Entering the Market in Iceland
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Why Expand to Iceland?
With a population the same size as Newcastle upon Tyne, Iceland's Nordic population have one of the most stunning environments on earth. Glaciers, volcanoes and geothermal springs are all features of a landscape, which draws visitors from across the globe. The home of the eccentric singer Bjork, Iceland is known for its liberal and permissive society and vibrant culture.
Iceland's famous financial meltdown led to the sort of publicity any country would dread. Reports of frozen savings and financial catastrophe leaked out of the country at an alarming rate as panicked investors raced to recoup their investments. Although the banking sector is still reeling from the collapse, all is not lost for Iceland. Despite the fact that the Icelandic market is small, investment opportunities still exist. Iceland has a skilled workforce, with strong IT skills, an expanding tourist sector and very cheap geo-thermal and hydro-electricity energy. Despite the nationalization of all of the Icelandic banks following the currency crisis, the country is still ranked 26th in the Global Competitiveness Report, due to the country's solid infrastructure and strong economic base. The Icelandic government is encouraging of foreign investment and offers a low corporate tax rate of around 15%. With a world-class education system, a flexible workforce and developed business environment, Iceland is down but not out.
Main industry growth Sectors
- Consumer goods
Despite the country's rise in unemployment, Iceland still has a sophisticated consumer market with a reasonable amount of dual income families. With Iceland also within easy reach of the lucrative Nordic markets, opportunities for UK companies interested in expanding a business in Iceland still exist in the sector. Clothing accessories and apparel are seen as particular growth areas.
- Industrial machinery and equipment
With Iceland's state of the art environmental energy supplies, industries such as aluminum smelting and ferro-silicon production are significant exports in the Icelandic economy. It is predicted that there will be growth in the demand for equipment and technology for the upgrade of hydropower and geothermal facilities, as Icelands competitive and energy efficient manufacturing industry grows.
Challenges foreign companies face
Following the Icelandic banking crisis, the country's banks were nationalized and unemployment rose. As a result, consumer spending has dropped and avenues of finance have been reduced to potential investors setting up a business in Iceland.
Organisations that can assist with Entering the Market
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?
PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.
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