iceland: international business (bus m 430) country analysis research project by ronald schoedel

IcelandCountry Analysis Research Project

Bus M 430 • Prof. Wright • May 4, 2009

Ronald Schoedel • [email protected] • © 2009 Ronald C. Schoedel III !

mailto:[email protected]

mailto:[email protected]

Table of Contents

.........................................................................................................Executive Summary ! 1

..........................................................................................................Country Description! 2

.......................................................................................................Market Demographics! 2

......................................................................Political System and Political Environment ! 3

.....................................................................................................Economic Environment! 5

.................................................................................Trade and Investment Opportunities! 9

...........................................................................................................................Exhibits! 12

.......................................................................................................Notes (Works Cited)! 17

Executive Summary

The Republic of Iceland, a small European nation of just over 300,000 inhabi-

tants, offers numerous opportunities for the foreign investor. Blessed with long-lasting

political stability, abundant natural resources, inexpensive geothermal energy, and a

well-educated population, the nation is well-equipped to provide a suitable business en-

vironment or a ready market for exporters of goods and services.

Iceland!s balance of trade has long favored foreign businesses, as Icelanders

readily purchase most of their consumer goods from European, Asian, and North Ameri-

can producers. Cultural similarities with Europe, the United States, and Canada mean

that a firm located in these areas is able to export goods with little modification neces-

sary for the Icelandic market, beyond labeling and documentation. A solid command of

English and similar social customs among the population eases the transition of Euro-

pean and North American personnel into the country, also.

Opportunities for foreign direct investment abound. Foreign firms investing in

Iceland will gain access to a healthy, well-educated workforce, who are largely cohesive

and concerned about their collective well-being. Foreign firms need not concern them-

selves with politically-motivated violence, sectarian disputes, or ethnic strife, all of which

are noticeably absent in Iceland. And, while Iceland is a social market economy, it fea-

tures many of the best aspects of a market economy as practiced in the United States.

Low corporate taxes, ease of establishing operations, and a national government that

welcomes business are additional attractions for foreign investors.

Bus M 430 Country Analysis Research Project" Ronald Schoedel

1

Country Description

Iceland is a small European nation with a population smaller than many American

cities. With a geographic area of 103,000 square kilometers, it is slightly smaller than

the state of Kentucky. The Trade Council of Iceland promotes the nation as “the con-

nection between continents,” as the capital, Reykjavik, is 4,200 km (about a six hour

flight) from New York City and 2,100 km from Brussels (exhibit 1).1

Market Demographics

Iceland!s population of 313,000, is predominantly urban: 92% live either in the

capital or one of seven other urban settlements.2 With a low birth rate and a low immi-

gration rate, the 2008 population growth rate was a mere 0.741%. The rate of urbaniza-

tion has averaged 0.8% from 2005 to present. Population density is a low 3.0 persons

per square kilometer, as glaciers and wastelands represent over 63% of the land area.

Age structure among the population is divided at 20.7% 0-14 years old, 67.1%

15-64 years old, and 12.2% 65 years and older. The male/female ratio is 1.02 to 1 for

the 15-64 year old range, but 0.83 to 1 for 65 years and up. Iceland is regarded as one

of the healthiest and most advanced nations when it comes to social systems, educa-

tion, and public health. Thanks to excellent health care extended to all citizens, infant

mortality is a low 3.23 deaths per 1,000 live births, approximately half that of the U.S.

The literacy rate is 99%. Life expectancy is an impressive 80.67 years (male: 78.53

years; female: 82.9 years). The fertility rate is below replacement level, 1.9 children

born per woman, and significantly below the western European average of 2.4, but

higher than Sweden!s rate of 1.71.3 Without net migration of 0.83 persons per 1,000


2

population, Iceland would be shrinking. The low birth rate and a high life expectancy

mean that Iceland!s population will continue to age overall in coming years.

Iceland!s population is homogenous: 94% trace their lineage to the Vikings and

Celts who first landed on Iceland in the 800!s A.D. Only 6% are of foreign extraction,

mostly European. Icelandic is the official language and its adoption is required of all

immigrants, but most of the population also speaks English. German is also spoken

among some Icelanders.

Iceland!s state Lutheran church claims over 79% of the citizens as nominal

members (all Icelanders are registered as members of the church by default at birth).

