Thursday 12:12
British and Icelandic businessmen today heard about some of the key successes in the long and profitable trade and investment relationship between their two countries.
The President of Iceland H. E. Olafur Ragnar Grimsson, along with 25 Icelandic companies, and a large number of Icelandic investors in the UK took part in a key business conference jointly hosted by UK Trade & Investment (UKTI) and the Trade Council of Iceland.
Speaking at the event, Andrew Cahn, UKTI Chief Executive said: "I believe that our close cultural and historical ties mean that business people in Iceland and the UK are ideally placed to 'Partner for Success'. The UK and Iceland have many things in common: both seafaring island nations, our economies have become more diverse, supporting those knowledge driven industries like biotech, pharmaceuticals, high tech, finance, tourism and overseas investments.
"The UK is a key destination for Icelandic organisations, attracted by our straightforward legislative and business environment, our close geographical location, and our long established historical, cultural and trade relationship. Icelandic businesses account for over 100,000 jobs in the UK and their holdings in the UK are worth an estimated £466m today.
"Another area of great importance to both Iceland and the UK is the amount of merger and acquisition activity that emanates from Iceland. Companies such as The Baugur Group, Bakkavor Group and others, many of whom are here today, have become household names to those doing business in the UK."
"Our trading relationship is equally vibrant. The UK is third largest source of imports to Iceland's (behind USA & Germany) with a value of £183.852m annually - the equivalent of £613 for every Icelander."
Notes for Editors UK Trade & Investment is the lead government organisation that provides support for UK companies looking to develop international business. It also provides support for UK overseas companies wishing to invest in the UK. UK Trade & Investment has a wide range of services, backed-up by a network of trade advisors worldwide who can provide market intelligence, advice on regulations, sales leads, and financial and practical support. http://www.uktradeinvest.gov.uk
For latest press releases from UK Trade & Investment register on our on-line newsroom http://www.newsroom.uktradeinvest.gov.uk
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