The Economic and Commercial Section promotes opportunities for American business in Iceland. The section also reports to the U.S. government on the Icelandic economy, and provides a commercial service for Icelanders interested in business with U.S. companies.
Since WWII, the U.S. and Iceland have had a strong economic relationship. U.S. goods, services, and franchises are very popular, with Icelanders buying twice as much from the U.S per capita than does the average EU citizen. Bilateral Foreign Direct Investment (FDI) activity is primarily in the aluminum industry. Iceland’s membership in the European Economic Area (EEA) poses challenges for the two countries to maintain -- and hopefully continue to expand -- trade and investment activity. Nonetheless, our nations’ historical closeness, and liberal economic philosophies and practices, will help ensure the economic relationship continues to thrive.
Environment, Science, Technology, and Health (‘EST&H’) Relationship
For its size, Iceland is a hotbed of scientific research, and U.S.-Iceland research cooperation is very active in a number of areas. Many U.S. and Icelandic academic researchers cooperate in a variety of medical fields. The U.S. National Institutes of Health (NIH) has committed significant financial resources to bilateral research with Iceland’s Heart Association, and has provided smaller grants to a number of other Icelandic medical researchers. Iceland’s location, straddling the Mid Atlantic Ridge, makes the country a virtual laboratory for examining the geological forces that are shaping our planet. U.S. agencies such as the U.S. Geological Survey (USGS), and the National Science Foundation (NSF) have taken a particular interest in conducting cooperative geosciences research in Iceland. Another area where our research communities have cooperated closely is the study of scientific, environmental and societal issues and developments affecting the Arctic region.
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