped out restaurants, shops, banks and open-air markets impacting more than 36,000 inhabitants.
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