Monaco has practically no unemployment. It is the only country in the world in which the labor force exceeds the total population. Over two-thirds (28,000 French and 6,000 Italians) of its labor force of 44,200 commutes to work from France or Italy. All non-French citizens wishing to work in Monaco must obtain a work permit from the Department of Employment. Every employee in Monaco is entitled to 12 legal paid public holidays and a minimum of 30 days annual paid vacation days. Commerce represents 40% of all economic activity in the principality. Banking and financial sector account for 15% of its economy. Tourism is a major employer in this nation that welcomes over 6 million visitors from abroad every year, with 700,000 overnight stays and 700 conferences (2005), and it represents 13% of the economy. Monte-Carlo's casino enterprise, the Société des Bains de Mer (S.B.M.), provides numerous jobs in its restaurants and hotels, as well as in the casino itself. Industrial activity represents approximately 8% of the total economy in the principality. Many workers—especially those who commute from neighboring countries—are employed in new real-estate projects and in the low-polluting, but high-added-value light industries that have been established in Monaco since the 1970s through the efforts of Prince Rainier III. Products include perfumes and cosmetics, pharmaceuticals, precision instruments, jewelry, leather goods, radio parts, textiles and garments, with the emphasis on high-tech production. The rest of Monaco's economy is based on real-estate development, shipping, transportation and other services. Most recently, discussions about the future of Monaco's economy have been directed toward attracting businesses based on information technology services. The total turnover of the private sector in 2005 was approximately Û11 billion. here