Ávarp utanríkis- og þróunarsamvinnuráðherra á kynningarfundi um fjárfestingar á Íslandi

Ladies and gentlemen

It is a real pleasure to take part in this webinar on investing in Iceland.

The US and Iceland have been close partners for decades.  The US was the first country to recognise Iceland’s independence back in 1944. We are together in NATO. We share the same values. The US is our single most important trading partner. For decades, US actors have been major investors in Iceland. The investment portfolio is diverse, ranging from energy intensive industries to gaming, tech, life sciences, real estate and pharma, just to mention few categories.

My view is that trade and investment are the key.  When you are an investor in a country, you get to know the country really well. You become true partners.

The bilateral relations between Iceland and the United States is strong in the field of economy and trade, and both governments have taken steps in recent years to strenghten the cooperation even further. An example is the annual economic dialogue that serves the purpose of discussing economic relations in broad terms including how we can encourage and further facilitate investment and trade.

In today‘s constantly changing world, politicians and business leaders are every day faced with new and pressing challenges. Brexit creates challenges and opportunities for the trans-Atlantic community. And the global trade environment is transforming rapidly. Despite those challenges, US investors have been diligent in finding opportunities in Iceland and we have seen quite a few deals emerge in 2020 and opportunities have risen in certain sectors such as pharma, health and med tech. But we need to look to the other side of the COVID crisis. The tourism industry is a major industry in Iceland, and I am sure that we will come out of the COVID-19 crisis with ample opportunities for investment in that particular sector. Green economy is another topic high on the agenda in both the United States and Iceland, where we have the opportunity to learn from each other and encourage investment in high-tech green solutions, for example in the energy sector.

We are constantly working on improving the platform for foreign investors to operate in Iceland and we are hard at work improving the access for Icelandic investors into the US, for example, with our work with the so called Iceland Bill in the US congress that would grant access to the E1/E2 visa program for substantial investors and traders from Iceland.

I am confident the speakers here today will give a good insight into the investment environment in Iceland and will raise your interest in looking to Iceland’s profile as a high-tech, stable democracy midway between Europe and the US.

I wish you an interesting Webinar.