3
%
Unemployment
The Northeast region in Iceland already contains a thriving synergy of companies in food production (fisheries and agriculture), manufacturing industries (e.g. silicon metal and high voltage capacitors) and various smaller businesses, some of which collaborate with the local university in Akureyri. Tourism is requiring more service in a region rich with volcanoes, geothermal hot spots, bird life and ocean whales.
A strong link exists with the Arctic region through several institutions and initiatives (e.g. Stefansson Arctic Institute and the University of the Arctic). Road transport within the area is guaranteed year round, including a recent road tunnel ensuring reliability and safety between Akureyri and Húsavík, the main urban hubs. The domestic airport at Akureyri is gradually growing into an international airport, allowing regular flights to UK and mainland Europe. That same airport provides a link to east coast Greenland.
Despite a small population (around 10% of Iceland total), the inhabitants can offer international investors with exciting opportunities both in the central north city of Akureyri (approx. 19 thousand inhabitants) and in the more rural but geologically fresh and power rich Northeast.
The investment area covers thirteen (13) municipalities in the northeastern part of Iceland. But don't worry – they operate a joint office in the name of Eyþing (Eything), which is involved in local government projects and communicates between public and private entities.
The labour force is taxed rather heavily, or 22.5% from government and usually another 14% from the local municipality but instead they receive education for themselves and their families without additional cost and the same applies for the health system. Higher income labour pays 31,8% government taxes, so it is possible to pay almost half of your income in taxes (when including local government taxes). In addition, a minimum of 4% of salaries are placed in a pension fund. Simultaneously, the employer needs to put in additional minimum of 8% into that same pension fund. Corporate income taxes are however 20%, not bad compared to many OECD countries.
And here is the cold and lonely answer: Due to the excessive and inexpensive geothermal heat, generations of Icelanders have no idea what the feeling of being cold is like. Houses have constant temperature year round and finally you have found a place for the long showers. There it can be lonely. It is dark in winter, but it is equally bright in summer and people normally enjoy the shifting of seasonal activities, from e.g. skiing to hiking, or should I say video games to football?
Well, it is a long story and you need some education. Hundreds of years ago, we linked to the Norwegian crown, which then joined the Kalmar Scandinavian union. Like so many unions, it collapsed and left Iceland to Denmark. In 2018, Iceland celebrates 100 years of a nation free from Danish rule – and we are doing that in our own language, Icelandic. We still like the Danish beer though.
Many reasons. Huge amounts of green energy can be provided at low cost on an international transport route. The labour force is well educated and can operate complex machinery with a progressive mindset. We have an international atmosphere and high quality of life for people of all ages.
It is called the Icelandic krona (crown), known at your bank as ISK. Yes, it can be a burden but it has proven to be helpful in economic crisis. However, large international companies operating in Iceland base their contracts on hard currency ($ or €). As example, electricity kept its dollar value through the financial crisis in 2008.
We are really green. All electricity and all heat is provided with renewable, sustainable energy – a mix of hydro and geothermal power with a small touch of wind power. This makes it even harder to believe why we are Iceland and our neighbours are Greenland…
Most of the urban areas are along the coastline and the shipping harbours provide excellent services, both to a very active fishing fleet and cargo transport along with tourism. A number of domestic airports provide good service, with one of them an international airport (Akureyri) with scheduled flights.
Eh… not really. We have no army. Please do not tell anyone. Instead we have a coast guard and the search-and-rescue teams, but they save people – so they would never count as an army. Instead, we are supposedly descendants from adventurous farmers from Norway and the islands off Scotland that mixed with the beautiful Irish on their way here – or don't you think so?
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