Editing Economy of the Falkland Islands (section)

==Historical development==
[[File:Port-William.JPG|left|thumb|A squid trawler, and a cruise ship in [[Port William, Falkland Islands|Port William]] representing two trends in recent economic development]]

The Falkland Islands have historically been extremely isolated.<ref name=":0" /> During the 19th century, the supply and maintenance depot for ships at [[Stanley, Falkland Islands|Stanley]] developed into a port serving ships rounding [[Cape Horn]] and for South Polar expeditions.<ref name=":0" /> There was also trade in cow hides from the wild descendants of cattle introduced by French settlers in the late 18th century. Sheep farming was then introduced, taking over from the cattle trade in the 1870s and becoming self-supporting by 1885. The islands also provided a base for [[whaling]] and [[Seal hunting|sealing]], with factories being built on [[East Falkland]] and [[South Georgia Island]], but these industries ended.

By the [[Falklands War]] of 1982 sheep farming was the islands' only industry{{r|browne20020317}} and their economic viability was in doubt, but after the war there was a new commitment from the [[Government of the United Kingdom]]. The [[Falkland Islands Development Corporation]] was formed in mid 1984 and in its annual report at the end of that year it set out to increase employment opportunities by encouraging diversification, to increase population levels through selective immigration, to aim for long-term self-sufficiency and to improve community facilities. To achieve this, the Corporation identified agricultural improvements, [[tourism]], self-sufficiency in energy, development of the industrial and service sector, fisheries, and land subdivision as areas to tackle.

The largest company in the islands used to be the [[Falkland Islands Company]] (FIC), a publicly quoted company on the [[London Stock Exchange]]. The company was responsible for the majority of the economic activity on the islands, though its farms were sold in 1991 to the [[Falkland Islands Government]]. The company now operates several retail outlets in Stanley and is involved in port services and shipping operations.

By 2002 the Falklands' economy was booming, with income from tourism and the sale of squid fishing licences as well as from indigenous fishing companies with locally registered boats. Fishing boats visit the islands from Spain, Korea, Taiwan and Japan, and obtain supplies and services from the islands.{{r|browne20020317}} An islander told the [[BBC]] that "we were the luckiest people that was ever mixed up in a war",<ref name="adams20020318">{{cite news | url=http://news.bbc.co.uk/2/hi/uk_news/politics/1879050.stm | title=The Falklands: 20 years on | work=[[BBC News]]| date=18 March 2002 | access-date=10 August 2012 | author=Adams, Paul}}</ref> and British diplomats joked that the Falklands should have a monument to [[Leopoldo Galtieri]], the Argentinean dictator who invaded the islands.<ref name="mount20090509">{{Cite web |last=Mount |first=Ian |date=2009-05-09 |title=Why do so many people move to the Falkland Islands? |url=https://slate.com/news-and-politics/2009/05/why-do-so-many-people-move-to-the-falkland-islands.html |access-date=2021-08-18 |website=[[Slate (magazine)|Slate]]|language=en}}</ref> In 2007, Argentina withdrew<ref>{{cite news|first=Sophie |last=Arie |title=Argentina snubs UK over oil deal as anniversary nears |url=https://www.telegraph.co.uk/news/worldnews/1547024/Argentina-snubs-UK-over-oil-deal-as-anniversary-nears.html|newspaper=[[The Daily Telegraph]]|date=3 April 2007 |access-date=20 October 2007 | location=London}}</ref> from a 1995 agreement<ref>{{cite news
|first=Calvin |last=Sims |title=Britain and Argentina Reach an Accord on Falkland Oil Rights
|url=https://www.nytimes.com/1995/09/20/world/britain-and-argentina-reach-an-accord-on-falkland-oil-rights.html?pagewanted=1
|newspaper=[[New York Times]]
|date=20 September 1995
|access-date=10 May 2010
|location=New York}}</ref> that set terms for exploitation of offshore resources.  It is thought that there might be up to {{convert|60|Goilbbl|km3}} of oil under the sea bed surrounding the islands.<ref>{{Cite news
|url = https://www.theguardian.com/uk/2010/feb/07/falkland-islands-oil-britain-argentina |title = Falklands oil prospects stir Anglo-Argentinian tensions
|newspaper = [[The Guardian]]
|date = 7 February 2010
| location=London
| first1=Rory
| last1=Carroll
| first2=Annie
| last2=Kelly}}</ref> Desire Petroleum and Rockhopper Exploration began drilling for oil in the vicinity of the Falklands in the first half of 2010, sparking strong protest from the Argentine government. Diplomatic disputes with Argentina disrupted tourism slightly in 2004. Buenos Aires refused permission for charter flights from Chile that served cruise ships to fly over Argentina to reach the islands.{{citation needed|date=December 2017}}