Iceland

With India’s emergence as a global economic power, Iceland and India seek to play a more prominent role in each other's economy

Iceland was the first Nordic country to publicly extend support to India’s candidature for permanent membership of United Nations Security Council (UNSC)

Sustainable fisheries and renewable energy are areas of mutual interest between India and Iceland

Agreement on Bilateral Investment Protection and Promotion (BIPA) signed between India and Iceland

Double Taxation Avoidance Agreement (DTAA) between India and Iceland

US$ 28.65
FDI inflow to India from April 2000 to March 2022

US$ 17.13mn

is bilateral trade value in 2020-2021

333
Overseas Indians living in Iceland

Efficient

business environment and educated labour force

Advanced infrastructure

for telecommunications networks and services

ICT

Iceland is among the leading countries in the world in terms of ICT- 2nd highest information technology skills in the world

Energy

Iceland has rich resources of hydroelectric and geothermal energy, which are responsibly harnessed--competitively priced green energy

Key sectors

Life sciences, tourism, data centres, algae culture, Renewable Energy, Fisheries, ICT, Biotechnology, and Arctic issues

India- Iceland Bilateral Investment Treaties/Agreements

A summary of the bilateral engagements between India and Iceland.

India Iceland Bilateral Relations

A series of high level visits since 2000 have imparted new dynamism to the bilateral relations between the two countries

India Iceland Mous/ Agreements 2020

MoU between India and Iceland in the field of Sustainable Fisheries Development

India's Exports and Imports to Iceland

Source: Department of Commerce

Value in US$ Millions

S.No.	\Year	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022
1.	EXPORT	5.90	30.79	10.05	10.91	11.77
2.	%Growth		422.15	-67.36	8.58	7.84
3.	India’s Total Export	303,526.16	330,078.09	313,361.04	291,808.48	422,004.40
4.	%Growth		8.75	-5.06	-6.88	44.62
5.	%Share	0.00	0.01	0.00	0.00	0.00
6.	IMPORT	7.40	8.67	10.41	6.22	5.71
7.	%Growth		17.11	20.13	-40.30	-8.19
8.	India’s Total Import	465,580.99	514,078.42	474,709.28	394,435.88	613,052.05
9.	%Growth		10.42	-7.66	-16.91	55.43
10.	%Share	0.00	0.00	0.00	0.00	0.00
11.	TOTAL TRADE	13.30	39.46	20.46	17.13	17.48
12.	%Growth		196.71	-48.14	-16.29	2.02
13.	India’s Total Trade	769,107.15	844,156.51	788,070.32	686,244.36	1,035,056.45
14.	%Growth		9.76	-6.64	-12.92	50.83
15.	%Share	0.00	0.00	0.00	0.00	0.00
16.	TRADE BALANCE	-1.50	22.13	-0.36	4.70	6.06
17.	India’s Trade Balance	-162,054.83	-184,000.33	-161,348.24	-102,627.40	-191,047.65

Note: Since 2006-07, Petroleum figures are being computed from Import Daily trade Returns (DTRs) to generate country-wise/port-wise tables. Up to 2005-06, consolidated petroleum import figures were being received from the Petroleum Ministry.

Invest in Iceland

+354-511-4000

Visit Website

Sundargardar 2, IS-104 Reykjavík

Embassy of India, Iceland

com.reykjavikmea.gov.in

00354 – 5349955

Visit Website

Tungata 7, 101 Reykjavik

Opportunities

Agricultural exports

Beer made from malt (220300)
Waters, incl. min. waters & aerated waters, cont. added sugar/oth. sweeteni … (220210)
Wine other than sparkling wine of fresh grapes, incl. fortified; grape must with fermentation prevented/arrested by the addition of alcohol, in containters of 2 l/less (220421)

agriexchange.apeda.gov.in

Meat of bovine animals, frozen, boneless (020230)

agriexchange.apeda.gov.in

Bread, pastry, cakes, biscuits & oth. bakers’ wares n.e.s. in Ch.19, whethe … (190590)
Sugar confectionery other than chewing gum (incl. white chocolate), not con … (170490)

agriexchange.apeda.gov.in

Chocolate & oth. food preps. cont. cocoa (excl. of 1806.20-1806.32) (180690)

agriexchange.apeda.gov.in

Food preps., n.e.s. (210690)
Prepared foods obt. by the swelling/roasting of cereals/cereal prods. (190410)
Sauces & preps. therefor, n.e.s.; mixed condiments & mixed seasonings, n.e. … (210390)

agriexchange.apeda.gov.in

Crustaceans, frozen, cold-water shrimps & prawns (pandalus spp. crangon crangon) in shell or not, smoking or not smoked, cooked or not before or during smaoking, in shell, cooked by steaming or by boiling in water
Fish – fresh or chilled, cod (gadius, morhua gadus ogac, gadius macrocephalus), excluding fillet, liver, roes & other fish meat.
Fish – fresh or chilled, n.e.c. in heading 0302 excluding fillet, liver, roes & other fish meat of heading 0304 (030289)
Fish – fresh or chilled, swordfish (xiphias gladius) excluding fillet, liver, roes and other fish meat
Molluscs; cuttle fish and squid, whether in shell or not, frozen, dried, salted, in brine, or smoked, cooked or not before or during the smoking process.

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