Enduring economic foundations

Iceland’s economic recovery is based on enduring foundations. Clean energy, marine resources, good infrastructure and a well educated workforce are the cornerstones. Moreover, industries in fields such as IT, travel and tourism, engineering, consultancy services, architecture, design, food and food processing, higher education and biotechnology base their operations on specialized and internationally experienced professionals, ready to cooperate with partners around the world.

As part of the European Union’s internal market and with a wide net of additional trade agreements, the rules for foreign companies doing business in Iceland are solid and simple. Furthermore, a wide-ranging and systemic reform of the financial and banking sectors has taken place since the global financial crisis struck Iceland in 2008. The economic recovery programme supported by the International Monetary Fund (IMF), in close cooperation with international partners, has been rigorously implemented. According to the IMF, Iceland is on course for economic growth by the second half of 2010.

There is a strong entrepreneurial spirit in Iceland. The government is committed to fostering an environment where new ideas are allowed to materialize and blossom. As the saying goes, small opportunities are often the beginning of great enterprises. I couldn´t agree more and as Minister for Foreign Affairs, I am determined to bridge the ingenuity and creativity of Iceland’s business sector with the resources of foreign partners.

Currently, we are strengthening our promotional work abroad by bringing it into an independent agency named Promote Iceland. This will be a one-stop-shop of information about all sectors of Icelandic business, tourism, investments and culture, and serve as a platform for Icelandic companies to consolidate ideas and efforts. For foreign partners, Promote Iceland will be an excellent initial point of entry into the Icelandic market.

I welcome you to explore the numerous opportunities in Iceland. The Trade Council of Iceland, the Icelandic Tourist Bureau and the Trade Representatives of Icelandic embassies abroad – soon to join forces within Promote Iceland– remain at your service.

With kind regards

Össur Skarphéðinsson,

Minister for Foreign Affairs