Country Commercial Guide
The Country Commercial Guide (CCG) presents a comprehensive look at the Icelandic business environment. U.S. Embassy Reykjavik’s CCG reviews economic and political conditions and trends, identifies commercial opportunities for U.S. exports and investment, and reviews the overall investment climate in Iceland. CCG’s are generally updated annually.
Doing Business In Iceland: A Country Commercial Guide for U.S. Companies
INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2007. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES.
Chapter 1: Doing Business In Iceland
Market Overview
Iceland is a stable democracy with a dynamic consumer economy based on fishing, tourism, aluminum smelting and information technology. Icelanders are generally well educated, with sophisticated tastes and a liking for American consumer goods. This, along with a per capita GDP of $54,764 (2006 preliminary data) means that the Icelandic lifestyle is similar in many ways to that in the U.S. Almost all Icelanders speak English, and there is no language barrier for Americans doing business. Iceland is one of the most advanced countries in the world in the use of information and telecom technology. Icelandic banks and other financial institutions are fully connected to world markets, and there are no foreign exchange controls or restrictions on movement of capital.
Iceland is an island nation in the North Atlantic Ocean between Greenland and Norway. It is about the size of the State of Virginia and has a population of 307,672. The first settlers arrived from Norway in 874. Iceland achieved full independence from Denmark in 1944, having been ruled by the Norwegians and then Danes for almost 700 years. Iceland is a member of EFTA and the EEA. It is also a member of NATO but has no armed forces of its own. The U.S., on behalf of NATO, bears primary responsibility for the defense of Iceland under the terms of a 1951 bilateral defense agreement. The U.S. maintained a Naval Air Station in Iceland until September 2006, when the base was closed and U.S. forces redeployed elsewhere. The bilateral agreement was modified to reflect the continuing U.S. responsibility for Iceland's defense through flexible and mobile means. The former base area is currently undergoing redevelopment, with a public corporation established to examine public- and private sector opportunities.
Due largely to financial deregulation and a strong performance by its fishing industry, Iceland experienced sustained economic growth in the 1990s. After falling into a mild recession in late 2001, the economy returned to positive growth in 2003. At 7.5%, growth continued to be vigorous in 2005, but dipped slightly in 2006 and is expected to continue dropping in 2007 because of severe unrest in the market in the first quarter of 2006. The government is seeking to diversify Iceland's economic base by attracting industries such as metals smelting and "server farms" that can take advantage of its inexpensive energy generated from the country's abundant hydroelectric and geothermal power resources. Foreign investment is restricted in the energy and fishing industries, but the government privatized the important banking sector a couple of years ago and just recently the national telephone company was also privatized. The corporate tax rate was lowered from 50% to 18% in 2002.
Iceland's economy is highly export-driven. Marine products account for the majority of goods exports. Other important exports include aluminum, ferro-silicon alloys, machinery and electronic equipment for the fishing industry, software, and woolen goods. Most of Iceland's exports go to the EU and EFTA countries, the United States, and Japan. The U.S. is Iceland's largest bilateral investment partner and largest partner in services trade. Potential growth areas for exports to Iceland include electric generating equipment, processed foods, wine and beer, computer equipment and software, franchised businesses, high-tech fishing equipment, aircraft, vehicles, and furniture. The GOI has recently decided to dramatically decrease import tariffs on certain categories of foodstuffs and consumer products, which should open the market for further imports of U.S. goods. The main barriers to U.S. exports are Iceland's increasing adoption of EU product standards and regulations. Most agricultural products are subject to high tariffs and import of some, such as uncooked meat, is greatly restricted for phyto-sanitary reasons.
Chapter 2: Political and Economic Environment
For background information on the political and economic environment of the country, please click on the link below to the U.S. Department of State Background Notes.
http://www.state.gov/r/pa/ei/bgn/3396.htm
Chapter 3: Selling U.S. Products and Services
Using an Agent or Distributor
Importing and distribution of consumer and industrial goods in Iceland is generally handled by Icelandic wholesalers, or by Icelandic companies acting as agents. Because of Iceland’s small size, there is no significant expatriate business community. Most U.S. firms are represented by Icelandic agents or by regional sales offices elsewhere in Europe. There is a bilateral U.S.-Icelandic Chamber of Commerce, but it has a limited budget and a predominantly Icelandic membership. Some Icelandic importers and retailers have buyers in the U.S. who search out new products and best prices and buy directly on behalf of their principals. Even small retailers here often contact manufacturers and distributors in the U.S. directly. For U.S. business representatives visiting Iceland, a direct approach to importers and wholesalers is usually the best way to introduce a new consumer product to the Icelandic market. The Embassy Economic/Commercial Section can provide lists of importers and sellers of particular products.
Establishing an Office
For information on how to establish an office in Iceland contact
the Invest in Iceland Agency: www.invest.is
Also see their publication “Doing Business in Iceland” on their
website: http://www.invest.is/page.asp?Id=580
Franchising
Icelanders have through the years been very open towards the American franchise business and many well established franchise entities have opened in Iceland. U.S. fast food outlets in Iceland are by far the most popular type of franchise, led by Burger King, McDonalds, KFC, Subway, Pizza Hut and Dominos. To date, non-food U.S.franchises have yet to make significant inroads. Other U.S. companies that have franchise-like relationships in Iceland include, PriceWaterHouseCoopers, Deloitte and KPMG. The Icelandic Franchise Association was established March 2001. It is part of the Icelandic Federation of Trade and Services. For further information about the Icelandic Franchise Association visit their website: [www.svth.is/user/cat/show/60//259]
Direct Marketing
Direct marketing is practiced in Iceland but not nearly to the extent seen in the U.S. The selling of books and magazines is the most common form of telemarketing in Iceland. Telemarketing is permitted but the only source of contact information is the Icelandic phonebook. For the past 5 years or so customers have been able to indicate whether or not they will allow telemarketers to contact them.
Selling to the Government
Iceland is a member of the WTO Government Procurement Agreement (GPA). On the national level, most procurement is the responsibility of the State Procurement Office (Rikiskaup), an agency of the Icelandic Government. As an EEA member, Iceland is obligated to follow EU procurement practices, which require that any public procurement in excess of ISK 11 million ($177,500) must be tendered for competitive bidding through EU procedures. Accordingly, qualifying Icelandic tenders are posted on the official web site of the EU and are also accessible via the website of the U.S. Mission to the EU ( [www.buyusa.gov/europeanunion/47.html] ). This is a good source of information since it is provided in English. Larger tenders are usually published in all the major Icelandic newspapers. The chief difficulty with the public tender process is that the bid deadline is often very short, which gives prospective U.S. bidders little time to respond, particularly if tender documents need to be translated from Icelandic. Procurement for the U.S./NATO military base at Keflavík is subject to special procedures, including pre-qualification of bidders. Additional material can be obtained from the State Procurement Office (www.rikiskaup.is), but it should be noted that information posted there is not always available in English.
Selling Factors/Techniques
There are many U.S. products on the Icelandic market, and Icelanders are very familiar with leading U.S. brand names. Numerous U.S. franchise businesses operate, particularly in the fast food/restaurant sector. Popular U.S. television programs are broadcast in Iceland, and first-run U.S. films play in Icelandic cinemas (in English with Icelandic subtitles). Many Icelanders have worked, studied, or traveled in the U.S., and have a first-hand familiarity with American tastes and life-styles. Although Icelandic culture is unique, the consumption habits of Icelanders resemble those of Americans in many ways. The strident public opposition to genetically modified foodstuffs common in many European countries has not yet spread to Iceland.
