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Red
Sea Management provides British Virgin Islands offshore incorporation,
British Virgin Islands offshore asset protection and a full range of services. |
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Report on British
Virgin Islands
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| Background:
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First settled by the Dutch in 1648, the islands were soon after (1672)
annexed by the English. The economy is closely tied to the larger and
more populous US Virgin Islands to the west; the US dollar is the
legal currency.
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| Location:
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Caribbean, between the Caribbean Sea and the North Atlantic Ocean,
east of Puerto Rico
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Geographic coordinates:
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18 30 N, 64 30 W
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| Map
references:
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Central America and the Caribbean
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Area:
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total: 150 sq km
land: 150 sq km
water: 0 sq km
note: includes the island of Anegada
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| Area -
comparative:
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about 0.9 times the size of Washington, DC
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| Land
boundaries: total:
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0 km
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Coastline:
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80 km
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| Maritime
claims:
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exclusive fishing zone: 200 NM
territorial sea: 3 NM
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| Climate:
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subtropical; humid; temperatures moderated by trade winds
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| Terrain:
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coral islands relatively flat; volcanic islands steep, hilly
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| Elevation
extremes:
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lowest point: Caribbean Sea 0 m
highest point: Mount Sage 521 m
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| Natural
resources:
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NEGL
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| Land use:
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arable land: 20%
permanent crops: 7%
permanent pastures: 33%
forests and woodland: 7%
other: 33% (1993 est.)
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| Irrigated
land:
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NA sq km
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| Natural
hazards:
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hurricanes and tropical storms (July to October)
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Environment - current issues:
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limited natural fresh water resources (except for a few seasonal
streams and springs on Tortola, most of the islands' water supply
comes from wells and rainwater catchment)
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| Geography
- note:
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strong ties to nearby US Virgin Islands and Puerto Rico
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Population: |
20,812 (July 2001 est.)
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| Age
structure: |
0-14 years: 22.77% (male 2,399; female 2,339)
15-64 years: 72.31% (male 7,741; female 7,309)
65 years and over: 4.92% (male 555; female 469) (2001 est.)
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Population growth rate:
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2.22% (2001 est.)
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| Birth
rate: |
15.18 births/1,000 population (2001 est.)
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| Death
rate: |
4.42 deaths/1,000 population (2001 est.)
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| Net
migration rate: |
11.39 migrant(s)/1,000 population (2001 est.)
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| Sex
ratio: |
at birth: 1.05 male(s)/female
under 15 years: 1.03 male(s)/female
15-64 years: 1.06 male(s)/female
65 years and over: 1.18 male(s)/female
total population: 1.06 male(s)/female (2001 est.)
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| Infant
mortality rate: |
20.3 deaths/1,000 live births (2001 est.)
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| Life
expectancy at birth: |
total population: 75.64 years
male: 74.74 years
female: 76.59 years (2001 est.)
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| Total
fertility rate: |
1.72 children born/woman (2001 est.)
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| HIV/AIDS
- adult prevalence rate: |
NA%
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| HIV/AIDS
- people living with HIV/AIDS: |
NA
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| HIV/AIDS
- deaths:
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NA
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Nationality: |
noun: British Virgin Islander(s)
adjective: British Virgin Islander
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| Ethnic
groups:
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black 90%, white, Asian
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Religions:
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Protestant 86% (Methodist 45%, Anglican 21%, Church of God 7%,
Seventh-Day Adventist 5%, Baptist 4%, Jehovah's Witnesses 2%, other
2%), Roman Catholic 6%, none 2%, other 6% (1981)
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Languages: |
English (official)
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| Literacy: |
definition: age 15 and over can read and write
total population: 97.8% (1991 est.)
