News and Events
Press Release / IACC conference
Leading Icelandic Companies Praise the Country´s Business-Friendly Policies, Highly Skilled Workforce, and Low Energy Costs
NEW YORK CONFERENCE HIGHLIGHTS ICELAND'S
WARM CLIMATE FOR INVESTMENT
NEW YORK (Mar. 9, 2006) – Iceland, a nation primarily known for its geothermal spas, seafood, music, and unspoiled nature, is quickly gaining attention for other attractive traits: a suddenly booming investment structure and huge incentives for U.S. businesses. During a one-day conference in New York hosted by the Icelandic-American Chamber of Commerce (IACC) on Mar. 2, a dozen Icelandic business and government speakers outlined investment opportunities in this Ohio-sized nation midway between the U.S. and Europe.
Over 100 investors from the U.S. and Europe heard from representatives of Actavis, Alcoa, Century Aluminum, FL Group, Goldman Sachs, ISB – Islandsbanki, KB Bank, Landsbanki Islands, Ossur, Sjova, and Straumur-Burdaras Investment Bank Ltd.
Power-intensive industrial production, mainly focusing on metals, has led foreign investment to date, but growing numbers of investors are staking out opportunities in dynamic high-tech enterprises or are making strategic purchases in production and services related to their own international activities. They have found in Iceland an investor-friendly environment with high professional standards in all the support services that a business launch relies upon.
Icelandic Minister of Industry and Commerce Valgerdur Sverrisdottir kicked off the IACC conference by emphasizing how the Icelandic government is making the business climate “friendly and attractive” for foreign investors. “Icelandic banks are stronger, more willing to take part in entrepreneurial investments both domestically and internationally,” she said.
Jon Sigurdsson, former Icelandic Minister of Trade and Industry and governor of General Bank, agreed, "Reforms have bred a business friendly environment in Iceland that encourages a strong entrepreneurial spirit."
Iceland, America's closest European neighbor, ranks fifth in the 2006 Index of Economic Freedom, published by The Wall Street Journal and the World Heritage Foundation. It tied with the U.K., and was well ahead of 11th-ranked U.S. What's more, the country ranks fourth in competitiveness worldwide according to the IMD World Competitiveness Yearbook 2005, following the U.S., Hong Kong and Singapore.
“The Iceland economy has become more diversified. In fact, there are more people employed within the financial services sector than fisheries. The risk factor of investing there no longer revolves around single industries,” said Svanbjorn Thoroddsen, director of business development, Straumur-Burdaras Investment Bank.
“Icelanders start thinking internationally from the get-go. The country is an extremely strong platform for international growth.”
Adds Jon Erik Reinhardsen, president, Global Primary Growth, of Alcoa,
"It's hard to imagine any country with more advanced education, literacy and skills than Iceland."
For more information about investment opportunities in Iceland, contact the Icelandic Consulate General in New York, 212 593 2700; www.iceland.org/us/nyc.
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9 Mar. 2006