Trade Promotion and Advertising
All major types of advertising media are available in Iceland. There are four commercial television channels (owned by two companies) and numerous private radio stations in addition to the Government-owned State Radio/TV, which also accepts advertising. A 30 second ad during prime time TV costs approximately $2,100. Prime time on the radio can be purchased for about $9.50 per/sec. CNN, Fox News, Sky News, BBC News and other international channels are available via a widely-subscribed cable system. For a list of advertising agencies contact the Icelandic Advertising Association ([www.sia.is]).
Newspaper readership in Iceland is very high. There are two principal daily newspapers. Morgunbladid, which was founded in 1913, has a strong base of subscribers and has traditionally been the newspaper of record, has a circulation of about 53,000. Frettabladid was founded in 2001 and is distributed free of charge. Frettabladid quickly managed to become the largest newspaper with a circulation of 75,000. DV is the third ranking newspaper with a tabloid style, and circulation of about 35,000. The business journal, Vidskiptabladid is published twice weekly and has a circulation of 30,000 copies. It is aimed at upscale readers in the commercial, financial, and government sectors. Its content and format is similar to the Financial Times of London. Bladid is the newest addition to the Icelandic newspaper market and like Frettabladid is distributed free of charge. These papers are read throughout the country.
Pricing
Retail prices in Iceland can be high, reflecting the cost of shipping to an isolated location, the need to import most industrial inputs, tariffs and regulatory costs for certain items, and a general 24.5% Value Added Tax (VAT). The GOI has recently decided to lower the VAT on most food items to 7% from 14%; the change will be implemented on March 1, 2007. There is typically only one importer or agent for a particular brand or product. Most communities outside the Reykjavík area are extremely small, and the whole island can be considered the same market area.
Local Professional Services
The Embassy’s Consular Section maintains a list of local attorneys that is available on request along with guidelines on retaining an attorney in Iceland. Inquiries may also be directed to the Icelandic Bar Association.
Web Resources
Invest in Iceland Agency:
[www.invest.is]
Federation of Trade and Services (SVTH):
[www.svth.is]
State Procurement Office (Rikiskaup):
[www.rikiskaup.is]
U.S. Mission to the EU:
[www.buyusa.gov/europeanunion/47.html]
Icelandic Advertising Association (SIA):
[www.sia.is]
Morgunbladid:
[ww.mbl.is]
DV:
[www.visir.is]
Frettabladid:
[www.frettabladid.is]
Vidskiptabladid:
[www.vb.is]
The Icelandic Bar Association:
[www.lmfi.is]
All contact information for Icelandic government institutions, other institutions and associations mentioned in this chapter can be found in chapter 9.
Chapter 4: Leading Sectors for U.S. Export and Investment
Commercial Sectors
Electronic generation/transmission equipment
Overview
A number of hydro and geothermal electric plants are under construction and others will be constructed within the next 2-3 years.
Opportunities
U.S. suppliers should be competitive for the turbines and other equipment needed for Iceland’s hydroelectric and geothermal power generation facilities and projects.
Resources
Minstries of Industry & Commerce:
http://eng.idnadarraduneyti.is/
The Federation of Icelandic Industries (SI):
[www.si.is]
Landsvirkjun:
[www.lv.is]
Reykjavik Energy (Orkuveita Reykjavikur):
[www.or.is]
Alcan:
[www.alcan.is]
Alcoa:
[www.alcoa.com/iceland/ic/home.asp]
Century Aluminum/Nordural:
[www.nordural.is]
Packaged and processed food
Overview
Despite the difficulties of coping with European regulations (i.e., labeling, ingredient limitations), demand for American foodstuffs should remain strong. While some products are losing ground because they can no longer be competitively priced due to the cost of complying with the new regulations, importers continue to search for new U.S. brands to introduce.
Opportunities
U.S. producers can help themselves by being willing to work with Icelandic importers on packaging and labeling requirements.
Resources
Minstries of Industry & Commerce:
http://eng.idnadarraduneyti.is/
Ministry of Agriculture:
http://www.landbunadarraduneyti.is/ (website only
in Icelandic)
Agricultural Authority of Iceland:
[www.lbs.is/]
The Federation of Icelandic Trade (FIS):
[www.fis.is]
Big U.S. Importers:
Islensk Ameriska (ISAM):
[www.isam.is]
Innnes:
[www.innnes.is]
Lindsay John ehf:
[www.lindsay.is]
Karl K.Karlsson:
[www.karlsson.is]
Dreifing ehf.:
[www.dreifing.is]
Adfong:
[www.adfong.is] (website only in Icelandic)
Computer equipment and software
Overview
Iceland is probably one of the most computer-savvy countries in the world, and demand for the latest computer hardware and off-the-shelf software reflects this. According to the Global Information Technology Report for 2005-2006 Iceland ranks number 4 of 145 economies in terms of network readiness. Information on investment opportunities in the IT industry in Iceland can be found at Invest in Iceland Agency.
Opportunities
In addition to already strong consumer demand, the growing number of biomedical research, and IT companies in the country offers a potential new market for high-capacity, high-speed data storage and processing equipment.
Resources
Invest in Iceland Agency:
[www.invest.is]
Apple:
[www.apple.is]
Nyherji/IBM:
[www.nyherji.is]
Opin Kerfi ehf./HP:
[www.opinkerfi.is]
Microsoft Iceland:
[www.microsoft.com/iceland/msdk/]
EJS/Dell:
[www.ejs.is]
Skyrr/Oracle:
[www.skyrr.is]
Consumer goods/entertainment
Overview
The percentage of dual-income households in Iceland is high, and there is great demand for labor saving devices and the latest gadgets. This market should continue to be attractive on both a category and niche basis.
Opportunities
American consumer products are popular in Iceland. There are numerous examples of U.S. products that have a higher market penetration per capita in Iceland than anywhere else in Europe. Likewise, the market for U.S. entertainment products (i.e., movies, music, software, etc.) remains bright, and exposure to American entertainment products appears to have a synergistic effect on sales of other U.S. goods and services.
Resources
Entertainment:
Sambio felagid:
[www.sambioin.is] (website only in Icelandic)
Sena:
[www.sena.is]
Dagsbrun:
[www.dagsbrun.is]
Consumer goods:
The Federation of Icelandic Trade (FIS):
[www.fis.is]
Franchising
Overview
Icelandic franchise holders formed a trade association in 2001 to promote the growth of franchising in the country.
Best Prospects/Services
Over the last decade U.S. fast food franchises have become ubiquitous in Iceland. There are 12 U.S. fast food franchises in Iceland today and 5 of those were established in the last 5 years. In the clothing and apparel sector European franchises are dominant, but U.S. brands in clothing and accessories are consistently popular in Iceland and there could be a base for getting U.S. franchises in that sector to Iceland. Travel to the U.S. for shopping is extremely popular, resulting in a high level of familiarity with U.S. brands.
