The economy of the Falkland Islands has changed massively since the establishment of the controlled fishing zones in 1986. Revenues from fishing licences are currently running at about £22 million per annum and GNP has risen from about £5 million in 1980 to over £55 million in 2000.

The challenge has been to create a modern, developed economy whilst sustaining key resources and ensuring that the beauty and purity of the Falkland Islands is secured for the generations to follow.

The Falkland Islands Development Corporation (FIDC) was set up, on the recommendation of Lord Shackleton, in 1983 to answer that challenge. Its mission is:

“To encourage and assist in the economic development of the Falkland Islands.”

Since 1983, FIDC has helped in the start-up of over 150 companies; it has been involved in 1360 projects and has invested approximately £30 million in economic development activities throughout the Islands. Major projects include the setting up of a hydroponic market garden, development of tourism infrastructure, creation of fine wool and beef genetic resources, assistance with house-building, a renewable energy programme and an aquaculture project.

FIDC has also been instrumental in the development of the internet in the Falkland Islands and the Corporation is now driving forward an export programme incorporating the development of a Falkland brand, organic certification and e-commerce facilities supported by the granting of EU approval to the completed Sand Bay abattoir.

FIDC and the Falkland Islands Department of Agriculture imported 58 reindeer from South Georgia. It is hoped to breed this herd up to an economically viable level and to preserve a unique genetic resource.

For more information, visit the Falkland Islands Development Corporation, Chamber of Commerce and the The UK Falkland Islands Trust