Foreign Trade in Iceland

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• Foreign Trade in Iceland
• Jon Asbergsson

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Iceland Connection Between Continents
Reykjavík
1175 miles
2600 miles
London
New York
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Iceland - Basic Facts
Population 300.000 people 2.9 inhabitants per
km2
Climate, Reykjavík January -0.5C July 10.6C
Life expectancy Female 82.7 years Male 79.2
years
Land size 103.000 km2
Exclusive economic zone 200 nautical miles
GDP Per Capita 32,635.- current
pps
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Foreign Currency Earnings 2005
Total 313 Bill. ISK
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Export of Aluminum
Billion ISK
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Export of Software
Bill. ISK
Source Statistics Iceland
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Pharmaceuticals and prosthetics
Billion ISK.
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Hi Tech Exports
Billions of ISK
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Main Trading Areas 2005

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Exports from Iceland
Total 316.139 mill. ISK.
32
32
20
17
11
9
8
7
7
Thous. mill. ISK.
6
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Iceland United Kingdom

• Year 2003 2005
• Exports 31.990.- 34.614.-
• Imports 16.096.- 18.062.-
• (mill. Icel. Kr.)

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Economic growth
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GDP per person

• Luxembourg 220
• Norway 146
• USA 144
• Ireland 133
• Switzerland 123
• Iceland 122
• Denmark 118
• Netherlands 117
• Austria 117
• Canada 115
• OECD 100

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The Road to Prosperity
Privatization of banks
2005
2000
EEA
1990
EFTA
Incorporation of state banks
1980
IcelandStock Exchange
1970
Consensus on non-inflationary collective bargains
Quota system in fishing
Pensionfunds
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International Comparison
Examples of Icelands performance
Quotes United Nations Human Development Index,
Human Development Report 2005 The IMD World
Competitiveness Yearbook 2005, IMD Switzerland
2005 The Flight of the Creative Class The Global
Creativity Index, Professor Richard Florida
2005 Transparency International The
International Corruption Perception Index 2005
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Pension fund assets 1985-2005
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Investments Abroad

• Pharma
• Retailing
• Banking
• Aviation
• Food Processing

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International Investments
Actavis Group Balkan Pharma, FAKO, Zdravlje,
Amide Bakkavor Group Wine Dine, Katsouris,
Geest Baugur Group Magasin du Nord, Iceland
stores, Hamleys, Mosaic Fashions Ltd. (Karen
Millen, Oasis, Whistles Coast), Booker,
Woodward, Goldsmiths, Julian Graves, MK One and
Jane Norman Burdaras Carnegie, Skandia,
Finnair FL GROUP Sterling, Maersk Air

• Icelandic Group
• Cavaghan Gray Seafood, Seachill Ltd, Barogel
  S.A.
• Islandsbanki
• Kredittbanken, BN Bank
• Kaupthing Bank
• FIH, JP Nordiska, Aragon, Sofi, Norvestia, Singer
  Friedlander
• Landsbanki
• Heritable Bank, Theather Greenwood Holdings
  plc., Kepler Equities
• Marel
• Carnitech, TVM, CP Food Machinery
• SIF
• Labeyrie Group, Lyons Seafoods Ltd.
• Ossur
• Royce Medical Holdings Inc

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The reasons why

• Entrepreneurial spirit
• The captain management style
• Short management span
• Risk takers
• Iceland too small

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Not so European...

• Retirement age
• Low unemployment
• Low absenteeism
• Young population
• Growing population

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New Trends

• IT
• Film
• Music
• Design
• Eco Tourism
• Bio Technology
• Bio Medical Engineering

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www.icetrade.is

• Companies
• Products
• Services