Opportunities
U.S. fast food franchises have long been popular in Iceland, where a high percentage of household income is spent on convenience foods. In one instance, a new American pizza franchise set a company-wide sales record in its first week of operation. Icelandic familiarity with American brands, and the success of fast food and restaurant franchises suggests that opportunities exist for franchises in other areas. An office supply franchise that opened in 2001 was the first significant non-food U.S. franchise. Its success introduced a new level of competition that lowered the price of office supplies across the market, and it now operates 4 stores in Iceland.
Resources
The Icelandic Franchise Association:
[www.svth.is/user/cat/show/60//259]
The US Embassy in Iceland:
http://iceland.usembassy.gov/
Wine and beer
Overview
Icelanders drinking preferences have steadily changed in recent years from favoring hard liquor to a growing preference for wine and beer. Economic prosperity has also brought an increased interest in fine wines. The old-fashioned regulations of Iceland’s government alcohol monopoly -- retail sales of alcohol are permitted at a single chain of state-owned stores -- retard competition and complicate the introduction of new labels, but these rules are slowly being liberalized, and this is creating enhanced opportunities for these products.
Opportunities
American wines have claimed a significant piece of this growing market, and their popularity continues to increase. The Icelandic importer of one upscale American brand reports that he distributes as much wine in Iceland as does his counterpart in Norway, even though Norway has almost 20 times Iceland’s population.
Resources
Wine and beer importers:
Egils:
[www.egils.is] (website only in Icelandic)
Edalvin:
[www.edalvin.is]
RJC:
[www.rjc.is]
Karl K. Karlsson:
[www.karlsson.is]
Allied Domecq:
[www.allied.is] (website only in Icelandic)
Bakkus:
[www.bakkus.is](website only in Icelandic)
HOB:
[www.hob.is](website only in Icelandic)
Rafkop Samvirki:
[www.samvirki.is] (website only in Icelandic)
High-tech fishing equipment
Overview
Iceland is a world leader in modern fishing methods and processing equipment, but Icelandic fishermen want the best available equipment no matter where it is manufactured.
Opportunities
There is a market for specialized and advanced U.S. equipment, especially where U.S. producers can use advantages gained from economies of scale to offer competitive prices.
Resources
Ministry of Fisheries:
http://eng.sjavarutvegsraduneyti.is
The Icelandic Aquaculture Association TIAA:
[www.lfh.is/english.htm]
Federation of Icelandic Fish-processing Plants:
[www.sf.is]
Marel:
[www.marel.is]
Elcon ehf:
[www.elcon.is]
Radiomidun hf:
[www.radiomidun.is]
Brimrun:
[www.brimrun.is]
Velasalan ehf:
[www.velasalan.is]
Hampidjan Group:
[www.hamidjan.is]
DNG ehf:
[www.dng.is]
3x-Stal:
[www.3x.is]
Skaginn:
[www.skaginn.is]
Investment prospects
Overview
Iceland’s inexpensive energy sources make it an attractive location for energy-intensive industrial activities. The national government and local economic development authorities have been willing to negotiate low-cost contracts for the supply of electricity as an incentive to investors to locate these types of activities in Iceland. The government sold off the national telephone company in 2005 and is studying the partial privatization of the national electric utility in the medium-term. Biomedical and genetic research companies have recently emerged as potential opportunities for foreign investment where no restrictions exist. Iceland’s young stock market lists a variety of the country’s largest and most successful firms. The stock market has grown rapidly and the Icelandic stock index (ICEX 15) was been among the faster growing indexes in the western world in 2004 and 2005, although it slowed down considerably in 2006. According to Forbes (Feb. 2006) Iceland is number 3 on the list of most hospitable countries for investors.
Opportunities
Investors in energy intensive industries can be offered power at rates substantially less than market rates in the U.S. Currently, there are two U.S. investments in energy-intensive industries -- both aluminum smelting operations. Other projects that have been contemplated by U.S. investment interests have included steel pipe fabricating, data storage facilities/server farms, and petrochemical processing.
Resources
The Ministry of Finance:
http://eng.fjarmalaraduneyti.is
Ministry of Industry and Commerce:
http://eng.idnadarraduneyti.is
The Central Bank of Iceland:
[www.sedlabanki.is]
Iceland Stock Exchange:
[www.icex.is]
Invest in Iceland Agency:
[www.invest.is]
Bankers’ and Securities Dealers’ Association of Iceland
(SBV):
[www.sbv.is]
The Financial Supervisory Authority, Iceland (FME):
[www.fme.is]
Icelandic Securities Depository (VBSI):
[www.vbsi.is]
Agricultural Sectors
Iceland is highly protectionist concerning agricultural products and most agricultural products are subject to high tariffs. Tariffs on certain varieties of vegetables are significantly higher during the growing season to protect domestic greenhouse producers. Meat and dairy products, and potatoes are also protected by substantial duties. Iceland also implements a quota system on imported meat and dairy products. Under this system, the Ministry of Agriculture provides advance notice of upcoming quota possibilities later in the year. Importers are then given the opportunity to place a bid for part of the quota whether it be meat or dairy products. Animal feed can carry tariffs up to 55%, and some ingredients and additives commonly used in U.S. foods are prohibited. The GOI announced in late 2006 that the tariffs on some imported agricultural products would be lowered by as much as 40% in March 2007. Which products and how these tariff reductions will come into effect is yet to be announced. All imported meat must be free of growth hormones and antibiotics. Iceland maintains strict phyto-sanitary regulations, since many animal diseases common elsewhere are not present in the country. Iceland is free of hoof-and-mouth disease and BSE.
There are currently no restrictions on import of genetically
modified substances, but this will change when Iceland implements
EU regulations in this area.
For further information about agricultural issues see
Landbunadarstofnun (a new establishment (2006) under the Ministry
of Agriculture) [www.lbs.is]
All contact information for Icelandic government institutions, other institutions and associations mentioned in this chapter can be found in chapter 9.
Chapter 5: Trade Regulations and Standards
Import Tariffs
Iceland implements high tariffs on agricultural products in order to protect the domestic agricultural sector. Tariffs on certain varieties of vegetables, e.g. tomatoes, cucumbers and bell peppers are significantly higher during the growing season to protect domestic greenhouse producers. Meat and dairy products, and potatoes are also protected by substantial duties. Animal feed can carry tariffs up to 55%, and some ingredients and additives commonly used in U.S. foods are prohibited. Imported meat must be free of growth hormones and antibiotics. The GOI announced in late 2006 that the tariffs on some imported agricultural products would be lowered by as much as 40% in March 2007. Which products and how these tariff reductions will come into effect is yet to be announced. Iceland maintains strict phyto-sanitary regulations, since many animal diseases common elsewhere are not present in the country. Iceland is free of hoof-and-mouth disease and BSE.
There are currently no restrictions on import of genetically modified substances, but this will change when Iceland implements EU regulations in this area.
Iceland also maintains tariffs on some categories of consumer goods, including clothing, shoes, and furniture. Most industrial goods are not subject to tariffs. Automobiles are subject to taxes based on engine size and type. There are no special taxes applicable to trade in services.
