The economy of Curaçao is a high income economy, as defined by the World Bank. The island has a well-developed infrastructure with strong tourism and financial services sectors. Shipping, international trade, oil refining, and other activities related to the port of Willemstad (like the Free Trade Zone) also make a significant contribution to the economy. Curaçao has one of the highest standards of living in the Caribbean, ranking 46th in the world in terms of GDP (PPP) per capita and 28th in the world in terms of nominal GDP per capita. To achieve the government's aim to make its economy more diverse, efforts are being made to attract more foreign investment. This policy, called the 'Open Arms' policy, features a heavy focus on information technology companies. History Early in its history, Curaçao's economy was centered on salt mining from saline-rich ponds located in the eastern part of the island. Up until that time, dating back to the 16th century, settlers (first Spanish and later Dutch) made numerous, failed attempts at creating an agricultural industry. Curaçao's arid climate, which features few freshwater sources, made it difficult and unprofitable. Although the island's geography was at first considered an obstacle economically, it later proved to be invaluable due to its ideal location for trade and commerce. Shipping and trading operations centered on the port of Willemstad played an important role in the development of the economy. In the early 20th century, discovery of oil in Venezuela caused major oil companies to invest in the region. Beginning in 1920, oil refining has become a key part of the island's economy, representing nearly 90% of its exports. During WWII, Curaçao was a safe-haven for Dutch multi-national companies, beginning the island's history as a financial services center. Tourism is also becoming an increasingly important sector of the economy. The construction of the Mega Pier has recently allowed larger cruise ships to dock at Curaçao, increasing its position as a tourism destination. Tourism Curaçao is a popular tourism location for the Eastern United States, South America, the Netherlands and Germany. It leads the Caribbean in cruise tourism growth with 610,186 cruise passengers in 2013, a 41.4% increase over the prior year. Hato International Airport received 1,772,501 passengers in 2013 and recently announced $48 million in capital investments aimed at transforming the airport into a regional hub by 2018. Beginning in early 2014, the Lynx rocketplane is expected