Tremendous Opportunities in Iceland Await India

MUMBAI, INDIA - An interactive meeting was held in honour of H.E. Mr. Thorir Ibsen, Ambassador of Iceland to India which was jointly organized by World Trade Centre Mumbai and All India Association of Industries on November 25, 2016. He stated that business relations with India have been growing over the years, however the volume of trade in goods is only US$ 29 million. Both countries have the highest economic growth in their respective regions, 4.2% in Iceland and 7.3% in India.

He stressed on the ample business opportunities in the emerging business sectors and export industries which include renewable energy, food processing technologies, biotechnology, environmental technologies, life style products, IT/Gaming/Apps, health related technologies, tourism and film production. The natural economy including fisheries contributes to nearly 1/3rd of the country’s revenue, Mr. Ibsen informed.
His Excellency informed that Iceland is very scenic and an excellent location for filming. A number of high profile Hollywood and Bollywood movies have been shot in Iceland like the Bond movies, Star Trek, Star Wars, Oblivion and the famous song sequence Geruaa from Dilwale.

Iceland is rich in renewable energy contributing to nearly 90% of hydro and thermal power. Besides, geothermal water is in abundance and is used for many purposes such as heating, spas, melting of snow and in nutrient supplements.

H. E Mr. Ibsen also informed that Iceland is an open market economy with an EU legislative framework inclusive of Schengen but is not part of the EU political region. The country has good infrastructure and a rich young and well-educated population.
Iceland offers a favourable business environment with low corporate tax of 20 per cent and availability of land and industrial sites at competitive rates and long-term contracts. Further, he informed that the country has a favourable global business location and bridges two of the world´s strongest markets, namely, USA and EU. Iceland offers access to EU single market with population of 500 million and has free trade agreements with 38 countries, with negotiations underway with 8 more countries, including India. His Excellency emphasized that Iceland is strategically well located for the future sea route over the North-Pole and through the North-East Passage linking Europe and Asia with the shortest shipping route

Ms Rupa Naik, Director-Projects, World Trade Centre Mumbai said that there are immense opportunities for co-operation between Iceland and India. Though both countries share a very cordial and long relationship there still are many areas that remain unexplored and we can further co-operate in sectors such as food, IT, entertainment, garments and hi tech sectors such as biotechnology, food processing and renewable energy.

In photo: From (L-R) Mr. Gul Kripalani, Consul General (Vice Dean - Hon Consuls), Consulate General of the Republic of Iceland, Mumbai, Mrs. Rupa Naik, World Trade Centre Mumbai and H.E. Mr. Thorir Ibsen, Ambassador of Iceland to India.

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