The Indo Icelandic Business Association was established 12 January 2010 in New Delhi to promote trade, investment, cultural and bilateral relations between India and Iceland. The IIBA operates in accordance with its Memorandum of Society that stipulates the association´s role, governance, rules and procedures. The IIBA assists interested and concerned parties from both countries to establish Business, commercial and cultural relations. Further the IIBA takes up matters of mutual interest including Business opportunities or trade issues with appropriate political or administrative bodies.
The IIBA co-hosted a reception in honour of five term former President Olafur Ragnar Grimsson and the First Lady during his state visit to India on March 3rd, 2020 at the Ball Room, Roseatte House - New Delhi.
The reception was planned in cooperation with the Embassy Of Iceland in India. Ambassador Gudmundur Arni Stefansson opened the event followed by the chairman of the IIBA - Mr Prasoon Dewan who steered the event by inviting former President to speak on the concerned topics. Other imminent guest speakers also shared their expert opinion. The reception was attended by HE T. Armstrong Changsan - Ambassador of India in Iceland, honourable Parliamentarians, senior bureaucrats, industry leaders and esteemed members of the IIBA.
Following a very successful business delegation to Iceland in June, another delegation of the IIBA members accompanied the Hon. President of India His Excellency Shri Ram Nath Kovind to Iceland from September 9 - 11th, 2019.
Besides several MOU's between the respective governments, four letter of Intent and Cooperation were signed by the IIBA and its members in the field of films and television, education, arts and culture.
An exclusive LOI & C was signed between the India Iceland Trade Council (IITC) & the IIBA to extend support and cooperation in the field of business and culture.
The delegation was widely supported by HE Gudmundur Arni Stefansson - Ambassador of Iceland in India and HE T. Armstrong Changsan - Ambassador of India in Iceland. The delegation of the IIBA was led by Mr. Prasoon Dewan - Chairman and attended by the following members Mr Dalip Dua, Mr. Saurabh Sharma, Lt Cdr Vijay Saxena, Mrs Anita Malik, Mr. Vijay Bhatia, Mr. Virendra Agarwal, Ms Saloni.
Members of ASSOCHAM, FICCI, IMC also accompanied the Presidential Delegation.
The first ever official business delegation to Iceland from India, organised by the IIBA under the Chairmanship of Mr Prasoon Dewan with support from Embassy of Iceland and the Indian Embassy in Reykjavik from 5-10 June 2019, concluded successfully. His Excellency Gudmundur Árni Stefansson - Ambassador of Iceland in India, accompanied the business delegation. The delegation was received by the ministry of foreign affairs and HE Gudlaugur Thor Thordarsson - Foreign Minister of Iceland. The Indian Embassy in Iceland organised B2B seminar under the Ambassadorship of HE T Armstrong Changsen and extended full support to the delegation. The two sides explored opportunities in the fields of ferrosilicon, food, textiles, pharmaceutical, technology and tourism. The proposal for a direct flight between Delhi and Reykjavik will further enhance business possibilities between both countries and most certainly boost tourism.
The Embassy of Iceland has been working very closely with Indo Icelandic
Business Association (IIBA) over the years in enhancing business and
cultural ties between Iceland and India.
IIBA is the voice of the business community as well as individuals who are striving to further strengthen relations between the two nations and I am honoured to be associated with this vibrant group of intellectuals and business leaders.
Iceland presents opportunities in varied fields including marine sector, renewable energy, cleantech, food processing, biotech, IoT and medical devices. I would also like to highlight that electricity production in Iceland is 100% renewable energy (70% hydro & 30% geothermal) which is available at very competitive rates presenting an excellent opportunity for Indian investors to invest in power intensive sectors such as Data Centers, carbon fibre and ferrosilicon manufacturing, etc. Lastly but not least, Iceland is the land of pure and unspoiled nature and it has become one of the favourite destinations for Indian tourists and film industry.
Recently a group of IIBA members visited Iceland and I´m sure that the visit, the meetings with the business society and officials in Iceland will open new doors in near future.
There are lot of opportunities around the corner and I´m confident that we will see growth in business and communications between the two countries, India and Iceland in coming years. In that development, the IIBA will play a major role.
I wish the Association, and it´s members, success in all it endeavours and look forward to our continued cooperation in furthering our objectives.
The Embassy of Iceland has enjoyed a longstanding and productive working relation with the Indo-Icelandic Business Association. Our mutual objective is to promote stronger business and cultural relations between Iceland and India and to foster a network of businesses and contacts engaged in Indo-Icelandic relations. I take this opportunity to congratulate the IIBA on the occasion of the launch of this new webpage which will certainly help further strengthen the Indo-Icelandic relations.