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Seafood

 

The economic backbone has been seafood since the early 1900‘s and the community was built through success in the seafood industry.  Infrastructure has been built to accommodate export to demanding European and US markets.  Almost all (99%) of the region´s seafood goes for export and roughly 15% of the seafood is exported fresh and shipped straight to international markets.  The level of know-how in the region is extraordinary for such a small region (population 7.300) and the quality of seafood is outstanding due to the closeness to some of the world´s cleanest fishing grounds for Atlantic Cod.  To add to that the region boasts of an excellent environment for further developing fish farming in many of its long fjords.  There already is small scale aquaculture of cod, arctic charr, mussels to be found in the region and investors have already started the initial phase of salmon farming in the region.

 

One of the benefits of the rural nature of the economy is that within it the supporting and service industry for fishing, fish processing and cold storage is to be found within the region.  For instance there is a hi-technology manufacturer of automated processing solutions for fish, shrimp and poultry in Isafjordur.  The company´s know-how is built around many years of successful service and cooperation with the key firms and has as such created a knowledge base of solution that is now transferred to other industries and a majority of production is for export.  This example of know-how is applicable to the other sectors of the service industry.