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Business perspectives: isfelag Vestmannaeyja, Iceland: Iceland's oldest company.

Iceland's oldest company, isfelag Vestmannaeyja, was established in 1901. Today, it is one of the country's largest seafood companies. It has two factories in the Westman Islands off the south coast of Iceland and two in Thorshofn in the north eastern part of the country, with operations divided into three main categories: fishing. fish processing. and fish meal and fish oil production. The company's main markets are the European Union, Eastern Europe and Japan.

"Our company, along with other Icelandic seafood companies, has benefited greatly from Iceland's participation in EFTA. In the 1970s, after Iceland became a member of EFTA, 60% of the customs tariffs imposed on our fishery products were wiped out when exported to other EFTA States and the European Union. When Iceland joined the European Economic Area in 1994, only 70% of our products were left with any tariffs. Today, we follow with keen interest EFTA's free trade negotiations with partners from Eastern Europe, another important market for us. It is our hope that a free trade agreement with Russia, Belarus and Kazakhstan will bring our export duties to zero, thereby further increasing our competitive edge in these countries", says Stefan Frioriksson, CEO of isfelag Vestmannaeyja.

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Publication:EFTA Bulletin (Switzerland)
Article Type:Brief article
Geographic Code:4EXIC
Date:Dec 1, 2013
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