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About the Ministry of Industry and Commerce
The Ministry of Industry and Commerce is now two ministries:
The Ministry of Industry and the Ministry of Commerce.
The Ministry of Industry and Commerce has broad and extensive responsibilities concerning both domestic and global issues. Its objectives are to broaden the economic base of the country and improve the competitiveness of Icelandic industries by increasing diversification and the level of productivity, thus providing new employment opportunities and better living conditions.

The activities of the Ministry can be classified into 5 main fields

  • Department of innovation, regional and industrial affairs
  • Department of energy and environmental affairs
  • Department of competition and consumer affairs
  • Department of investment and trade
  • Department of financial market affairs

Each field embraces both domestic and global issues and topics. The primary objective of the Department of Innovation, Regional and Industrial Affairs is to promote the competitiveness of the Icelandic industrial and service sectors by improving microeconomic conditions and work towards implementation of a policy-forming plan for regional issues. The role of the Department of Energy and Environmental Affairs is to promote utilization of Iceland´s sustainable energy resources. The utilization rate of renewable energy sources in Iceland is the highest in the world, and 99% of this energy is used in the production of electricity.

The function of the Department of Competition and Consumer Affairs is to implement rules ensuring an efficient competitive environment and consumer protection. The primary activities of the Department of Investment and Trade relate to attracting foreign investment, both general and in power-intensive industries, free-trade agreements and bilateral investment agreements. Financial market matters, with the exception of pension funds, fall under the Ministry of Industry and Commerce. The Department of Financial Market Affairs issues regulations and prepares legislative proposals on the operations of financial services providers; surveillance of such operations being carried out by the Financial Supervisory Authority.

There have been major changes in Icelandic industry over the past few years. Innovation has been stimulated primarily by a more liberal business climate and rapid progress in science and technology, particularly in information and communication technology. This has provided Icelandic industry with numerous opportunities to create a variety of jobs in new and demanding areas, and enabled it to play an active and profitable role in international trade.

Structural reforms have also taken place in several fields, such as financial markets, innovation and research, the labour market, a reform of the tax system, energy, transport, competition rules, privatisation, regulatory reform, development of the Iceland Stock Exchange, growth in foreign investment and business-friendly tax reforms, etc. This has resulted in greater competitiveness, more growth, jobs and a higher standard of living.

Ministry of Industry and Commerce
150 Reykjavik

Fax: + 354 562 1289
E-mail: [email protected]

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About the Ministry of Industry and Commerce