male: NA%
female: NA%
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| Country
name:
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conventional long form: none
conventional short form: British Virgin Islands
abbreviation: BVI
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| Dependency
status:
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overseas territory of the UK
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Government type:
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NA
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| Capital: |
Road Town
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Administrative divisions:
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none (overseas territory of the UK)
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Independence: |
none (overseas territory of the UK)
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| National
holiday: |
Territory Day, 1 July
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Constitution:
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1 June 1977
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| Legal
system: |
English law
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| Suffrage:
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18 years of age; universal
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Executive branch:
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chief of state: Queen ELIZABETH II (since 6 February 1952),
represented by Governor Francis J. SAVAGE (since NA)
head of government: Chief Minister Ralph T. O'NEAL (since 15 May
1995)
cabinet: Executive Council appointed by the governor from
members of the Legislative Council
elections: none; the monarch is hereditary; governor appointed
by the monarch; chief minister appointed by the governor from among
the members of the Legislative Council
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Legislative branch: |
unicameral Legislative Council (13 seats; members are elected by
direct popular vote, one member from each of 9 electoral districts,
four at-large members; members serve five-year terms)
elections: last held 17 May 1999 (next to be held NA 2004)
election results: percent of vote by party - NA%; seats by party
- VIP 7, CCM 1, NDP 5
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| Judicial
branch:
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Eastern Caribbean Supreme Court, consisting of the High Court of
Justice and the Court of Appeal (one judge of the Supreme Court is a
resident of the islands and presides over the High Court);
Magistrate's Court; Juvenile Court; Court of Summary Jurisdiction
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| Political
parties and leaders:
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Concerned Citizens Movement or CCM [Ethlyn SMITH]; National Democratic
Party or NDP [Orlando SMITH]; United Party or UP [Gregory MADURO]; Virgin Islands Party or VIP [Ralph T. O'NEAL]
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| Political
pressure groups and leaders: |
NA
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International organization participation: |
Caricom (associate), CDB, ECLAC (associate), Interpol (subbureau),
IOC, OECS (associate), UNESCO (associate)
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Diplomatic representation in the US: |
none (overseas territory of the UK)
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Diplomatic representation from the US: |
none (overseas territory of the UK)
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| Flag
description: |
blue, with the flag of the UK in the upper hoist-side quadrant and the
Virgin Islander coat of arms centered in the outer half of the flag;
the coat of arms depicts a woman flanked on either side by a vertical
column of six oil lamps above a scroll bearing the Latin word VIGILATE
(Be Watchful)
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| Economy
- overview:
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The economy, one of the most stable and prosperous in the Caribbean,
is highly dependent on tourism, which generates an estimated 45% of
the national income. An estimated 350,000 tourists, mainly from the
US, visited the islands in 1997. In the mid-1980s, the government
began offering offshore registration to companies wishing to
incorporate in the islands, and incorporation fees now generate
substantial revenues. An estimated 250,000 companies were on the
offshore registry by yearend 1997. The adoption of a comprehensive
insurance law in late 1994, which provides a blanket of
confidentiality with regulated statutory gateways for investigation of
criminal offenses, is expected to make the British Virgin Islands even
more attractive to international business. Livestock raising is the
most important agricultural activity; poor soils limit the islands'
ability to meet domestic food requirements. Because of traditionally
close links with the US Virgin Islands, the British Virgin Islands has
used the dollar as its currency since 1959.
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| GDP:
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purchasing power parity - $311 million (2000 est.)
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| GDP -
real growth rate: |
6% (2000 est.)
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| GDP - per
capita: |
purchasing power parity - $16,000 (2000 est.)
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| GDP -
composition by sector: |
agriculture: 1.8%
industry: 6.2%
services: 92% (1996 est.)
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Population below poverty line: |
NA%
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| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%: NA%
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| Inflation
rate (consumer prices): |
2% (2000)
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| Labor
force: |
4,911 (1980)
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| Labor
force - by occupation:
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agriculture NA%, industry NA%, services NA%
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Unemployment rate: |
3% (1995)
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| Budget:
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revenues: $121.5 million
expenditures: $115.5 million, including capital expenditures of
$NA (1997)
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Industries: |
tourism, light industry, construction, rum, concrete block, offshore
financial center
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Industrial production growth rate:
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4% (1985)
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| Electricity
- production:
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42 million kWh (1999)
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
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Electricity - consumption:
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39.1 million kWh (1999)
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Electricity - exports: |
0 kWh (1999)
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Electricity - imports: |
0 kWh (1999)
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Agriculture - products:
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fruits, vegetables; livestock, poultry; fish
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| Exports: |
$6.2 million (2000 est.)
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| Exports -
commodities: |
rum, fresh fish, fruits, animals; gravel, sand
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| Exports -
partners: |
Virgin Islands (US), Puerto Rico, US
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| Imports: |
$220 million (2000 est.)
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| Imports -
commodities: |
building materials, automobiles, foodstuffs, machinery
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| Imports -
partners: |
Virgin Islands (US), Puerto Rico, US
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| Debt -
external: |
$36.1 million (1997)
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| Economic
aid - recipient: |
$2.6 million (1995)
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| Currency:
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US dollar (USD)
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| Currency
code: |
USD
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| Exchange
rates:
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the US dollar is used
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| Fiscal
year: |
1 April - 31 March
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Telephones - main lines in use:
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10,000 (1996)
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Telephones - mobile cellular: |
NA
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Telephone system: |
general assessment: worldwide telephone service
domestic: NA
international: submarine cable to Bermuda
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| Radio
broadcast stations: |
AM 1, FM 4, shortwave 0 (1998)
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| Radios: |
9,000 (1997)
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Television broadcast stations: |
1 (plus one cable company) (1997)
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Televisions: |
4,000 (1997)
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| Internet
country code: |
.vg
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| Internet
Service Providers (ISPs): |
16 (2000)
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| Internet
users: |
NA
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| Railways:
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0 km
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| Highways: |
total: 132 km
paved: 132 km
unpaved: 0 km (1997)
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Waterways: |
none
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| Ports and
harbors: |
Road Town
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| Merchant
marine: |
total: 1 ship (1,000 GRT or over) totaling 70,285 GRT/6,946 DWT
ships by type: passenger 1 (2000 est.)
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| Airports: |
3 (2000 est.)
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| Airports -
with paved runways: |
total: 2
914 to 1,523 m: 1
under 914 m: 1 (2000 est.)
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| Airports -
with unpaved runways: |
total: 1
914 to 1,523 m: 1 (2000 est.)
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| Military
- note: |
defense is the responsibility of the UK
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| Disputes
- international: |
none
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| Illicit
drugs: |
transshipment point for South American narcotics destined for the US
and Europe
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