Trade Barriers
Iceland uses the harmonized system (HS) for commodity classification and the ISO 9000 standards for quality assurance (QA) and quality control (QC). Since joining the European Economic Area in 1994, Iceland has been forced to adopt European product standards and regulations in many areas. Implementation of these new standards, and the accompanying requirement for use of the CE mark, has created occasional difficulties for importers of some U.S.-manufactured goods. Nonetheless, it is still possible to import U.S.-standard products of many kinds into Iceland, and Icelandic regulators seek to be flexible where possible. However, the Embassy anticipates that these types of regulatory barriers will only increase as Icelandic regulations become more 'European'. Information about the CE mark is available from U.S. Department of Commerce Export Assistance Centers around the U.S
Import Requirements and Documentation
Icelandic regulations on ingredients, additives and labeling generally follow EU directives. Product labels may be in English. However since the nutritional labeling standards in U.S. are different than those in the EU, importers are required to re-label products to meet EU labeling requirements. U.S. labeled products on store shelves require additional EU consistent labeling by importers, which increases the shelf price of the products. Iceland maintains tariffs on certain categories of food products from the U.S. that are not applied to similar products from the EU. For further information contact the Icelandic Environmental and Food Agency (Food Division): [www.ust.is]
Temporary Entry
Samples may be imported into Iceland duty-free if they are of little or no commercial value, or have been made unfit for use. Otherwise samples will be subject to duty. Samples carried by a commercial traveler, as well as pattern books or cards, must be declared upon arrival in the country. Samples may be imported temporarily by using the ATA carnet, a simplified customs document by which commercial samples or professional equipment may be sent or taken into Iceland and any of the other 43 foreign countries participating in the arrangement. Information on the ATA Carnet can be obtained from U.S. Council for International Business.
Labeling and Marking Requirements
Electrical equipment sold and used by the public (consumer
electronics and household electrical appliances) must carry the
CE mark. Electric current in Iceland is 50 cycle, 220-volt AC.
Questions can be forwarded to the Icelandic Consumer Agency
([www.neytendastofa.is]).
Icelandic intellectual property laws are TRIPS-compliant. All
applications for trademark/patent/intellectual property
protection in the Icelandic market must be registered with the
Icelandic Patent Office ([www.patent.is]).
Prohibited and Restricted Imports
Suppliers of chemical substances and products must provide a composition declaration. The Icelandic importer, in cooperation with the foreign manufacturer, is responsible for labeling the product. Labeling requirements generally follow EU regulations. Questions regarding importing, packaging and labeling of toxic substances or chemicals may be directed to the Environmental and Food Agency of Iceland (www.ust.is).
Customs Regulations and Contact Information
U.S. exporters may request an advance ruling on customs classification from the Icelandic Directorate of Customs. The application should describe the product in full detail. Samples, catalogues, photographs, or other descriptive literature should be submitted whenever possible. The manufacturer, the exporter, or the representative in Iceland should sign the application. While the customs authorities will not in all cases give a binding decision, the preliminary ruling will usually be considered binding if the goods are found to correspond to the sample or the description. Importers can access the Icelandic Customs Tariff Manual in English on the Customs website (www.tollur.is).
Standards
Standards Organizations
NIST Notify U.S. Service
Member countries of the World Trade Organization (WTO) are
required under the Agreement on Technical Barriers to Trade (TBT
Agreement) to report to the WTO all proposed technical
regulations that could affect trade with other Member countries.
Notify U.S. is a free, web-based e-mail subscription service that
offers an opportunity to review and comment on proposed foreign
technical regulations that can affect your access to
international markets. Register online at Internet URL: http://www.nist.gov/notifyus/
Trade Agreements
At the present Iceland and the other EFTA members, Norway, Liechtenstein and Switzerland have concluded free trade agreements(FTA’s) with 15 countries; Chile, Croatia, Egypt, Israel, Jordan, Korea, Lebanon, Macedonia, Mexico, Morocco, Palestinian Authority, South African Customs Union,Singapore, Tunisia and Turkey. EFTA has also concluded declarations of cooperation with eight other countries, Albania, Algeria, Colombia, MERCOSUR, Serbia & Montenegro, Indonesia, Peru, and Ukraine. Iceland is currently negotiating FTA's with China, Canada, Thailand and Gulf Cooperation Council.
Web Resources
The Icelandic Environmental and Food Agency (Food
Division):
[www.ust.is]
U.S. Council for International Business:
[www.atacarnet.com]
The Icelandic Consumer Agency:
[www.ls.is]
The Icelandic Patent Office:
[www.einkaleyfastofan.is]
Directorate of Customs:
[www.tollur.is]
All contact information for Icelandic government institutions, other institutions and associations mentioned in this chapter can be found in chapter 9.
Chapter 6: Investment Climate
Openness to Foreign Investment
The Icelandic government encourages foreign investment,
particularly in energy-intensive industries that can take
advantage of the country's abundant renewable energy resources.
According to Forbes (Feb. 2006) Iceland ranks third on the list
of most hospitable countries for investors. Icelandic laws
regulating and protecting foreign investments are consistent with
OECD and European Union (EU) standards. The major law governing
foreign investment is the 1996 Act on Investment by Non-residents
in Business Enterprises, which grants national treatment to
non-residents of the European Economic Area (including U.S.
citizens). The major exception is limits on investments in
fishing, energy production and airlines. Waivers are not
available to these restrictions, although the government is
considering opening the energy sector and some aspects of the
fishing industry to foreign investment in the medium term.
Icelandic law also restricts the ability of non-EEA citizens to
own land, but this may be waived by the Ministry of Justice.
Icelandic courts uphold the sanctity of contracts as a matter of
course.
There is no automatic screening of investors, although bidders in
privatization sales may have to go through a pre-qualification
process. Potential U.S. bidders in privatization auctions need to
follow the process closely, since the procedures are often ad hoc
and deadlines can be short.
The U.S. does not have a bilateral investment treaty (BIT) with Iceland.
Conversion and Transfer Policies
Icelandic law provides for full convertibility and transferability of dividends, profits, interest on loans, debentures, mortgages, lease payments and invested capital.
Expropriation and Compensation
As far as the U.S. Embassy is aware, the Icelandic government has never expropriated a foreign investment. No major investment disputes have occurred in recent memory.
Dispute Settlement
Iceland has ratified the major international conventions governing arbitration and the settlement of investment disputes. Iceland accepts binding arbitration of investment disputes.
Performance Requirements and Incentives
None.
Right to Private Ownership and Establishment
Other than fishing, energy, and airlines, foreign entities are free to establish and own any type of business enterprise and engage in all forms of legal remunerative activity. Icelandic law treats private and public enterprises with equality when it comes to market access and other business operations. Foreign investors are permitted to participate in privatization of government-owned businesses, subject to restrictions imposed by the government.
Protection of Property Rights
Iceland adheres to key international agreements on property rights (e.g., Paris Union Convention for the Protection of Industrial Property). Trademarks, copyrights, trade secrets and industrial designs are all protected under Icelandic law. As with many other issues, Iceland is following the European lead in protection of property rights and adheres to the European Patent Convention of 1973. In 2005, Iceland signed the Patent Cooperation Treaty (PCT)
Transparency of Regulatory System
Icelandic laws regulating business practices are consistent with those of most OECD member states, and are increasingly based on European Union directives as a result of Iceland's EEA membership. Much of Iceland's financial regulatory system was put in place only in the 1990s, thus transparency is occasionally a concern (i.e. in public procurement, and in privatization sales where the process is established by the government on an ad hoc basis).
