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According to Encyclopedia Britannica, for Spain (one of the first European nations in the area) "the main interest... was mining for gold and other precious metals ... As the island gold became exhausted, the Caribbean possessions came to be valued chiefly as ports of call and trade."

European nations were also trying to find a route to the East (China/India) (the latter resulting in the term 'Indies')

For more information, see:

http://www.nps.gov/seac/outline/07-exploration/index.htm

http://k6.boardofstudies.nsw.edu.au/go/hsie/background-sheets/european-exploration-in-the-northern-hemisphere-1488-1664/

http://www.mrdowling.com/704-exploration.html

http://www.ucalgary.ca/applied_history/tutor/eurvoya/index.html

I hope this information helps.