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U.S.-China Rivalry Looms Large at Shangri-La

But the two countries’ defense chiefs won’t be holding a meeting on the summit’s sidelines.

World Brief |
Christina Lu

The U.S. and China Are Caught in a Technology Trap

The world’s two largest economies are walking a tightrope between bad blood and good business.

Report |
Rishi Iyengar, Robbie Gramer

The U.S. Needs to Get Out of the Way on China

Washington should start letting other countries take the lead.

Argument |
Luke de Pulford

What in the World?

Test yourself on the week of May 27: Another round of airstrikes batters Syria, a Senegalese opposition leader is arrested, and China makes another appeal for peace.

Quiz |
Drew Gorman
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: Land of Fire and Ice Forges New Openings

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Land of Fire and Ice Forges New Openings

After bouncing back strongly from the 2008 Global Financial Crisis, Iceland’s resilient economy is today outperforming those of far larger countries

Reykjavik is regarded as the world’s most sustainable capital city.
Reykjavik is regarded as the world’s most sustainable capital city.
Reykjavik is regarded as the world’s most sustainable capital city. Ververidis Vasilis/Shutterstock

Although its strong economic growth trajectory has temporarily slowed due to the COVID-19 pandemic, Iceland nevertheless remains favorably positioned for the waves of international spending and investment forecast for the post-vaccine world.

Famous for its incredible landscapes and rich fishing waters, the country of 360,000 people has embraced sustainability and innovation to maximize the opportunities generated by its natural resources.

Tourism and fisheries are key sources of foreign exchange earnings, but the renewable energies and creative industries are growing and attracting attention and investment in various sectors, including from its single largest trading partner and investor: the U.S.

“We have had more stability in recent years, and this will hopefully create more opportunities,” says Bjarni Benediktsson, Minister of Finance and Economic Affairs. “We have valuable resources that the world is on the look out for at the moment, such as clean water and sustainable energy production. We are seeing an increase in foreign direct investment in Iceland and hope we will continue to develop our business relationship with the U.S.”

"We are seeing an increase in FDI and hope to continue todevelop our business relationship with the U.S.” – Bjarni Benediktsson, Minister of Finance and Economic Affairs
"We are seeing an increase in FDI and hope to continue todevelop our business relationship with the U.S.” – Bjarni Benediktsson, Minister of Finance and Economic Affairs

“We are seeing an increase in FDI and hope to continue to develop our business relationship with the U.S.” – Bjarni Benediktsson, Minister of Finance and Economic Affairs

Dedicated to innovation and sustainability in the country’s energy sector, HS Orka is an important provider of clean energy – more than a quarter of the national electricity supply comes from geothermal power – to Iceland’s growing needs and a leader in geothermal research. An authority in its field, HS Orka has developed state-of-the-art heat exchange technology utilizing existing plants and resources, with a 30MW expansion project of a facility launched recently.

One asset that helps HS Orka stand out from the crowd is the Resource Park, billed as “sustainability in action”. HS Orka’s geothermal power plants deliver multiple resource streams to businesses close to Reykjavik, with the enterprise having placed sustainability at its core long before it became a buzzword.

“We have a number of projects, especially in the food sector, like fish farming and greenhouses,” says CEO Tómas Már Sigurðsson. “We see great interest and opportunities in hydrogen production, or other power-to-gas production. We are utilizing the CO² from our plant and have a special focus on algae farming.”

Another very successful Icelandic company flying the flag for sustainability and the fight against climate change is Carbfix. The firm is developing innovative solutions like capturing CO² and injecting it at selected geological sites – where it turns to stone in two years – to reduce harmful emissions. Founded in 2007, Carbfix is also the poster child for successful collaboration between industry and academia, and is open to dialogue with external investors looking to explore potential opportunities.