Efficient Capital Markets and Portfolio Investment
Iceland has a modern financial sector that provides a full range of services. There are no significant impediments to the market-determined flow of financial resources. The private sector has access to a wide variety of credit instruments, and there are numerous venture capital funds. Iceland’s largest banks and investment banks can facilitate portfolio investment and securities transactions.
Political Violence
Iceland is a politically stable democracy, and politically motivated violence is not a threat to foreign holdings.
Corruption
Isolated cases of corruption occur but are not an obstacle to foreign investment. A 2006 survey by Transparency International ranked Iceland as the second least corrupt country (the U.S. was 20 th) out of 133 surveyed.
Bilateral Investment Agreements
The U.S. does not have a bilateral investment treaty (BIT) with Iceland.
OPIC and Other Investment Insurance Programs
Iceland is a member of the Multilateral Investment Guarantee Agency (MIGA). OPIC is not involved in projects in Iceland.
Labor
The Icelandic workforce is highly skilled but low unemployment has led to shortages of labor. Increasing immigration has helped fill low-wage service and industrial jobs. The labor force totaled about 174,300 at the fourth quarter of 2006, with an unemployment rate of 2.5 percent. The government has imposed mandatory mediation when strikes have threatened key sectors in the economy such as the fishing industry.
Foreign Direct Investment Statistics
Foreign investment statistics: The following tables reflect data available as of July 2005. Figures on investment position refer to book value. These figures are limited to companies in which a single foreign investor holds 10 percent or more of the equity capital and do not include foreign ownership interests via third party investment. Investment flow statistics are based on market value.
Major foreign investors: Under Icelandic law, investment
statistics gathered by the Central Bank and Icelandic Bureau of
Statistics cannot be released on a company- or project-specific
basis. Major U.S. investors in Iceland include: Century Aluminum,
Alcoa (aluminum), and deCODE Genetics (biotech). Many U.S.
companies are represented through Icelandic agents.
Information in this chapter was primarily obtained from the
Central Bank of Iceland.
Table 0: Average exchange rate ISK/$1
Year 2000 2001 2002 2003 2004 2005 2006
Avg.
Rate 78.87 97.95 91.81 76.94 70.29 63,01 70.20
Table I: Foreign Direct Investment in Iceland by Country (Million ISK)
Year 2000 2001 2002 2003 2004 2005
Total
FDI/World 42,136 70,652 64,305 84,622 127,445 252,085
U.S. 10,631 28,101 18,474 13,109 25,229 24,779
Sweden 1,687 804 1,875 1,305 1,652 3,815
Belgium/Lux 4,391 10,152 10,040 25,213 53,756 90,140
Switzerland 13,757 15,068 13,183 10,615 9,073 9,471
UK 1,609 1,880 1,338 146 116 7,594
Denmark 4,472 4,013 4,935 4,180 4,622 5,317
Japan 396 442 13 45 0 0
Europe 30,853 41,861 44,451 70,809 100,826 225,662
FDI/GPD
(%) 6.30 9.42 8.22 10.43 12.48 12.48
Table II: Foreign Direct Investment in Iceland by Industry (Million ISK)
Year 2000 2001 2002 2003 2004 2005
Metal & Mechanical
Products 23,619 29,914 25,165 21,941 37,630 38,386
Financial
Activities 2,455 3,376 3,013 1,341 727 61,331
Trade &
Repairs 5,284 6,101 11,203 2,974 3,293 3,353
Software,Research
& Management
Holding,
etc. 4,756 19,255 9,061 39,824 64,674 83,233
Food
Products 1,753 2,320 2,613 2,983 3,220 4,452
Telecommunications (-157) (-113) 2,099 2,739 835 14,610
Table III: Icelandic Foreign Direct Investment abroad by Country (Million ISK)
Year 2000 2001 2002 2003 2004 2005
Total
FDI/World 56,170 86,770 101,316 123,056 246,585 642,485
U.S. 13,133 17,945 12,315 11,307 11,119 109,380
Belgium/Lux 11,392 16,311 33,690 36,463 34,685 39,521
France 3,544 4,968 4,389 4,965 9,655 1,225
UK 6,660 13,585 16,789 25,297 64,656 163,197
Netherlands 4,547 5,920 5,191 6,391 10,138 150,858
Canada 1,532 1,813 1,381 3,859 3,913 4,150
All
Europe 39,224 64,492 84,709 104,976 221,294 512,172
FDI/GPD
(%) 8,27 11,35 12,59 14,81 26,94 63,47
Table IV: Icelandic Foreign Direct Investment abroad by Industry (Million ISK)
Year 2000 2001 2002 2003 2004 2005
Real Estate & Business
Activities 17,678 23,814 39,708 39,378 46,101 232,545
Food
Products 10,444 21,792 21,464 23,412 38,846 47,364
Petroleum, Chemical, Rubber & Plastic
Prod. 6,118 7,013 8,684 12,234 17,410 102,311
Trade &
Repairs 6,231 14,159 9,142 17,590 30,471 60,798
Transport &
Communcation 5,415 4,944 4,274 4,589 8,441 33,077
Finance
Activities 5,148 8,717 12,878 19,465 97,472 144,416
Web Resources
Ministry of Finance:
[http://eng.fjarmalaraduneyti.is]
Ministry of Industry and Commerce:
[http://eng.idnadarraduneyti.is]
Ministry for Foreign Affairs:
[www.mfa.is]
Statistics Iceland:
[www.statice.is]
The Central Bank of Iceland:
[www.sedlabanki.is]
All contact information for Icelandic government institutions, other institutions and associations mentioned in this chapter can be found in chapter 9.
Chapter 7: Trade and Project Financing
How Do I Get Paid (Methods of Payment)
Payment from Iceland to a foreign entity can normally be made without formalities or delay through commercial banks.
How Does the Banking System Operate
Trade in Iceland is financed by the country's commercial banks. Financing and credit guarantees are generally available.
Foreign-Exchange Controls
There are no foreign exchange controls in Iceland; they where fully abolished 1995. In very particular circumstances the Central Bank is authorized to impose temporary restrictions on capital outflows, this has, however, never been put into practice.
U.S. Banks and Local Correspondent Banks
There are no U.S. banks in Iceland. The major U.S. banks have correspondent relationships with Icelandic Financial Institutions.
Web Resources
Export-Import Bank of the United States:
[www.exim.gov]
Country Limitation Schedule:
[www.exim.gov/tools/country/country_limits.html]
OPIC:
[www.opic.gov]
Trade and Development Agency:
[www.tda.gov]
SBA's Office of International Trade:
[www.sba.gov/oit]
USDA Commodity Credit Corporation:
[www.fsa.usda.gov/ccc/default.htm]
U.S. Agency for International Development:
[www.usaid.gov]
The European Bank for Reconstruction and Development:
http://www.ebrd.org
Nordic Investment Bank:
http://www.nib.int
All contact information for Icelandic government institutions, other institutions and associations mentioned in this chapter can be found in chapter 9.
Chapter 8: Business Travel
Business Customs
Social and business etiquette in Iceland is similar to that in other western European countries. Since Iceland is a small community, access to key people is easier and often informal, although it is advisable to schedule appointments in advance. Business meetings are not formal but good preparation is important. Since even the largest Icelandic corporations are relatively small, you may find the decision-makers in your meeting. Business cards are exchanged upon introduction. Extended pleasantries are not necessary, and getting straight down to business is appreciated. Simultaneous translation and interpretation services are available, but are usually not required unless very detailed or technical work is involved. Most Icelanders doing business in a particular field will understand the relevant English technical documentation, but this may have to be translated if included in a contract.
