Business in Iceland, Reykjavík. Icelandic Economy

1. Introduction to the Republic of Iceland (Europe, EFTA)
2. Icelandic Economy
3. Business in Reykjavík
4. Icelandic International Trade
5. Access to the Icelandic Market
6. Business Plan for Iceland

The objectives of the subject “International Trade and Business in” Iceland” are the following:

1. To analyze the Icelandic Economy and Foreign Trade
2. To know the business opportunities in the Icelandic Market
3. To analyze the trade relations of Iceland with the country of the student
4. To know the Icelandic Trade Agreements
5. To develop a business plan for the Icelandic Market

The Subject “Foreign Trade and Business in Iceland” belongs to the following Online Programs taught by EENI Global Business School:

Masters: International Business, Foreign Trade.

Doctorate: European Business, World Trade.

Languages: + Islandia Islande Islândia.

Masters adapted to Icelandic Students.

1. Credits of the Subject “Doing Business in Iceland”: 1
2. Duration: one week

Icelandic Preferential Access and Trade Agreements:

1. Iceland and the European Economic Area
2. EFTA
   1. Iceland as a member of the EFTA has trade agreements with Macedonia, Albania, Mexico, Montenegro, Bosnia and Herzegovina, Colombia, Georgia, Peru, Chile, Egypt, Tunisia etc
3. UK-Norway-Iceland Agreement
4. Iceland-China Agreement
5. Iceland-Faroe Islands Free Trade and Economic Integration Agreement
6. Council of the Baltic Sea States

1. WTO
   1. GATS
   2. Agreement on Sanitary Measures
   3. Agreement on Technical Barriers to Trade
   4. Agreement on Preshipment Inspection
   5. Agreement on Safeguards
   6. Trade Facilitation Agreement
2. WCO
   1. Kyoto Convention
3. BIC
4. Chicago Convention (ICAO)
5. International Maritime Organization
   1. Istanbul Convention - not a member
6. ICC
7. CMR Convention
8. Customs Convention on Containers - not a member

European Organizations:

1. OSCE
2. EIB
3. EBRD
4. Economic Commission for Europe

Global Organizations:

1. OECD
   1. OECD anti-corruption measures
2. UN
3. WB
4. WTO
5. IMF

The Republic of Iceland (Europe).

1. Official Language of Iceland: Icelandic
2. Icelandic Area: 103,000 km²
3. Icelandic Population: 323,002 people
4. Type of Government: Parliamentary Republic
5. Independence of Iceland: 1944 (Norway)

Religion in Iceland: Christianity Protestant Lutheran

Iceland belongs to the European Economic Area.

Icelandic Economy.

1. The Republic of Iceland is a market economy with an excellent Welfare State (Universal health care and free higher education)
2. Iceland is the smallest economy of the OECD member countries
3. Collapse of the financial system in 2008, severe economic crisis
4. Icelandic GDP (nominal): 12,133 million dollars
5. GDP per capita of Iceland: 37,976 dollars
6. Currency: Icelandic króna
7. Taxes in Iceland are quite small compared to other OECD countries
8. Iceland lacks natural resources but has a lot of hydropower (the first country in the world of electricity per capita produce) and geothermal
9. Aluminum casting is also outstanding, with three factories
10. State intervention is quite strong, especially in agriculture
11. Tourism sector represents 3% of the Icelandic GDP

Icelandic Foreign Trade

1. Icelandic fishing industry accounts for 40% of its exports
2. The main Icelandic exports are fish, marine products, aluminum and ferrosilicon
3. Top Icelandic exports destinations are Netherlands (37%), the UK, Spain, Germany
4. The main Icelandic imports are machinery and equipment, petroleum products, food products, textiles
5. The main suppliers of Iceland are Norway (16%), the U.S., Germany, China, Brazil, Denmark

(c) EENI Global Business School (1995-2023)
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