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: Major Investment to Improve Gateways Major Investment to Improve Gateways...

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Major Investment to Improve Gateways

The government is investing heavily in transport infrastructure ahead of the predicted rebound in passenger numbers once travel resumes.

The Atlantic nation is home to first-class ports and excellent fishing waters.
The Atlantic nation is home to first-class ports and excellent fishing waters.
The Atlantic nation is home to first-class ports and excellent fishing waters. Linda K/Shutterstock

Like other island nations, excellent transport infrastructure and air and sea portals for passengers and freight are prerequisites for robust economic growth, with Iceland no exception to this rule, even against the backdrop of a pandemic that has slashed international travel.

"The journey we have been on and the transformation we havedone is something people should look at.”—Vilhelm Már Þorsteinsson, CEO, Eimskip
"The journey we have been on and the transformation we havedone is something people should look at.”—Vilhelm Már Þorsteinsson, CEO, Eimskip

“The journey we have been on and the transformation we have done is something people should look at.”—Vilhelm Már Þorsteinsson, CEO, Eimskip

The government has committed tens of millions of dollars to the construction of key port, airport and marine infrastructure, “Government policy is to open more international gateways,” says Sigurður Ingi Jóhannsson, Minister of Transport and Local Government. “Our strategy is to make the best of this unprecedented situation and invest wisely in infrastructure.”

Such projects involve support from entities like Faxaflóahafnir sf. (Associated Icelandic Ports), which is responsible for port activities in Old Reykjavik Harbor, Sundahöfn, Grundartangi, Akranes, plus facilities for smaller boats in Borgarnes. The leading provider of shipping solutions and structures for imports and exports, Eimskip is a national icon and is benefiting from digitalization and automatization. The firm is the only true carrier connecting Europe through Iceland to the northern parts of the U.S. and Canada.

“The journey we have been on, and the transformation we have done is something people should look at, both as an investment opportunity and as a partner for logistics services,” says CEO, Vilhelm Már Þorsteinsson.

Fisheries Catches the Eye

Marine life is so embedded in Iceland’s DNA that images of fish feature on its coins; this monetary theme is also seen in more aquaculture exports

Boasting some of the world’s finest fishing waters, Iceland’s seafood industry has a long, rich and proud heritage built on traditional techniques, but is moving with the times by embracing modernization and efficient methods through the twin channels of innovation and new technologies. Aquaculture is rapidly becoming an important contributor to export earnings, as illustrated by the 92% year-on-year surge in 2019. With healthy eating becoming more and more popular, global salmon consumption has tripled since 1980, and farmed salmon is the fastest growing food production system globally.

As the country’s leading producer of sustainably reared salmon, Icelandic Salmon AS is setting the benchmark with major investment in the streamlining of operations concentrated on responsible production methods certified by the ASC (Aquaculture Stewardship Council), as company Chairman, Kjartan Olafsson, explains proudly: “We work with multiple local and international suppliers and enjoy the rapid technological innovation. The investment we have already made for our smolt facilities has been working very nicely.

“Securing global food supply and the importance of healthy, sustainable food production is something to which we can significantly contribute. Providing healthy proteins and quality fresh food is something we need to focus on and secure access to. Our Icelandic salmon makes the world a slightly better place.”


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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An illustration shows US President Joe Biden surrounded by the foreign-policy issues he has faced in his first two years in office.
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Biden’s Foreign-Policy Report Card

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Two years into his first term, how has U.S. President Joe Biden fared on foreign policy? Is there a clear Biden doctrine? Is America in a stronger or weaker position globally?  The answers ...Show moredepend on whom you ask.  Join FP’s Ravi Agrawal for a lively discussion about the Biden administration’s foreign-policy successes and failures half way through his first term, with Stephen Wertheim, a senior fellow at the Carnegie Endowment for International Peace, and Nadia Schadlow, a senior fellow at the Hudson Institute and a former U.S. deputy national security advisor for strategy during the Trump administration.  

A Russian flag at the Embassy of Russia is seen through a bus stop post in Washington, DC on April 15, 2021. - The US announced sanctions against Russia on April 15, 2021, and the expulsion of 10 diplomats in retaliation for what Washington says is the Kremlin's US election interference, a massive cyber attack and other hostile activity. President Joe Biden ordered a widening of restrictions on US banks trading in Russian government debt, expelled 10 diplomats who include alleged spies, and sanctioned 32 individuals alleged to have tried to meddle in the 2020 presidential election, the White House said. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
A Russian flag at the Embassy of Russia is seen through a bus stop post in Washington, DC on April 15, 2021. - The US announced sanctions against Russia on April 15, 2021, and the expulsion of 10 diplomats in retaliation for what Washington says is the Kremlin's US election interference, a massive cyber attack and other hostile activity. President Joe Biden ordered a widening of restrictions on US banks trading in Russian government debt, expelled 10 diplomats who include alleged spies, and sanctioned 32 individuals alleged to have tried to meddle in the 2020 presidential election, the White House said. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)

Do U.S. Sanctions Work?

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When Washington seeks to curtail Beijing’s ambitions or punish Moscow for its war in Ukraine, it often turns to a familiar tool: sanctions. In the last two years, the Biden administration ...Show morehas deployed unprecedented muscle in the form of sanctions as part of its foreign-policy arsenal.  The question is whether those sanctions work effectively. In which countries are they achieving their desired impact? Where are they less successful? And how does the use of sanctions impact U.S. power more broadly?  Join FP’s Ravi Agrawal in conversation with two experts: Agathe Demarais, the global forecasting director at the Economist Intelligence Unit, and Nicholas Mulder, an assistant professor of history and a Milstein faculty fellow at Cornell University. Together, they will explore whether sanctions are an effective tool to achieve U.S. interests abroad and how the government might improve them.  

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