However, Icelanders are a largely secular people, with only 10% attending worship serv-

ices regularly. A few other Christian religions are active, including several smaller Lu-

theran churches (5%).4 Catholics, Pentecostals, Seventh-day Adventists, Orthodox,

Latter-day Saints, and a few smaller congregations total 4.9%.5 Iceland is home to a

few dozen Muslims and Buddhists. The balance, 8%, claim no religion at all.

Political System and Political Environment

Iceland has been an independent constitutional republic since 1944. Politically,

the nation has been relatively stable and has the world!s oldest functioning legislative

assembly, the Althingi, established in 930 A.D. Iceland!s government is led by a Presi-

dent, who assembles a cabinet based on input from the various parties. This ministerial

cabinet typically stays in power until the next general election (every four year years), or

as happened this year, until a new government is formed. These ministers sit in the Par-

liament and each oversees their particular area of concern.6


3

Substantial political discontent arose after Iceland!s banking system collapsed in

October 2008 under the weight of billions of dollars and euros in foreign loans. This

turmoil was displayed in some violent protests, the first since Iceland joined NATO in

1949, as well as the more mild Busahaldabyltingin (“kitchenware revolution”)7: daily pro-

tests highlighted by banging of pots and pans in the streets as marchers demanded the

resignation of Prime Minister Geir Haarde, himself a former central banker. So many

people were displeased with the former coalition government!s perceived failure to deal

with the mounting crisis that the government dissolved voluntarily two years before

regular elections were scheduled to be held.8

This political turmoil has had the effect of uniting Icelanders. Despite unemploy-

ment rates of 8%, the resilient islanders have been rallying their historically collective

feelings and forsaking what has been termed “the Greed Society,” a period where the

gap between the rich and the poor grew substantially since 2003. Thor Thorarinsson of

the Ministry of Social Affairs and Social Security wrote that “Icelanders have realised

that you can!t, in such a small country, accept gigantic differences between the richest

and poorest, as have arisen in recent years.”9

These collectivist leanings were evident when a new leftist prime minister and a

leftist coalition government was elected in April 2009, including a majority of parliamen-

tary members who advocate immediately applying for membership in the European

Union.10 Business Week states that “the Social Democrats believe the crisis, or kreppa,

has taught them that their small economy will only be battered again and again if they

do not seek the shelter of the 27-country bloc.” Whether EU membership aspirations


4

succeed is open to question, as many Icelanders advocate continued protection of their

pristine fishing grounds from foreign use.

Though not a member of the European Union, Iceland is party to a number of in-

ternational political and economic organizations. Among its memberships are the North

Atlantic Treaty Organization, European Economic Area, European Free Trade Associa-

tion, Organisation for Economic Co-operation and Development, Interpol, World Trade

Organization, United Nations, and the Arctic Council.

Economic Environment

Iceland!s economy was the first casualty of the global financial meltdown begun

in 2008. Iceland has a social-market economy, combining a capitalist structure and

free-market ideals with a robust social welfare system, including housing subsidies.11

According to the International Monetary Fund,12 GDP (purchasing power parity) was

$12.353 billion in 2007, up from $12.01 billion in 2006. After several years of GDP

growth (4.9% in 2007, 4.4% in 2006) (exhibit 2), the GDP fell to $12.664 billion in 2008.

The IMF projects a further decline of 9.8% in 2009, to $11.424 billion, minimal growth of

0.2% in 2010, 4% in 2011, and an average of 4.9% annually through 2014.

OECD reports Iceland's economy and per capita income have grown at an im-

pressive pace since the mid-1990s, making the country one of the most prosperous in

the OECD….[R]eal GDP has grown by 4% per annum, significantly bettering OECD

growth over that period making the country the fifth-wealthiest in the OECD.”13 Ice-

land!s per capita GDP, before the financial crisis, was the sixth highest in Europe ac-

cording to IMF.14 In 2007, per capita GDP was $64,959. With the rapid increase in un-


5

employment, 2008!s figure dropped to $55,462. Projections for 2009 are much lower, at

$36,878. IMF analysis indicates that the high per capita figures of the mid-2000s will

not be seen again in the next five years (exhibit 3).

The domestic economy is largely service based. The wholesale, retail, repair,

real estate, and financial segments account for nearly 30% of all workers.15 Other serv-

ices account for 38%. About 7% work in the agriculture and fishing industries (including

fish processing), while about 9% work in manufacturing. Social and health services ac-

counts for nearly one of out every seven jobs (exhibit 4).

