Doing Business in Iceland

EENI- School of International Business

Subject (Course) - Foreign Trade and Business in Iceland. Reykjavík

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

Objectives of the subject “Doing Business in Iceland”:

  1. To analyse the Icelandic Economy and Foreign Trade
  2. To evaluate business opportunities in the Icelandic Market
  3. To analyse the trade relations of Iceland with the student's country
  4. To know the free trade agreements of Iceland
  5. To develop a business plan for the Icelandic Market
Subject “Foreign Trade and Business in Iceland” is studied...
  1. Professional Master's Programs (e-learning): International Business
  2. Course: EFTA Countries
  3. Doctorate: Europe

Iceland Recommendations for Icelandic students

Course learning materials in English + Spanish Islandia French Islande Portuguese Europe.

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

Subject Description: Doing Business in Iceland

The Republic of Iceland (Europe)

  1. Capital: Reykjavík
  2. Official Language: Icelandic
  3. Area: 103,000 square kilometres
  4. Population: 323,002 people
  5. Type of Government: Parliamentary Republic
  6. Religion in Iceland: Christianity Protestant Lutheran
  7. Iceland belongs to the Western Christian Civilisation (European Economic Area)
  8. Independence: 1944 (Norway)

EFTA-Macedonia Free Trade Agreement

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 countries
  3. The collapse of the financial system in 2008, severe economic crisis.
  4. GDP (nominal): 12,133 millions of dollars
  5. GDP per capita: 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 to produce electricity per capita) and geothermal
  9. Aluminium casting is also outstanding, with three factories
  10. State intervention is quite strong, especially in agriculture
  11. The tourism sector represents 3% of GDP
EFTA-Albania Free Trade Agreement

Icelandic Foreign Trade

  1. The Icelandic fishing industry accounts for 40% of its exports
  2. Main Icelandic exports: fish, marine products, aluminium and ferrosilicon.
  3. Top Icelandic exports destinations: Netherlands (37%), the United Kingdom, Spain, Germany
  4. Main Icelandic imports: machinery and equipment, petroleum products, food products, textiles
  5. Main suppliers of Iceland: Norway (16%), the United States, Germany, China, Brazil, Denmark
  6. Iceland as a member of the European Free Trade Association (EFTA) has agreements with Macedonia, Albania, Mexico, Montenegro, Bosnia and Herzegovina, Colombia, Georgia, Peru, Chile, Egypt, Tunisia, Central America, the Philippines, Canada, Turkey, Lebanon, Singapore, India, South Korea, the European Free Trade Association, the Gulf Cooperation Council, Serbia, Morocco, Jordan, the Southern African Customs Union (SACU), etc.

EFTA-Bosnia and Herzegovina Free Trade Agreement

International economic relations of Iceland

  1. European Free Trade Association (EFTA)
  2. Council of the Baltic Sea States
  3. OECD
  4. United Nations
  5. International Chamber of Commerce
  6. World Bank
  7. World Trade Organisation
  8. Economic Commission for Europe (UNECE)
  9. International Monetary Fund (IMF)
  10. Organisation for Security and Cooperation in Europe (OSCE)
  11. European Investment Bank (EIB)
  12. European Bank for Reconstruction and Development

Examples of the subject - Foreign Trade and Business in Iceland:

Samples - Iceland

EFTA-Turkey Free Trade Agreement

EFTA-Jordan Free Trade Agreement

EFTA-Ukraine Free Trade Agreement

EFTA-Georgia Free Trade Agreement

Chile-EFTA Free Trade Agreement

Canada-EFTA Free Trade Agreement

EFTA-Lebanon Free Trade Agreement

EFTA-Serbia Free Trade Agreement

EFTA-Morocco Free Trade Agreement



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