In 2020, the award-winning company became a subsidiary of Reykjavík Energy (OR), as Dr. Edda Sif Pind Aradóttir, CEO of Carbfix, explains. “The aim of separating Carbfix operations from the core activities of OR are to further support climate action by providing interested parties the opportunity to reduce their carbon footprint. Our method has tremendous potential to grow fast on a global scale and we have seen greater interest in the Carbfix method to carbon disposal.”


Iceland: Land of Fire and Ice Forges New Openings

  • Land of Fire and Ice Forges New Openings
  • Banking Sector Enjoys Remarkable Recovery
  • Innovation Island
  • Major Investment to Improve Gateways

Iceland: Land of Fire and Ice Forges New Openings

  • Land of Fire and Ice Forges New Openings
  • Banking Sector Enjoys Remarkable Recovery
  • Innovation Island
  • Major Investment to Improve Gateways

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Are America and Europe Aligned on China?

June 7, 2023  |  11:00am ET
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The war in Ukraine has propelled the United States and Europe closer on a variety of foreign-policy issues. But do Washington and Brussels agree on how to deal with Beijing’s growing clout...Show more?  The signs are mixed. The trans-Atlantic alliance NATO has formally declared China a strategic threat, but there are also emerging gaps in how various European capitals and Washington want to engage with Beijing. What exactly are these differences, and how will they impact the world’s relations with China? Join FP’s Ravi Agrawal for a discussion with experts on both sides of the Atlantic: Cindy Yu, an assistant editor of the Spectator and host of its podcast Chinese Whispers; and James Palmer, author of FP’s weekly China Brief newsletter. FP subscribers can send in their questions in advance. 

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Inside the U.S.-China Tech War

June 20, 2023  |  11:00am ET
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Over the last few years, the United States has moved to limit China’s technological rise. U.S.-led sanctions have imposed unprecedented limits on Beijing’s access to advanced computing c...Show morehips. In response, China has accelerated its own efforts to develop its technological industry and reduce its dependence on external imports.  According to Dan Wang, a technology expert and visiting scholar at Yale Law School’s Paul Tsai China Center, China’s tech competitiveness is grounded in manufacturing capabilities. And sometimes China’s strategy beats America’s.  Where is this new tech war headed? How are other countries being impacted as a result? In what ways are they reassessing their relationships with the world’s largest economic superpowers? Join FP’s Ravi Agrawal in conversation with Wang for a discussion about China’s technological rise and whether U.S. actions can really stop it. 

WASHINGTON, DC - SEPTEMBER 24: U.S. President Joe Biden (R) and Indian Prime Minister Narendra Modi participate in a bilateral meeting in the Oval Office of the White House on September 24, 2021 in Washington, DC. President Biden is hosting a Quad Leaders Summit later today with Prime Minister Modi, Australian Prime Minister Scott Morrison and Japanese Prime Minister Suga Yoshihide. (Photo by Sarahbeth Maney-Pool/Getty Images)
WASHINGTON, DC - SEPTEMBER 24: U.S. President Joe Biden (R) and Indian Prime Minister Narendra Modi participate in a bilateral meeting in the Oval Office of the White House on September 24, 2021 in Washington, DC. President Biden is hosting a Quad Leaders Summit later today with Prime Minister Modi, Australian Prime Minister Scott Morrison and Japanese Prime Minister Suga Yoshihide. (Photo by Sarahbeth Maney-Pool/Getty Images)

Is America Making a Bad Bet on India?

June 21, 2023  |  12:00pm ET
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For decades, the U.S. foreign-policy establishment has made the assumption that India could serve as a partner as the United States jostles with China for power in the Indo-Pacific region. B...Show moreut Ashley J. Tellis, a longtime watcher of U.S.-India relations, says that Washington’s expectations of New Delhi are misplaced.  In a widely read Foreign Affairs essay, Tellis makes the case that the White House should recalibrate its expectations of India. Is Tellis right?  Send in your questions for an in-depth discussion with Tellis and FP Live host Ravi Agrawal ahead of Indian Prime Minister Narendra Modi’s visit to the White House on June 22.  

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U.S.-China Rivalry Looms Large at Shangri-La

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