Dueto the lack, cost, and time of Cod fishing in the United States it has broughta good point to start looking foreign.
When reviewing counties that have a highexport of fish, Iceland came across my findings. Looking further into thebusiness between United States and Iceland have done a plenty of businessmaking it easier for export. Icelandis a tiny island roughly the size of Kentucky and is home to roughly 334,252people.
More than half the population live in the capital area of Reykjavik. Theofficial language is Icelandic, it is an Indo-European language. English isseen as the international language of Iceland and also is the second languagelearned in the country, and mandatory in public schools.
There should be littleto no language barriers when communicating with this foreign investment opportunity.In an article from Business Insider, on January 6, 2017 Iceland was namednumber 1 for the most tolerant, progressive, and environmentally friendlycountries in the world.Icelandic’sare a small community of people that pride themselves on trust. They are very hard workers and is not uncommonfor them to work multiple jobs. They are direct, hold honesty to a high value, along with keeping yourword. They tend to leave big decisions to last minute and may be unsure about committingto a big decision. Business meeting are normally concise and straight to thepoint. When traveling internationally do not be surprised if you are asked tovisit their home for a business meeting.
When first making contact theyoften seem quite and reserved at first. Once you get to know they are very friendly.Shaking hands is a standard way of greeting business partners. Iceland is a classlesssociety. What I mean by this is that Icelandic companies lack thehierachies that is known throughout Europe and in North America.
You may besitting down in a meeting with an assosciate only to have the CEO come in andjoin in for a chat in the meeting. Most meeting generally start with an exchangeof business cards, than are straight to the point. These may be done over coffee,or dinner.
You may also be invited to expierence something involving the country.Showing in interest is very appreciated. Whenasking about their names, they will normally answer with their first name.
Icelandforbids the use of surnames. There was a law passed in 1925 banning it. Whencreating a name, they use primary patronymics. To create a name an Icelandicwould use the suffix (‘son’) for son and (‘dottir’) and added to the genitiveform of the father’s name.
An example of this would be the name Helgi. Thegenitive form would be Helga, for a son it would be Helgason and a daughterwould be Helgadóttir. This will be especially helpful in determing gender withoutsee the person in person.Just as in the Englishlanguage, Icelanders do not have a formal way of saying “you”. Rather formalityis expressed through the vocabulary one uses and the tone of voice. It istypical for Icelanders to address each other by their first names.
Sometimesthey also refer to each other as Herra, Frú and Ungfrú, equivalents for Mr, Mrsand Miss, but these words are very rarely used. Theirbusiness styles are not ways of the United States. They are friendly andmodest. If you come across boasting about your achievements they might tend tolook the other way. Etiquette in similar to the United States. Be direct, shakehands, with eye contact. Once in business together they tend to be more laidback. Business will slow down in the autumn and winter due to the hour change.
During this period of time it is just about 24 hours of darkness. The business culture is a mix ofpersonal and professional. With Iceland being a small country, people tend toknow each other and makes business friendly. Some of the first settlers inIceland were businessmen.
Following old traditions Iceland continues to makefair-trade and honoring agreements. They value honesty, indendence, friendshipand accountability. An oral agreement in Iceland is binding to the law. Genderequality is more in Iceland than in many other countries. In 1980 Iceland wasthe first country in the world to have a nationally elected female president.Also in 2009 the first female-prime-minster elected, she was also the world’sfirst openly gay leader.
The political system allows woman interested to pursuetheir interests in the parliament. There is are also woman in the clergy.Fishing in mostly dominated by men, but in the fish processing part it is moredominated by women. Thereligious beliefs in Iceland dominantly are members of the Evangelical LutheranChurch, which is about 80%. Whilethis is a small country the labor force shows that its strong. With thepopulation being just roughly 334,252 people…. according to Global RoadWarrior” The economy depends heavily on the fishing industry,which provides 40% of merchandise export earnings, more than 12% of GDP, andemploys nearly 5% of the work force”. Unemployment rate in the Iceland is low.
In 2016 it was at 2.7%, and in country comparison to the world it is 19. Theyare strong healthy workers.Theeconomic system is a capitalist structure and also with free-market principals.A capitalist structure is an economic structure which the goods are owned byprivate individuals or the business.
In Iceland the business is generally ownedby the people and not corporations. Free-market principals are principals thatare dictated by an open market and consumers. The services and prices are setbuy the supply and demand. The government and monopolies have no role.
Icelandis a highly export driven economy and is always looking for investmentsopportunities from foreign countries.