Icelanders like to combine business with pleasure, so establishing a friendly and personal relationship is a good way to do business. Business dinners are the preferred form of entertainment. It is considered appropriate to talk business over a meal, unless spouses are present. Icelanders enjoy dressing up and being social. There are no strict rules or formal dining customs that need to be observed, although eating European-style is always considered good form.
While Americans tend to dress up for work and dress down after work, the opposite is often the case in Iceland, although men in government, banking or business circles generally wear suits. An informal social event such as a business dinner still calls for a jacket and tie. Iceland has cool summers, and mild winters. Even in summer, clothing should include a sweater or jacket, a raincoat, and a good pair of walking shoes.
Understanding Icelandic names is important for business and social occasions. Only a small proportion of the population has family surnames, usually derived from foreign names. Most people have a patronymic, formed from their father’s first name with the ending "–son" or "–dóttir" (e.g. Jón Jónsson (Jóns's son) or Jóna Jónsdóttir (Jóna,, Jóns´s daughter). A woman does not take her husband’s name on marriage. First names are the names by which people are known, and are thus generally used. (One exception would be a government Minister who would be "Mr. Minister" or "Madam Minister.") Icelandic telephone directories list people in alphabetical order by their first name. Icelanders do not use "Mr." and "Ms." among themselves, although they may do so when among foreigners. Icelanders will not feel you are being overly familiar if you call them by their first names.
Travel Advisory
Reykjavik offers a variety of hotel and guesthouse accommodations, many excellent restaurants, cafes, and wide range of cultural attractions. Note that hotel rooms can be difficult to find during the summer tourist season, and that it can be difficult to get a table at the more popular restaurants without an advance booking.
Iceland remains a relatively safe country for visitors. Reykjavik is safer than major cities in the U.S., although there is occasional street crime, particularly late at night in the city center. Visitors utilizing common sense and good judgment can expect to enjoy their time in Iceland without incident. Emergency services including fire, police and ambulance are available by dialing 112. Emergency service operators speak English.
Visa Requirements
U.S. citizens do not need a visa to travel to Iceland for normal business or tourist purposes.
U.S. Companies that require travel of Icelandic businesspersons to the United States for extended periods, or who will be paid a salary from a U.S. source, are advised that a visa may well be required. For questions concerning visas, contact either State Department Visa Website (http://travel.state.gov/visa/index.html), United States Visas.gov ([www.unitedstatesvisas.gov]) or the US Embassy in Iceland (http://iceland.usembassy.gov/).
Telecommunications
All telecoms services are modern and readily available. Siminn and OgVodafone are the biggest telecom companies in Iceland.
Transportation
Icelandair (www.icelandair.com) is the only scheduled airline with service to Iceland from the U.S., flying from Boston, New York, Baltimore, Minneapolis, Orlando and San Francisco. Travelers can take the airport bus, Fly Bus (www.flybus.is), from Keflavik Airport and advise the driver of a hotel destination. One-way bus tickets cost about $19. Private taxis are also available at the airport, but are significantly more expensive (about $125, no tipping). Reykjavik has an excellent public transportation system, with buses running to all areas of the city. Local cabs are readily available at taxi stands throughout the downtown area or by telephone. Prices depend on the length of journey and the time of day. A five-minute ride at mid-day should cost about $15. Rental cars are available at the airport and in town, but are very expensive compared to U.S. prices.
Language
There is no language barrier for U.S. visitors to Iceland. Icelandic business executives and government officials are uniformly fluent in English and almost all Icelanders speak English to some degree.
Health
A visitor to Iceland faces no special health risks, as the overall health conditions are excellent. No special inoculations are required. All milk and tap water is safe to drink.
Since Iceland is entirely surrounded by the ocean, it has a moderate, maritime climate year round. The average temperatures range from 32F in January to 52F in July. Temperatures vary slightly from day to night. Average annual rainfall is 32 inches. Days are short in winter, with about 3-5 hours of daylight in December and January. Daylight in summer lasts nearly 24 hours from May to end of July.
Icelandic medical care is of very high quality and is comparable to the medical care one finds throughout Western Europe. Diagnostic laboratories and specialists in all fields of medicine are available. Hospitals are well-equipped, and maternity hospitals and many clinics are available. Most doctors and dentists speak English.
The health system in Iceland is different from that in the United States. Tourists should expect to pay for the service provided. Icelandic citizens and permanent residents of Iceland qualify for free hospitalization and medical treatment under the Icelandic Health Care System. However, medical treatment and hospital care, covered by the Icelandic Health Care System, may require referral from a general practitioner, which often creates long waiting periods. To avoid waiting time in these situations, patients may choose to seek medical and hospital care privately as paying patients.
Most medicines are available locally. They may not, however, be the same brand names as those used in the United States and prices are generally higher than in the U.S. Tourists should bring a supply of the medicine that they know they will need. In case of emergency - ambulance - fire - police - dial 112
Local Time, Business Hours, and Holidays
Icelandic work schedules are similar to those in the U.S., although many offices close early in the summer. Business activity slows down considerably from mid-June through mid-August as Icelanders take their summer holidays. Other slow times of year are the Christmas season and the weeks before and after Easter in the spring.
Public Holiday’s in Iceland 2007:
The following days are public holidays in Iceland. Most shops and
businesses are closed in these days, but some food stores remain
open.
New Year’s Day: January 1st
Maundy Thursday: April 5th
Good Friday: April 6th
Easter Sunday: April 8th
Easter Monday: April 9th
First day of summer: April 19th
May Day: May 1st
Ascension Day: May 17th
Whit Sunday: June 27th
Whit Monday: June 28th
National Day: June 17th
Summer Bank Holiday: August 6th
Christmas Eve: December 24th, public holiday from noon
Christmas Day/Boxing Day: December 25th
2nd Christmas Day: December 26th
New Year’s Eve: December 31st, public holiday from noon
Temporary Entry of Materials and Personal Belongings
There are no restrictions on entry or exit of personal computers or laptops, software, or encrypted data. Commercial samples and exhibit items may be subject to customs duty.
Web Resources
State Department Visa Website:
http://travel.state.gov/visa/index.html
United States Visas.gov:
[www.unitedstatesvisas.gov]
US Embassy in Iceland:
http://iceland.usembassy.gov/
Visit Reykjavik:
[www.tourist.reykjavik.is]
Icelandic Tourist Board:
[www.icetourist.is]
Iceland Naturally:
[www.icelandnaturally.com]
Icelandair:
[www.icelandair.com]
Flybus:
[www.flybus.is]
Icelandic Tourist Board:
[www.ferdamalastofa.is]
Siminn:
[www.siminn.is]
OgVodafone:
[www.ogvodafone.is]
All contact information for Icelandic government institutions, other institutions and associations mentioned in this chapter can be found in chapter 9.
Chapter 9: Contacts, Market Research, and Trade Events
Contacts
The telephone country code for Iceland is +354. There are no city codes. All numbers are 7-digit.
The US Embassy in Iceland
Economic/Commercial Section
Laufasvegur 21
IS-101 Reykjavik
Tel: (354) 562-9100
Fax: (354) 562-9139
Web site: http://iceland.usembassy.gov/
The US Embassy in Denmark
Foreign Agricultural Service
Dag Hammarskjolds Allé 24
DK-2100 Copenhagen O.
