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Doing business with iceland
- 1. Doing business with Iceland Thorleifur Thor Jonsson Senior Manager Trade Delegations
- 2. Doing Business with Iceland 1. Where is Iceland ? 2. Basic facts 3. How to export to Iceland 4. Main industries 5. General information
- 3. Iceland - midway between Europe and America Reykjavík Brussels New York 2100 km 4200 km
- 4. Iceland - Basic Facts Land size: 103.000 km2 Exclusive economic zone: 200 nautical miles Climate, Reykjavík: January -0.4°C July 11.2°C GDP Per Capita: $ 51.785 (2016) Life expectancy: Female 83.7 years Male 80.7 years Population: 339,000 people 3,1 inhabitants per km2 Capital: Reykjavík Language: Icelandic Currency: The Króna
- 5. GDP per capita US $ 2016 59.267 57.325 51.785 51.285 49.810 49.076 48.989 43.363 42.958 42.651 41.534 41.490 39.632 0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 Norway United States Iceland Netherlands Denmark Sweden Germany Finland EU15 United Kingdom Japan France EU28
- 7. Modern Society – Advanced Infrastructure Iceland is an advanced country with a tech-savvy population of 329,000 people. It is one of the world’s most affluent countries with a GDP per Capita at $52,426. It has been ranked as one of the best countries to live in, the world’s most peaceful country, and as having the best basic infrastructure and most internet users per capita. 1 1 1 1 1 1 2 2 2 3 5 6 8 10 12 12 13 13 16 19 20 20 23 29 163 145 139 139 139 61 180 175 165 155 61 139 140 133 142 140 167 141 188 189 178 130 61 140 Global Peace Index (IEP) Gender Equality (WEForum) Technological Absorption of Firms (WEForum) Internet Users (WEForum) Internet Access in Schools (WEForum) Basic Infrastructure (IMD) Environmental Performance Index (Yale) ICT Development Index (ITU) Democracy Index (The Economist) World Happiness Report (SDSN) Labour Market Flexibility (IMD) Availability of latest technology (WEForum) Health and Primary Education (WEForum) Social Progress Index (SPI) Prosperity Index (Legatum) Labour Market Efficiency (WEForum) Corruption (Transparency Int.) Global Innovation Index (INSEAD) Human Development (UN) Ease of Doing Business (World Bank) Economic Freedom (Heritage Found.) Human Capital Index (WEForum) Competitiveness (IMD) Global Competitiveness Index (WEForum)
- 8. Positive Business Environment Iceland is a part of the European Inner Market with Tariff-Free Access to the EU. The legal framework adheres to the general European business legislation and practices. Iceland has only 20% Corporate Income tax. 0 5 10 15 20 25 30 35 40
- 10. Labor force by occupation •Services 73% •Industry 22% •Fisheries et al. 5%
- 12. Examples of catch Catfish Haddock Lobster Redfish Capelin Halibut Shrimp Saithe Herring Plaice Cod Greenl. Halibut
- 13. islandsstofa.is • SEAFOOD INDUSTRY CLUSTER Sales and marketing Technology Fishing Gear Shipping Research and consultancy United Nations University – Fisheries Training Programme Leading global provider of advanced equipment, systems and services to the food processing industries. Headquarter in Iceland. 3,700 employees world wide Subsidiaries and offices in 30 countries.
- 15. Electricity production from renewable sources. Selected countries Country Year Total renewable % of total (GWh) generation Iceland 2015 18,798 100.00% Zambia 2012 11,696 99.71% Congo 2012 7,852 99.58% Norway 2015 140,638 99.00% Tajikistan 2012 16,731 95.45% Kyrgyzstan 2012 14,037 93.79% Costa Rica 2012 9,273 92.24% Uganda 2012 2,525 82.92% Colombia 2012 47,661 82.44%
- 17. islandsstofa.is • INTERNATIONAL SUCCESS STORIES A global pharmaceutical company that grew out of Iceland. 17,000 employees in 60 countries. 770 employees in R&D and production in Iceland A global leader in orthopaedics Hq in Iceland, subsidiaries in 13 countries. 1,800+ employees Total sales USD 401 million in 2011 Leading global provider of advanced equipment, systems and services to the food processing industries. Hq in Iceland 3,700 employees world wide Subsidiaries and offices in 30 countries.
