FM: Icelandic businesses interested in the Russian market

Russia’s Foreign Minister Sergey Lavrov had talks with Foreign Minister of Iceland Gudlaugur Thor Thordarson in Moscow, website of the Foreign Ministry reports.

“Russian-Icelandic relations are developing positively despite the complicated international conditions. Our trade and cooperation in the economy, investment and high technology, as well as at the Arctic Council, are developing apace and have positive growth prospects,” Lavrov said.

At a joint news conference following the talks, Lavrov noted that “We managed to reverse the negative trend in trade last year, when bilateral trade increased by over 20%. This is a positive development, even though our trade is only estimated at $50 mio so far. However, we have agreed to keep this positive trend up and to make it sustainable. The mechanism of regular Russian-Icelandic consultations on trade and economic cooperation has a special part to play in this. The next meeting is scheduled to take place in the second quarter of 2020.”

He also noted “Icelandic businesses’ growing interest in the Russian market. This led to the establishment of the Icelandic-Russian Chamber of Commerce, which includes over 30 Icelandic companies, last month. Important projects involving innovative technology, telecommunications and geothermal energy are already being implemented in a number of Russian regions. Icelandic companies are involved in upgrading the Russian fishing fleet, such as designing modern ships and supplying equipment. The Skolkovo Foundation signed an agreement on cooperation with the Icelandic Innovation Centre. Last year, Russian S7 Airlines initiated regular service to Iceland during the summer season.”

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