Iceland has two leading companies in the world in the marketing and distribution of fish, two leading players in food shipping in the North Atlantic and over 70 technology firms, many of which have become global providers of various products for the food, aquaculture, and fishing industry in the world.
Seafood export represents around 40% of Iceland’s total product export compared to just 5% in Norway. The total export value was $2,2 Billion 2012. The seafood cluster has a 10% direct contribution to GDP which is amongst the highest in the OECD. If you add the indirect effects the contribution scales to 26% of GDP or $3,3 Billion.
On the basis of high value seafood, Iceland has created several world class technology companies serving the seafood sector which have diversified into other areas.
Along with the technology sector, ocean related biotechnology has been growing fast and a number of companies exciting companies established in recent years.
In 2010, Iceland was No.1 in the OECD in seafood research. The major universities work with the seafood sector in increasing productivity. The Icelandic fishing fleet is one of the most advanced in the world and is a lead user for many industry innovations.