Country Profile

Iceland, officially the republic of iceland, is settled up during late 9th and 10th centuries by norwegian and celtic in the northern europe. It is situated between the greenland sea and the north atlantic ocean. The country is blessed with the beautiful picturesque view with a total 170 cu km renewable water resources. Iceland has shown a good track record of literacy rate, where male and female both have showed 99% of literacy rate. The country is under the political framework of constitutional republic. Iceland is basically a capitalistic economy with GDP of $19.52 billion. By exporting fish products, iceland generates 70% of its export. The total export amount earn by iceland is $ 4.569 billion.

Snapshot

Economic Overview

• Scandinavian-type economy but basically capitalist, yet with an extensive welfare system, low unemployment, and even distribution of income.
• It is among the ten richest countries in the world based on GDP per capita at purchasing power parity (PPP).
• Fishing industry provides almost 40% of export earnings.
• The economy is vulnerable to changing world fish prices.
• Industries like travel, service, technology, energy are growing.
• Tourism sector is expanding with the recent trends in ecotourism and whale-watching.

International Trade
Major Export Items
Fish and Fish Products, Aluminum, Animal Products, Ferrosilicon, Diatomite.

Main Destinations of Exports
UK, Germany, Netherlands, US, Spain, Denmark, France

Major Import Items
Machinery and Equipment, Petroleum Products, Foodstuffs, Textiles.

Main Origins of Imports
Germany, US, Norway, Denmark, UK, Sweden, Netherlands

Contacts of Trade Ministries/ Associations

Business Visa Rules
The following documents are required for applying for the business visa:

• A valid travel document upon arrival and when leaving. It must be valid at least 3 months beyond the validity of the visa being applied for. The applicant must also have permission to travel back to his home country or another country at least 3 months beyond the validity of the visa.
• Confirmation of means of support during the stay in the Schengen zone.
• Travel Itinerary.
• Invitation letter/purpose of visit.
• Two recent passport size photographs.
• Travel Insurance, if application is approved.

Business Hours
Shops :    09:00 to 18:00 hours (closed on weekends)
Offices :    09:00 to 17:00 hours or 08:00 to 16:00 hours
Kiosks selling tobacco, sweets, newspapers etc. are open until 23,30 daily.
The duty free shops and the bank in the International Airport terminal are open during the flights services.

All businesses are closed on Sundays apart from restaurants, coffee bars, cinemas and some shopping centers.

Public Holidays