In 2007, the labor force totaled 181,500, and was 54.5% male, 45.5% female.

Unemployment in 2007 was a low 2.3%, but by February 2009 had reached 8.2%.16

The Directorate of Labour estimates unemployment will peak at 9.6% in May 2009.17

Agriculture accounts for 5% of GDP, industry 26.5%, and services 68.5%.18

With such a significant portion of the economy revolving around services, the

vast majority of goods consumed are imported. For foreign businesses, Iceland repre-

sented the opportunity to tap a small but relatively affluent market with a reasonably

strong currency, through the 1990s and 2000s. The standard of living enjoyed has no-

ticeably increased over the past several decades. Iceland is considered to have gone

from one of the poorest nations to one of the richest in the space of a single generation.

Aggressive marketing of the newly privatized banks in the early 2000s led to a massive

influx of foreign capital, including over $140 billion in deposits--largely from the United

Kingdom, Norway, Sweden, and Germany, which fueled additional growth over the past

half-decade.


6

Expenditures on government operations are 37% of GDP, or $7.159 billion in

2008.19 Approximately 14% of this is spent on “social benefits” besides health (8.0%)

and education (8.2%).20 The mixed economy will continue to rely on government ex-

penses quite heavily, due to a marked decrease in Icelanders! incomes and foreigners!

fears of investing heavily in the country during this time of severe economic crisis.

Public debt was 29% of GDP in 2007 and 23% of GDP for 2008. However, with

the recent nationalization of major banks and increased spending on social programs,

gross government debt could rise to an astounding 109 percent of GDP for 2009. The

chairman of the Central Bank of Iceland wrote, in a letter to the IMF last November, that

“the banking crisis will significantly constrain the public sector and burden the public for

years to come.”21"

Despite the majority of employees working in service industry, Iceland is a thriv-

ing producer of goods for export. With a relatively small home market, most goods are

produced for export. 2008 exports were $6.846 billion22, which represents the majority

of the value of Iceland-manufactured goods. Along with fish, software services and (at

least from 2003-2008, financial services) exports include aluminum (the biggest export

since 2008), pharmaceuticals and medical products, ferro-silicon, petroleum and petro

products, and food processing equipment. Over the last decade, Iceland has become

one of the largest exporters of generic pharmaceuticals.

Major trade partners are primarily EU members, due to geographical proximity,

cultural similarities and shared product demand. The 27 nations of the EU receive

74.7% of exports. Other major export partners include the U.S., Japan, and Norway.

Primary import partners include the EU, U.S., China, Norway, and Japan (exhibit 5). As


7

might be expected, Iceland carries a negative trade balance. Just as no similarly-sized

city or state in the U.S. can produce all of the products demanded by its citizens in this

modern age, neither can Iceland produce everything that it!s well-educated, mostly af-

fluent citizens demand. In analyzing data available, it appears that Iceland!s taste for

foreign products ballooned when foreign currency was rolling into its banks during the

banking heyday of 2003-2007. In 2003, the trade deficit was "400 million. By 2005 this

had more than tripled to "1.5 billion, though in 2007, exports of aluminum had in-

creased enough to reduce this somewhat to "1.3 billion (see exhibit 6). One problem to

consider is the vulnerability of the balance of payments in relation to aluminum prices,

as aluminum accounts for 22% of total merchandise export values.

Iceland!s major task at the moment is to make it through the current financial cri-

sis and maintain it!s valuable importing and exporting relationships. Thanks to $4 billion

in loans from the IMF, Iceland has been able to maintain a normal standard of living--no

“Great Depression” here. But absent those funds and some earlier loans from Russia,

trade (and life in general) might not be as normal as they have managed to remain.

# The króna (ISK) has taken a major beating over the last six months, and for a

time Iceland had withdrawn it from active trading. After the collapse of local banks, few

foreign banks were willing to hold krónur. Currently, the króna is valued at less than half

of what it was a year ago (exhibit 7). As the local currency plummeted, inflation shot up

to over 17% in 200823 (exhibit 8), since most consumed goods have to be imported.

Food prices were up 30.6% over 2007. The Central Bank predicts the country will face

two years of contraction before growth picks up again in 2011.

