Nova Scotia and Iceland Renew Trade Agreement

ECONOMIC DEVELOPMENT--Nova Scotia and Iceland Renew Trade Agreement

Nova Scotia has renewed the trade and business-development agreement it first signed with Iceland in 1998.

On Monday, Dec. 2, in Reykjavik, during his official visit to Iceland, Economic Development Minister Cecil Clarke signed a memorandum of understanding (MOU) with Iceland's Minister of Industry and Commerce, Valgerdur Sverrisdottir.

The visit, which concluded today, Dec. 3, was organized by the Office of Economic Development and Nova Scotia Business Inc.

Since Nova Scotia signed the original MOU with Iceland five years ago, the two have exchanged about a dozen business and government missions to study investment and trade opportunities in each jurisdiction.

"We are looking forward to welcoming the next Icelandic business delegation, which is being organized now for February 2003," said Mr. Clarke.

Activities under the MOU have included Icelandic investments in the fish-processing, aquaculture and software industries in Nova Scotia and Nova Scotia investments in the life sciences in Iceland. Also, a business commercialization facility in Iceland, modelled on Nova Scotia's InNOVAcorp, has been established.

"This agreement represents a commitment by both jurisdictions to continue doing business together for the benefit of their economies," said Ms. Sverrisdottir.

The renewed agreement will focus on energy-related technology, advanced manufacturing, environmental technology, life sciences, information technology, management, training and education. In addition to fostering business development and trade opportunities in Nova Scotia and Iceland, the MOU also provides for joint partnerships in other markets.