Denmark
Tel: (45) 35-261081
Fax: (45) 35-430278
Web site: [www.usembassy.dk]
e-mail: agcopenhagen@fas.usda.gov
Contacts in the U.S.:
Embassy of Iceland
1156 15th Street N.W., Suite 1200
Washington D.C. 20005-1704
Tel: (202) 265-6653
Fax: (202)265-6656
Web site: [www.iceland.org/us]
e-mail: icemb.wash@utn.stjr.is
U.S. Department of Commerce
Nordic Area Specialist
Washington, D.C. 20230
Tel: (202) 482-4414
Fax: (202) 482-2897
Web site: [www.commerce.gov]
Icelandic Overseas Business Service
Consulate General of Iceland
800 3rd Avenue, 36th Floor
New York, NY 10022
Tel: (212) 593-2700
Fax: (212) 593-6269
Web site: [www.iceland.org/us/nyc]
e-mail: icecon.ny@utn.stjr.is
U.S. Council for Intl. Business
1212 Avenue of the Americas
New York, NY 10036
Tel: (212) 354-4480
Fax: (212) 575-0327
Website: [www.atacarnet.com]
Contacts in Iceland
Icelandic Government Agencies
Ministry for Foreign Affairs
Rauðararstigur 25
IS-150 Reykjavík
Tel: (354) 560-9900
Fax: (354) 562-2373/2386
Web site: [www.mfa.is]
e-mail: postur@utn.stjr.is
Ministry of Industry & Commerce
Arnarhvoll
IS-150 Reykjavik
Tel: (354) 560-9070
Fax: (354) 562-1289
Web site: http://eng.idnadarraduneyti.is
e-mail: postur@ivr.stjr.is
Ministry of Agriculture
Solvholsgotu 7
IS-150 Reykjavík
Tel: (354) 545-9750
Fax: (354) 552-1160
Web site: http://www.landbunadarraduneyti.is (website only
in Icelandic)
e-mail: postur@lan.stjr.is
Ministry of Finance
Arnarhvoll
IS-150 Reykjavík
Tel: (354) 560-9200
Fax: (354) 562-8280
Web site: http://eng.fjarmalaraduneyti.is
e-mail: postur@fjr.stjr.is
Ministry of Fisheries
Skulagata 4
IS-150 Reykjavík
Tel: (354) 545-8300
Fax: (354) 562-1853
Web site: http://eng.sjavarutvegsraduneyti.is
e-mail: postur@sjr.stjr.is
Statistics Iceland
Borgartun 21a
IS-150 Reykjavik
Tel: (354) 528-1000
Fax: (354) 528-1099
Web site: [www.statice.is]
e-mail: information@statice.is
Agricultural Authority of Iceland (formerly Chief Veterinary
Services)
Austurvegur 64
IS-800 Selfoss
Tel: (354) 530-4800
Fax: (354) 530 4801
Web site: [www.lbs.is]
e-mail: lbs@lbs.is
State Procurement Agency (Rikiskaup)
Borgartuni 7
P.O. Box 5100
IS-125 Reykjavik
Tel: (354)-530-1400
Fax: (354)-530-1414
e-mail: rikiskaup@rikiskaup.is
Website: [www.rikiskaup.is] (website only in Icelandic)
Directorate of Customs (Tollstjóraembætti)
Tollhusid, Tryggvagata 19
IS-101 Reykjavík
Tel: (354) 560-0300
Fax: (354) 562-5826
Web site: [www.tollur.is/english]
e-mail: tollstjori@tollur.is
Environment and Food Agency (Umhverfisstofnun)
Sudurlandsbraut 24
IS-108 Reykjavík
Tel: (354) 591-2000
Fax: (354) 591-2020
Web site: [www.ust.is]
e-mail: ust@ust.is
The Icelandic Patent Office (Einkaleyfastofan, ELS)
Skulagotu 63
IS-150 Reykjavík
Tel: (354) 580-9400
Fax: (354) 580-9401
Web site: [www.einkaleyfastofan.is]
e-mail: postur@einkaleyfastofan.is
The Icelandic Consumer Agency (Neytendastofa)
Borgartun 21
IS-105 Reykjavik
Tel: (354) 510-1100
Fax: (354) 510-1101
Web site: [www.ls.is]
e-mail: postur@neytendastofa.is
Landsvirkjun
Haaleitisbraut 68
IS-103 Reykjavik
Tel: (354) 515-9000
Fax: (354) 515-9007
Web site: [www.lv.is]
e-mail: landsvirkjun@lv.is
Reykjavik Energy (Orkuveita Reykjavikur)
Baejarhalsi 1
IS-110 Reykjavik
Tel: (354) 516-6000
Fax: (354) 516-6709
Web site: [www.or.is]
e-mail: or@or.is
The New Business Venture Fund (Nýsköpunarsjóður)
Borgartun 35
IS-105 Reykjavik
Tel: (354) 510-1800
Fax: (354) 510-1809
Web site: [www.nsa.is/user/cat/show/17/50]
e-mail: nsa@nsa.is
Trade Associations
Iceland Chamber of Commerce (Verslunarráð Íslands)
Commerce House
Kringlan 7
IS-103 Reykjavík
Tel: (354) 510-7100
Fax: (354) 568-6564
Web site: [www.chamber.is/english]
e-mail: mottaka@chamber.is
Icelandic-American Chamber of Commerce
Commerce House
Kringlan 7
IS-103 Reykjavík
Tel: (354) 510-7100
Fax: (354) 568-6564
Web site: [www.chamber.is/english/Bi-lateral/bi-later.htm]
e-mail: mottaka@chamber.is
Contact: Ms. Erla Yr Kristjansdottir
The Federation of Icelandic Trade (FIS)
House of Commerce
Kringlan 7
IS-103 Reykjavík
Tel: (354) 588-8910
Fax: (354) 568-8441
Web site: [www.fis.is]
e-mail: fis@fis.is
The Federation of Icelandic Industries (Samtök Iðnaðarins)
Borgartuni 35
IS-105 Reykjavik
Tel: (354) 591-0100
Fax: (354) 591-0101
Web site: [www.si.is]
e-mail: mottaka@si.is
The Trade Council of Iceland (Utflutningsráð Íslands)
Borgartúni 35
IS-105 Reykjavik
Tel: (354) 511-4000
Fax: (354) 511-4040
Web site: [www.icetrade.is]
e-mail: icetrade@icetrade.is
SVTH – Federation of Trade & Services (Samtök verslunar og
þjónustu) and The Icelandic Franchise Association
Borgartuni 35
IS-105 Reykjavík
Tel: (354) 511-3000
Fax: (354) 511-3001
Web site: [www.svth.is]
e-mail: svth@svth.is
Invest in Iceland Agency
Borgartuni 35
IS-105 Reykjavík
Tel: (354) 511-3000
Fax: (354) 511-3001
Web site: [www.invest.is]
e-mail: info@invest.is
Banks/Financial Institutions
The Central Bank of Iceland (Sedlabanki Íslands)
Kalkofnsvegi 1
IS-150 Reykjavík
Tel: (354) 444-6000
Fax: (354) 569-9605
Web site: [www.sedlabanki.is]
e-mail: sedlabanki@sedlabanki.is
KB Bank
Borgartun 19 (Head Office)
IS-125 Reykjavík
Tel: (354) 525-6000
Web site: [www.kbbanki.is]
e-mail: info@kbbanki.is
Bank of Iceland (Íslandsbanki)
Kirkjusandi (Head Office)
IS-155 Reykjavík
Tel: (354) 440-4000
Fax: (354) 440-4001
Web site: [www.isb.is]
e-mail: isb@isb.is
The National Bank of Iceland (Landsbanki Íslands)
Austurstraeti 11 (Head Office)
IS-155 Reykjavík
Tel: (354) 560-6000
Fax: (354) 562-3209
Web site: [www.landsbanki.is]
e-mail: info@landsbanki.is