#

Bus M 430 Country Analysis Research Project# Ronald Schoedel

8

Trade and Investment Opportunities

! Iceland is quite welcoming to foreign investment. Corporate income taxes have

been cut drastically since the 1980s, to one of the lowest corporate tax rates in the in-

dustrial world, 15%. It"s no surprise then that these cuts (exhibit 9) have spurred a

massive increase in economic growth and have allowed the government to maintain

and even improve the social welfare system despite the lowered tax rates.

! A generation ago, Iceland was a poor nation, lacking technology and conducting

little business with the rest of the world. In the early 1960s, as the world raced ahead

through industrial and technological advancements, Iceland reversed its course and

discarded its decades-old policies that led to rationing of imported goods in the 1950s.

Since joining EFTA in 1970, the country has maintained a very liberal trade policy and

has strengthened its trade relationships.

! The world community has taken note, as foreign direct investment inflows in

2005 equaled about 15% of the GDP, much higher than other Scandinavian nations with

much larger populations. In 2006, FDI totaled #6.2 billion (compared to outward in-

vestment of #0.6 billion).24 The U.S. presently accounts for 31.4% of FDI. According to

the U.S. State Department, major U.S. investors include Alcoa and Century Aluminum in

the aluminum trade and deCODE Genetics in the biotech field.25 Major U.S. tech firms

Apple, Dell, IBM, Microsoft, and Oracle are all active in Iceland.

! Icelanders information technology skills are number one in the world, as are the

island"s energy infrastructure, and quality of life. Combined with the second-best edu-

cated populace in the world, being the seventh most competitive nation, and ranking

sixth best in the world for “low corruption” in politics, Iceland provides a stable environ-

Bus M 430 Country Analysis Research Project! Ronald Schoedel

9

ment for the foreign investor.26 While India has gained the lion!s share of data business

so far, Iceland has seized upon its extremely cheap energy and natural cooling availabil-

ity to promote itself as the ideal location for tech firms to locate data center activities

(energy costs make up 50% of the operational expenses in such enterprises).27

" Restrictions on FDI are few. Iceland derives such a large portion of its GDP and

export business from its fisheries, which remain under tight control of domestic inter-

ests. Foreigners are prohibited from owning more than a 25% interest in fishing fleets

and fish processing plants. Exploitation of natural energy sources such as geothermal

and waterfalls is limited to residents of EEA countries. Ownership of airlines must be at

least 51% Icelandic.

" The government!s Invest in Iceland Agency provides free consultancy services

and the Film in Iceland Ministry provides a 14% rebate for movie and television produc-

ers who film in Iceland. Aside from these services, Iceland does not offer subsidies, but

instead focuses on allowing the market to work through a favorable business environ-

ment that includes low corporate taxes, low payroll expenses, a highly skilled labor

force, and low energy costs.

" Additional benefits of investing in Iceland include no municipal taxes on corpora-

tions, accounting in foreign currencies permitted, no branch profits tax levied on repatri-

ated branch profits, publicly traded companies are allowed to issue their share capital in

foreign currency, easy and inexpensive establishment of companies, advance telecom

networks, a U.S./Iceland bilateral taxation treaty, and access to the EEA (30 nations).28

" Risks of investing in Iceland are low. The U.S. State Department notes that “po-

litically motivated violence is not a threat to foreign holdings,”29 a problem encountered


10

not infrequently around the world. Also according to the State Department “Icelandic

law provides for full convertibility and transferability of dividends, profits, interest on

loans, debentures, mortgages, lease payments and invested capital….As far as the

U.S. Embassy is aware, the Icelandic government has never expropriated a foreign in-

vestment. No major investment disputes have occurred in recent memory.” American

firms would be hard pressed to find other countries with such low risk. Unfortunately,

some of those positives are balanced out by Iceland!s relative distance from the U.S.

and other major world markets.

" With regard to exports to Iceland, laws and regulations are quite favorable.

Membership in the EEA and EFTA make exporting to Iceland a simple matter for Euro-

pean nations. As a member of EEA, there are no impediments to the free flow of capi-

tal, goods or labor between Iceland and other EU zone nations. However, under the

EEA agreement, free ports and foreign trade zones are not permitted.

