On June 19, the Export and Marketing Council approved a revised long-term strategy for Icelandic exports. Business Iceland led the development of the strategy, a collaborative effort between the government and the private sector. Its primary objective is to increase export revenues and support sustainable economic growth in Iceland. Icelandic industry and government stakeholders originally formulated and approved the strategy in 2019 through broad consultation.

The primary objective of the strategy is to increase export revenues and foster economic growth. Iceland operates an export-driven economy that depends heavily on the sale of goods and services abroad. To maintain an annual GDP growth rate of 3.5%, export revenues must grow at a similar pace, as exports account for nearly half of the nation's GDP. As a result, export revenue must roughly double every 20 years. Reaching that target requires a clear strategy that outlines a long-term vision, goals, and the means to achieve them.

“The standard of living we enjoy today is largely built on our ability as a society to generate value and access foreign markets for that value. This comprehensive plan lays out the paths that the private sector and government, after joint deliberation, consider the most realistic and effective for continuing to create value and sustaining our quality of life,” said the Minister for Foreign Affairs Þorgerður Katrín Gunnarsdóttir during the Export and Marketing Council meeting.

The strategy envisions Iceland becoming a global leader in sustainable exports. Iceland’s competitive edge lies not in volume or price but in high-quality products built on purity, technical expertise, and sustainable use of resources. To differentiate itself, Iceland must rely on strong branding and marketing that reinforces its image as a leader in sustainability and sparks greater interest and demand for Icelandic goods and services.

“The strategy presents a clear vision: that Iceland will be a leading nation in sustainable exports. It is rooted in the idea that sustainability is not just a value but an advantage. Iceland is uniquely positioned to carve out a niche in a competitive global market by exporting products, services, and intellectual capital grounded in quality and responsibility to the environment and future generations,” said Pétur Þ. Óskarsson, CEO of Business Iceland, during the meeting.

“We've seen in international research and surveys conducted by Business Iceland that sustainability is a powerful message and is strongly associated with Iceland. This is a valuable asset that is not a given today. It is the result of broad collaboration, ambition, and a shared vision that we have built together in recent years.”

Businesses, interest groups, and institutions collaborated extensively to develop the strategy, engaging more than 400 representatives from all major export sectors. The plan outlines measurable objectives, sector-specific priorities, and targeted market regions for the coming years. Every five years, stakeholders review the strategy based on market analysis, emerging opportunities, and ongoing dialogue. Each year, government and industry partners will jointly issue a new action plan.

The strategy and Business Iceland’s export performance dashboard are available (Icelandic only) on the Business Iceland website.   

About the Export and Marketing Council

The Minister for Foreign Affairs appoints the Export and Marketing Council. Its role is to shape, approve, and monitor the implementation of the long-term strategy jointly developed by the government and industry for export and marketing efforts. The council also reviews proposed projects to ensure alignment with the long-term strategy. The council consists of 31 members—10 independent and 21 nominated by the Minister of Fisheries and Agriculture, the Minister of Tourism, Industry, and Innovation, the Minister of Education and Culture, the Confederation of Icelandic Enterprise, the Association of Local Authorities, and the regional marketing offices cooperation group.