Evaluating the market in Iceland

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Business environment in Iceland

Canada and Iceland have an established trade and investment relationship despite Iceland’s continued recovery from the global financial crisis in 2008-09. While heavily dependent on the fishing industry, Iceland is diversifying its economy with the agreement between Canada and European Union Free Trade Association countries, with trade between Canada and Iceland continuing to grow. Energy has been the major focus of Canadian investment in Iceland, and EDC sees business and investment potential across a range of sectors in the market. Iceland’s economy is expected to grow at a robust pace, driven by surging tourism amid a favorable external environment and by positive domestic demand dynamics. Iceland ranks 28th out of 137 in the World Economic Forum’s Global Competitiveness Report, making it an attractive location for investment.

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