" In January 2009, the U.S. and Iceland signed a letter of agreement with the goal

of strengthening bilateral trade. In 2007, U.S. firms exported $630 million in goods and

services to Iceland, including aircraft, chemicals, machinery, and vehicles, including $19

million in agricultural products.30 Popular U.S.-produced consumer goods include soft-

ware, music, movies, fast foods, alcoholic beverages, and automobiles. The U.S. Em-

bassy notes that Icelandic consumption of American entertainment products has a halo

effect, increasing demand for other American goods. Due to the number of dual-income

households and the level of disposable income, high-tech time-saving gadgets repre-

sent a growth market in Iceland as do American food franchises.31


11

Exhibits

Exhibit 1: Iceland, the connection between continents (Map from maps.google.com)

Exhibit 2: Growth of GDP since 2000, compared to other Scandinavian nations. (Data from Statistics Iceland, graphic from

http://en.wikipedia.org/wiki/File:Arsbreytinglandsfr2000-8_English.png)


12

http://en.wikipedia.org/wiki/File:Arsbreytinglandsfr2000-8_English.png

http://en.wikipedia.org/wiki/File:Arsbreytinglandsfr2000-8_English.png

Exhibit 3: Per capita GDP in USD, 2001-2008, with projections to 2014 (Data from IMF)

Exhibit 4: Employed persons by industry (Data from Statistics Iceland)

Agriculture

Fishing and Fish processing

Manufacturing

Construction

Utilities

Services

Government

5%

68%

1%

9%

9%

4%3%


13

Exhibit 5: Iceland!s major trading partners, 2007 (Data from European Union Directorate Gen-eral for Trade http://trade.ec.europa.eu/doclib/html/113389.htm)

Exhibit 6: Balance of payments (Data from European Union Directorate General for Trade

http://trade.ec.europa.eu/doclib/html/113389.htm)

Imports Exports

0%

10%

20%

30%

40%

50%

60%

70%

80%

EU USA Canada China Japan Norway Switz. Russia Other

5.9%

1.4%1.3%3.8%4.3%

0.8%0.5%

7.3%

74.7%

8.9%

1.2%2.0%4.6%3.7%

5.1%1.8%

13.7%

61.0%

Imports Exports Balance

!-1.6 bn

!1.7 bn

!5.0 bn

2003 2005 2007!-1.3 bn

!-1.5 bn

!-0.4 bn

!3.5 bn

!2.4 bn!2.1 bn

!4.8 bn

!3.9 bn

!2.5 bn


14

http://trade.ec.europa.eu/doclib/html/113389.htm




Exhibit 7: In January 2008, 1,000 krónur traded for 1.64 USD; at its low point in Nov. 2008, 1,000 krónur were valued at 0.70 USD (Data from Central Bank of Iceland).

Exhibit 8: Development of 12-month changes in the headline CPI against the Central Bank's in-flation target. (Graphic from: Central Bank of Iceland, http://www.sedlabanki.is/?pageid=201)

USD/ISK Exchange Rate

0

0.00425

0.00850

0.01275

0.01700

Jan0

5

Jul05

Jan0

6

Jul06

Jan0

7

Jul07

Jan0

8

Jul08

Oct08

Nov

08

Dec

08

Jan0

9

Feb09

Mar

09

Apr09


15

http://www.sedlabanki.is/?pageid=201

http://www.sedlabanki.is/?pageid=201

Exhibit 9: Iceland!s corporate income tax rate since the 1980!s (Data from Statistics Iceland and

D. Mitchell, The Business)

0%

25%

50%

1989 1995 2002 2008

15%18%

33%

50%


16


Note Source

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Trade Council of Iceland. “Facts and Figures 2007.” Reykjavík: Government of Iceland. <http://www.icetrade.is/resources/Files/icetrade_is/PDF/Enska2008vef.pdf> accessed April 23-May 3, 2009

Central Intelligence Agency. "CIA World Fact Book 2009." Washington: U.S. Government. <https://www.cia.gov/library/publications/the-world-factbook/print/ic.html> accessed April 23, 2009.

Graff, James. "We Need More Babies.” Time Magazine. November 21, 2004. <http://www.time.com/time/magazine/article/0,9171,901041129-785317,00.html> accesed April 24, 2009

Statistics Iceland. "Populations by Religious Organisations, 1990-2008". Reykjavík: Government of Iceland. <http://www.statice.is/?PageID=1180> accessed April 24, 2009.

