|
|
 |
Business
Business Profile
Iceland is in the unusual position of having its economy dominated by one industry: fish. A quick walk around Reykjavik’s harbour area is enough to see how dependent the city is on the sea and fishing as its main source of income, with the annual catch for the whole country averaging about 1.6 million tonnes. The importance of fish to the Icelandic economy was demonstrated during the bitter Cod Wars in the 1970s and 1980s when Iceland came to blows with the British navy. The majority of the fish caught in the waters around Reykjavik heads overseas for export, in the form of shellfish, canned fish, shellfish, frozen fish, smoked fish, cod-liver oil and other fish by-products. However, both Iceland and Reykjavik’s economy is trying to diversify and the share of marine products in total exports has fallen from around 90% in the early 1960s to around 70% today.
Tourism is Reykjavik’s most important source of foreign revenue after fishing and it has been targeted by the government for growth. Tourism, however, is facing something of a crisis in 2002, as Go, the British budget airline, recently stopped its cheap flights from London to Reykjavik. Also, a serious overspend at the World Travel Market 2001 in London has led to cutbacks on promotional activities, such as hosting foreign journalists. This situation may affect the rise in tourist visitors at a tough time globally for the industry – and casts doubts on whether Iceland can improve on the 300,000 tourists it welcomes with open arms every year.
Other industries include the sale of minerals, such as aluminium, ferro-silicon, cement and nitrates. Production is increasingly moving to high-technology, demonstrated by the fast-growing number of computer software and biotechnology companies, such as deCODE genetics, a company set up by ex-Harvard professor Kári Stefánsson om 1996. Reykjavik has traditionally been very attractive to foreign investors because of its highly educated work force, low energy costs and low unemployment rate, which fell from 5% in 1995 to just 1.3% in 2002 – well below the national average of 2.5%. Iceland boasts one of the highest living standards in the world, with per capita income of 30,575 Dollars (2000).
The Trade Council of Iceland, Borgartun 35 (tel: 511 4000; fax: 511 4040; website: www.icetrade.is), can advise on inward investment and doing business in Iceland.
Business Etiquette
When meeting a business counterpart in Iceland, a handshake is the normal form of greeting. Businesspeople are expected to dress smartly, although casual wear is widely accepted for social functions. Although an Icelander’s second language is generally Danish, a very high proportion of the population is fluent in English. Visits between May and September should be planned, as many businesspeople go on trips abroad at this time. July is the holiday month and offices often close down for a three-week annual break. Standard office hours are 0900-1700 Monday to Friday (although many firms alter this to 0800-1600 during the summer).
Characteristically, Icelanders can be quite reserved (except on Friday and Saturday nights) but very direct. Visitors are often invited into homes (especially if on business) and bringing a gift for the host is the norm (a bottle of foreign wine is always welcomed). Instead of surnames, the majority of Icelanders use the system of patronymics. Instead of a surname the first name of the father is used plus son (son) or daughter (dóttir). Because of this, the telephone directory is listed by first name.
Business Services
Business Contacts: Iceland Chamber of Commerce
Kringlan 7, 103 Reykjavik
Tel: 510 7100. Fax: 568 6564.
E-mail: mottaka@chamber.is
Website: www.chamber.is
Trade Council of Iceland
Hallveigarstígur 1, 101 Reykjavik
Tel: 511 4000. Fax: 511 4040.
E-mail: icetrade@icetrade.is
Website: www.icetrade.is
British Icelandic Chamber of Commerce
c/o Iceland Chamber of Commerce, Kringlan 7, 103 Reykjavik
Tel: 510 7100. Fax: 568 6564.
E-mail: mottaka@chamber.is or birgir@chamber.is
Website: www.chamber.is
Icelandic-American Chamber of Commerce (USA)
36th Floor, 800 Third Avenue, New York, NY 10022
Tel: (212) 593 2700. Fax: (212) 593 6269.
E-mail: info@icelandtrade.com
Website: www.icelandtrade.com
There is no Icelandic Chamber of Commerce in Canada or Australia; visitors should contact the Chamber of Commerce in Iceland directly.
Business library
Technological Institute, Keldnaholti, 112 Reykjavik
Tel: 570 7100. Fax: 570 7111.
E-mail: info@iti.is
Website: www.iti.is
Convention and meeting venues
Iceland Convention and Incentive Bureau
Laekjarata 3, 101 Reykjavik
Tel: 562 6070. Fax: 562 6073.
E-mail: icib@centrum.is
Website: www.icelandconvention.com
Hótel Loftleidir
Vid Hlidarfot, 101 Reykjavik
Tel: 505 0900. Fax: 505 0905.
E-mail: icehotel@icehotel.is
Website: www.icehotel.is
With over 220 rooms, the Loftleidir can handle events of up to 500 delegates and has a 110-seat auditorium.
Hótel Ísland
Ármúli 9, 108 Reykjavik
Tel: 568 8999. Fax: 595 7001.
E-mail: reservation@hotel-island.is
Website: www.hotel-island.is
Hótel Saga
Vid Hagatorg, 107 Reykjavik
Tel: 552 9900. Fax: 562 3980.
E-mail: conference@hotelsaga.is
Website: www.hotelsaga.is
Nine conference rooms are available, with catering for up to 200 people.
Perlan
Öskjuhlio, PO Box 5252, 125 Rekjavik
Tel: 562 0200. Fax: 562 0207.
The Perlan is an impressive building of architectural interest. It offers exhibition space, a function area for 600 people, a small conference room and lecture hall for 50. There is also a revolving rooftop restaurant.
Office equipment hire
Penninn
Fosshals 5-11, 110 Reykjavik
Tel: 540 2050. Fax: 568 3909.
E-mail: pontun@penninn.is
Website: www.penninn.is
Nÿherji
Dorgrrtun 37, 105 Reykjavik
Tel: 569 7643. Fax: 569 6729.
E-mail: rj@nyherji.is
Secretarial service
Lidsauki Service
Skipholti 50c, 105 Reykjavik
Tel: 562 1355. Fax: 562 3767.
E-mail: lidsauki@lidsauki.is
Website: www.lidsauki.is
Translation services
Ellen Inguadottir
Posthüsstraeti 13, 101 Reykjavik
Tel: 562 6588. Fax: 562 6551.
E-mail: ellening@simnet.is
Sonja Diego
Bergstadastraeti 64, 101 Reykjavik
Tel: 551 4609. Fax: 552 2623.
E-mail: diego@mmedia.is
Unusual conference venue
Laugardalur Sports Centre
Laugardalur, Engjatiegur 8, 104 Reykjavik
Tel: 553 8990. Fax: 581 1640.
The Laugardalur has three main conference and exhibition areas consisting of a 2100 sq metre (22,600 sq ft) exhibition hall, a balcony for 578 people and a meeting room for up to 200 conference delegates.
|
|