SPRON (The Reykjavík & Vicinity Savings Bank)
Ármúla 13a (Head Office)
IS-155 Reykjavík
Tel: (354) 550-1200
Fax: (354) 550-1201
Web site: [www.spron.is]
Iceland Stock Exchange (Kauphöll Íslands)
Laugavegi 182
IS-105 Reykjavik
Tel: (354) 525-2800
Fax: (354) 525-2888
Web site: [www.icex.is]
e-mail: icex@icex.is
Bankers’ and Securities Dealers’ Association of Iceland
(SBV)
Borgartuni 35
IS-105 Reykjavik
Tel: (354) 591-0010
Fax: (354) 591-0050
Web site: [www.sbv.is]
e-mail: sbv@sbv.is
The Financial Supervisory Authority, Iceland
(Fjármálaeftirlitið)
Sudurlandsbraut 32
IS-108 Reykjavik
Tel: (354) 525-2700
Fax: (354) 525-2727
Web site: [www.fme.is]
e-mail: fme@fme.is
Icelandic Securities Depository (Verðbréfaskráning Íslands)
Laugavegi 182, 5th floor
IS-105 Reykjavik
Tel: (354) 540-5500
Fax: (354) 540-5519
Web site: [www.vbsi.is]
e-mail: hjalp@vbsi.is
Other Association
The Icelandic Bar Association (Lögmannafélag Íslands)
Alftamyri 9
IS-108 Reykjavík
Tel: 354-568-5620
Fax: 354-568-7057
Web site: [www.lmfi.is]
e-mail: lmfi@lmfi.is
Icelandic Advertising Association (SÍA)
Sidumula1
IS-108 Reykjavík
Tel: (354) 562-9588
Fax: (354) 562-9585
Web site: [www.sia.is]
e-mail: sia@sia.is
The Icelandic Aquaculture Association (Landssamband
Fiskeldisstöðva)
Borgartuni 35
IS-105 Reykjavik
Tel: (354) 591-0360
Fax: (354) 591-0358
Web site: [www.lfh.is]
e-mail: lfh@lfh.is
Federation of Icelandic Fish-Pocessing Plants (Samtök
Fiskvinnslustöðva)
Borgartuni 35
IS-105 Reykjavik
Tel: (354) 591-0350
Fax: (354) 591-0358
Web site: [www.sf.is] (website only in Icelandic)
e-mail: sf@sf.is
Media
Morgunbladid
Kringlan 1
IS-103 Reykjavík
Tel: (354) 569-1100
Fax: (354) 569-1115
Web site: [www.mbl.is]
e-mail: morgunbladid@mbl.is
Frettabladid
Skaftahlið 24
IS-105 Reykjavík
Tel: (354) 550-5000
Fax: (354) 550-5727
Web site: [www.frettabladid.is]
e-mail: skrifstofa@frettabladid.is
DV
Skaftahlið 24
IS-105 Reykjavík
Tel: (354) 550-5000
Fax: (354) 550-5727
Web site: [www.visir.is]
e-mail: ritstjorn@visir.is
Vidskiptabladid
Myrargotu 2-8
IS-101 Reykjavík
Tel: (354) 511-6622
Fax: (354) 569-6692
Web site: [www.vb.is]
e-mail: mottaka@vb.is
Bladid dagblad
Baejarlind 14-16
IS-201 Kopavogur
Tel: (354) 510-3700
Fax: (354) 510-3701
Tourism
Icelandic Tourist Board (Ferðamálastofa)
Laekjargata 3
IS-101 Reykjavik
Tel: (354) 535-5500
Fax: (354) 535-5501
Web site: [www.ferdamalastofa.is]
e-mail: upplysingar@icetourist.is
Icelandair (headoffice)
Reykjavikurflugvelli
IS-101 Reykjavik
Tel: (354) 505-0300/505 0700
Fax: (354) 588 8820
Web site: [www.icelandair.is]
e-mail: sales@icelandair.is
Visit Reykjavik
Adalstraeti 2
IS-101 Reykjavik
Tel: (354) 590-1500
Fax: (354) 590-1501
Web site: [www.tourist.reykjavik.is]
e-mail: info@visitreykjavik.is
FlyBus (Reykjavik Excursions)
Vatnsmyrarvegi 10
IS-101 Reykjavik
Tel: (354) 562-1011
Fax: (354) 564-4776
Web site: [www.flybus.is]
e-mail: main@re.is
Iceland Naturally
N/A
N/A
Tel: N/A
Fax: N/A
Web site: [www.icelandnaturally.com]
e-mail: info@icelandnaturally.com
Market Research
Market research inquiries should be directed to the U.S. Embassy Reykjavík Economic/Commercial Section.
To view market research reports produced by the U.S. Commercial Service please go to the following website: http://www.export.gov/marketresearch.html and click on Country and Industry Market Reports.
Please note that these reports are only available to U.S. citizens and U.S. companies. Registration to the site is required, but free of charge.
Trade Events
Tradeshows/Conferences in Iceland 2006 furnish toward foreigners:
March: Matur 2006 (Food & Hospitality 2006)
http://php.internet.is/icexpo/matur2006/ (held
every other year)
April: Sumar 2006 (Summer 2006)
[www.rit.is/?PageID=144] (held every year)
September: Wellness 2006
[www.rit.is/?PageID=144](held every year)
Tradeshows/Conferences in Iceland in 2008 with significant foreign participation:
September: Icelandic Fisheries Exhibition 2008 (held every third
year)
[www.icefish.is]
Please click on the link below for information on upcoming trade events.
http://www.export.gov/tradeevents.html
Chapter 10: Guide to Our Services
The U.S. Commercial Service offers customized solutions to help your business enter and succeed in markets worldwide. Our global network of trade specialists will work one-on-one with you through every step of the exporting process, helping you to:
- Target the most promising sectors with our local expertise guided research
- Promote your products and services to qualified buyers
- Meet the best distributors and agents for your products and services
- Overcome potential challenges or trade barriers
For more information on the services the U.S. Commercial Service offers U.S. businesses, please see [www.buyusa.gov/iceland/en/]
U.S. exporters seeking general export information/assistance or country-specific commercial information should consult with their nearest Export Assistance Center or the U.S. Department of Commerce's Trade Information Center at (800) USA-TRADE, or go to the following website: http://www.export.gov
To the best of our knowledge, the information contained in this report is accurate as of the date published. However, The Department of Commerce does not take responsibility for actions readers may take based on the information contained herein. Readers should always conduct their own due diligence before entering into business ventures or other commercial arrangements. The Department of Commerce can assist companies in these endeavors.