Ibid

Iceland Trade Directory. “Political System in Iceland.” Reykjavík: Government of Iceland. <http://www.icetradedirectory.com/english/about_iceland/political_system_in_iceland> accessed April 24, 2009.

Phillips, Leigh. “Iceland Turns Left and Edges Toward EU.” Business Week. April 27, 2009. <http://www.businessweek.com/globalbiz/content/apr2009/gb20090427_605075.htm> accessed April 28, 2009.

"Iceland's government collapses under the weight of the credit crunch.” Daily Mail (UK). January 26, 2009. <http://www.dailymail.co.uk/news/worldnews/article-1127865/Icelands-government-collapses-weight-credit-crunch.html> accessed April 28, 2009.

Simic, Nino. “Icelandic welfare hit by the financial crisis.” Nordically. <http://www.nordically.org/en/Articles/Icelandic-welfare-hit-by-the-financial-crisis/> accessed April 29, 2009.

Phillips

CIA

International Monetary Fund. “World Economic Outlook Database.” April 2009. <http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weoselser.aspx> accessed April 30, 2009.

Mitchell, Daniel. "Iceland Comes in From the Cold With Flat Tax Revolution.” The Business. March 21, 2007. <http://www.cato.org/pub_display.php?pub_id=8155> accessed April 28, 2009.

“GDP per Capita: Iceland Compared to Continent.” Global Property Guide. <http://www.globalpropertyguide.com/Europe/Iceland/gdp-per-capita> accessed April 29, 2009.

Statistics Iceland. “Wages, Income and Labour Market.” Reykjavík: Government of Iceland. <http://www.statice.is/pages/1766> accessed April 29, 2009.

Elliot, Alex. “Iceland unemployment figures for February.” Ice News. March 15, 2009. <http://www.icenews.is/index.php/2009/03/15/iceland-unemployment-figures-for-february/> accessed April 29, 2009.


Note Source

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

Elliot, Alex. “Unemployment outlook brightening?” Ice News. March 28, 2009. <http://www.icenews.is/index.php/2009/03/28/unemployment-outlook-brightening/> accessed April 29, 2009.

CIAIbidStatistics Iceland. “Public Finance.” Reykjavík: Government of Iceland. <http://

www.statice.is/pages/2046> accessed April 25, 2009.Oddsson, Davíd and Árni M. Mathiesen. “Iceland: Letter of Intent and Technical

Memorandum of Understanding.” November 15, 2008. Reykjavík: Central Bank of Iceland. <http://www.iceland.org/info/iceland-imf-program/letter-of-intent/> accessed April 27, 2009.

CIA“Iceland inflation soars to 17.1%.” BBC World News. November 26, 2008.

<http://news.bbc.co.uk/2/hi/business/7750193.stm> accessed April 30, 2009.

European Union Directorate General for Trade. “Iceland Trade Statistics 2007.” <http://trade.ec.europa.eu/doclib/html/113389.htm> accessed May 4, 2009.

U.S. Department of State. “2008 Investment Climate Statement - Iceland.” Washington: U.S. Government. <http://www.state.gov/e/eeb/ifd/2008/100876.htm> accessed May 3, 2009.

Trade Council of IcelandInvest in Iceland Agency. “Iceland: Outstanding Location for Data Centers.”

Reykjavík: Government of Iceland, June 25, 2007. <http://www.invest.is/news/290/default.aspx> accessed May 4, 2009.

Invest in Iceland Agency. “Tax Benefits and Other Advantages of the Icelandic Fiscal System.” Reykjavík: Government of Iceland. <http://www.invest.is/Competitive-Edge/Low-Corporate-Tax/> accessed May 3, 2009.

U.S. Department of StateU.S. Trade Representative. “United States and Iceland Sign "Trade and

Investment Cooperation Forum# Agreement.” Washington: U.S. Government, January 15, 2009. <http://www.ustr.gov/assets/Document_Library/Press_Releases/2009/January/asset_upload_file399_15290.pdf> accessed May 4, 2009.

Embassy of the United States. Country Commercial Guide. “Leading Sectors for U.S. Export and Investment.” Reykjavík: U.S. Government, Dept. of State, Embassy of the U.S. <http://iceland.usembassy.gov/chapt_4.html> accessed May 3, 2009.

iceland: international business (bus m 430) country analysis research project by ronald schoedel

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