- 18. Record growth in tourism Year % 2011 16% 2012 19% 2013 21% 2014 22%
- 24. Total imports 2013 Bill Isk % Food and bevarages 58.261 10% Industrial supplies 176.970 29% Capital goods 133.067 22% Fuels and lubricants 114.799 19% Transport equipment 49.922 8% Consumer goods 78.711 12% Total imports 612.621 100%
- 25. How to trade with Iceland • Iceland joined the European Free Trade Association (EFTA) in 1970 and was one of the founding members of the European Economic Area – a market of 506 million people. • Products being imported to Iceland from countries with which Iceland (through EFTA) has a Free Trade Agreement are eligible for preferential tariff treatment, upon submission of proof of origin. This of course applies to the EFTA-Colombia Free Trade Agreement • Iceland in general does not levy export duties. • For further information please consult the „Doing business in Iceland“ publication: http://www.invest.is/files/skjol/doingbusiness.pdf
- 26. Trade balance positive for Colombia 82,6 55,1 65,7 100,8 54,4 99,6 187,3 153,8 119,3 178,1 225,4 231,4 0 50 100 150 200 250 2012 2013 2014 2015 2016 2017 Trade between Iceland and Colombia M.ISK (2007 first 7 months) Export to C from I Import from C to I
- 27. How to trade with Iceland • The Icelandic Customs Tariff is based on the Harmonized Commodity Description and Coding System (Harmonized System). • The 2012 Customs Tariff is available online, https://www.tollur.is/english/businesses/customs/import-duties/customs-tariff/ • The general rule is that import duties are to be paid of imported goods. These are however waivered when preferential treatment applies based on a Free Trade Agreement. • In addition, excise duties are levied on various goods, new and second-hand, which are imported from abroad or manufactured, processed or packed in Iceland. • A 25.5% value-added tax is levied on any sale of goods, power or services with various exceptions. • Further information: https://www.tollur.is/english/
- 28. How to trade with Iceland • There are some restrictions which apply in Iceland on the import of live animals, firearms, dangerous substances, pharmaceuticals, etc. For further information: http://www.mast.is/english
- 29. Main import countries to Iceland (2014 est) 0 100 200 300 400 500 600 Th. EURO
- 30. Import opportunities • Icelanders love good coffee • Few importers of unroasted beans • Icelanders love to try new types of food – excotic / spicy
- 31. A few wholesalers in Iceland • Íslensk-Ameríska www.isam.is • Hagar www.hagar.is • Nathan & Olsen www.nathan.is • Bananar www.bananar.is • Innnes www.innnes.is • Ásbjörn Ólafsson www.asbjorn.is • Rolf Johansen & Co www.rjc.is • O. Johnson & Kaaber www.ojk.is • Ísfell www.isfell.is
- 32. Main grocery stores (2014) 0 5 10 15 20 25 30 35 40 45 50 Hagar Kaupás Samkaup 10-11 Fjarðarkaup Víðir Others Market share (%)
- 34. Business etiquette •Punctuality •Gift giving •Business dress code •Bribery and corruption
- 35. Contacts in Iceland The Iceland Chamber of Commerce Tel. +354 510 7100 e-mail address: mottaka@chamber.is http://www.chamber.is The Icelandic Federation of Trade Tel. +354 588 8910 e-mail address: ift@ift.is http://www.ift.is
- 36. Useful websites • General: iceland.is • Importation: tollur.is / mast.is / neytendastofa.is • Trade: promoteiceland.is • Investments: invest.is • Tourism: visiticeland.is / inspiredbyiceland.com