COUNCIL OF BRITISH CHAMBERS OF COMMERCE IN EUROPE

The BICC will be celebrating its tenth anniversary in 2007. In the past ten years the bilateral Chamber, with offices in Iceland and the United Kingdom, has grown to over 125 members.

Today, the Chamber has Chapters in Reykjavik, London, and Hull, representing the main hubs of Icelandic manufacturing and professional activities in Iceland and the UK. Leading Icelandic and British business men and women with an interest in Iceland sit on the boards of each of the Chapters.

While the Chamber has actively represented the business interests of its members over the years, it has been preoccupied over the past five years with the flow of Icelandic investment into the UK. Many of Iceland’s leading industrial, banking, and professional services firms have outgrown the small home market and sought to diversity activities into the UK and the Nordic area. The Chamber has promoted seminars on investing in the UK, often in close co-operation with UK trade bodies, and has arranged links between the Icelandic investors and many of the UK banks, professional service firms, and more recently financial analysts.

The Chamber has made a major effort to ensure the UK press and financial community correctly understands the nature of the Icelandic investment wave, and has sought to dispel the image of ‘Viking Raiders’ as so often portrayed in the popular press. Recent seminars have sought to advise smaller Icelandic companies on the investment opportunity in the UK, and the Chamber has published a booklet in Icelandic advising smaller companies on the experiences of the earlier larger investors.

The BICC also works closely with Icelandic ministries and trade bodies to ensure the investment opportunity in Iceland is well understood. With several notable advantages such as plentiful hydroelectric and geothermal power, a young and highly educated population, and advantageous tax rules, Iceland is an attractive investment target for several industrial and smelting sectors.

Other recent Chamber activities include an annual Northern Chapter golf tournament, a South Chapter cruise on the Thames and barbecue picnic, a presentation by the UK Takeover Panel on takeover practices in Iceland, and an economic presentation on financial stability to a large audience in London. The Chamber also hosts regular luncheons and seminars by leading Icelandic businessmen and bankers on visits to the UK.

John Quitter
Chairman, British-Icelandic Chamber of Commerce