Doing Business in Iceland

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Syllabus of the Subject - Doing Business in Iceland. Reykjavík.

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

The objectives of the subject “Doing Business in Iceland” are the following:

  1. To analyse the Icelandic Economy and Foreign Trade
  2. To evaluate the business opportunities in the Icelandic Market
  3. To analyse the trade relations of Iceland with the country of the student
  4. To know the Iceland's free trade agreements
  5. To develop a business plan for the Icelandic Market
The Subject (e-learning) “Foreign Trade and Business in Iceland” is part of the following Higher Education Programs taught by EENI (Business School) and the Hispano-African University of International Business:
  1. Professional Master's Programs (e-learning): International Business, Europe
  2. Course: EFTA States
  3. Doctorate: Europe

Iceland Recommendations for the Icelandic Students

Course learning materials in Higher Education in English + Tertiary Education in Spanish Islandia Post-secondary Education in French Islande Study in Portuguese Islândia.

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

Description of the Subject (Online Learning): Doing Business in Iceland

The Republic of Iceland (Europe)

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

Religion in Iceland: Christianity Protestant Lutheran

Iceland belongs to the Western Christian Civilisation (European Economic Area)

EFTA-Macedonia Free Trade Agreement (FTA)

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. Collapse of the financial system in 2008, severe economic crisis
  4. Icelandic GDP (nominal): 12,133 million 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 the Icelandic GDP
EFTA-Albania Free Trade Agreement (FTA)

 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 trade 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, European Free Trade Association, Gulf Cooperation Council, Serbia, Morocco, Jordan, Southern African Customs Union (SACU), etc

EFTA-Bosnia and Herzegovina Free Trade Agreement (FTA)

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 (FTA)

EFTA-Jordan Free Trade Agreement (FTA)

EFTA-Ukraine Free Trade Agreement (FTA)

EFTA-Georgia Free Trade Agreement (FTA)

Chile-EFTA Free Trade Agreement (FTA)

Canada-EFTA States Free Trade Agreement (FTA)

EFTA-Lebanon Free Trade Agreement (FTA)

EFTA-Serbia Free Trade Agreement (FTA)

EFTA-Morocco Free Trade Agreement (FTA)



(c) EENI- Business School & Hispano-African University of International Business