Iceland offers vast investment opportunities to businessmen

The north Atlantic nation of Iceland is brimming with geothermal energy. Energy accounts for half of the cost of data storage by IT companies. "Come and invest in Iceland; we will provide you with plenty of cheap energy, besides attractive fiscal and other incentives," said Mr. Olafur Ragnar Grimsson, President of Iceland, addressing a breakfast meeting of businessmen, organized in his honour by Indian Merchants’ Chamber, at Hotel Trident in Mumbai last week.

Accompanied by the First Lady of Iceland Ms Dorrit Moussaief and also by top bureaucrats of 'Invest in Iceland Agency (IIA), Mr Grimsson was in India, leading a businessmen's delegation from his country for forging close business ties with India, luring Indian tourists to his country and for promoting Iceland as an attractive locale for shooting Bollywood films.

Mr Grimsson said that India and Iceland had already established a strong framework for facilitating flow of trade and investment to each other's country. In view of this, Indian businessmen would find Iceland an attractive investment destination, he added.

Welcoming Mr. Grimsson and his distinguished entourage, IMC President Mr. Gul Kripalani said that Mr Grimsson was the recipient of many international awards, including the Indira Gandhi Peace Prize, which he received on behalf of the Parliamentarians for Global Action (PGA).

Mr Kripalani said that India and Iceland established diplomatic relations in 1972. However, it was only after 2003 that the two countries began close diplomatic and economic relationship. Iceland exported goods to India amounting to $ 1.14 million in 2005. The main item of export was fish products, mainly cod, amounting to 77% of the total exports. Other items included industrial goods and medical products.

On the other hand, India exported $ 18.95 million worth of goods to Iceland in 2005. Consumer goods formed a major part; 52.5%, followed by raw materials at 37.8%. The trade between the two countries was still limited and with considerable growth potential. By 2007, total bilateral trade was $ 26.7 million, of which imports from India were $ 25.1 million and exports to India were $ 1.6 million.

Icelandic direct investments in India grew manifold in 2005 to $ 6.7 million following closer economic ties. In November 2007, India and Iceland signed a double taxation avoidance agreement to strengthen the ties of economic cooperation. The treaty covered the taxes on income, dividends, interest, royalties and fees for technical services and stipulates that the rate of tax in the country where the income was made should not be higher than 10%.

The two countries also have signed an MoU for cooperation in renewable energy sector. Iceland and India cooperate in hydrogen cells and fuel cells under the Forum of International Partnership for Hydrogen Economy (IPHE).

Both countries have also signed MoUs for studies of anomalies ahead of earthquakes. Two other agreements signed by both nations in 2007 are MoU on sustainable fisheries development and the bilateral investment protection agreement.

< Prev		Next >

Name:	*
Username:	*
E-mail:	*
Password:	*
Verify Password:	*
Fields marked with an asterisk (*) are required.

White Drums India's First E-News on Citizen Reporting / Journalism.

Videos

GURUJI (INDIAN SEARCH ENGINE)

Astrology

Videos

Popular

Comic

Hot topic

NASA to fund innovative museum exhibits and planetarium shows

India Developing Winged Reusable Rocket

Atom smasher set for high speed bash by early April: CERN

Translate My Page

Sponsored Links

Editors Column

Polls

Statistics

Newsletter Subscribe


whitedrums.com Web