1.Why
Iceland ?

With
regards to European Union (EU) enlargement and the recent merger of  Iceland into EU, we explore the practice of
geographical uniqueness by diplomatic and political elites , its people and
nature to best , It is a country of sharp
contrasts. It’s a place where still fire and ice can almost be seen together.
The dark winters and midnight sun makes a perfect day and exploring the country
is a peak feel. It is a country which shows a rich and vibrant culture in its
community and people.  It’s a dynamic country
inspired by unique nature which is an adventure set in stunning scenery. The
also influential part of this country to me is its trade practices and
investment in business sectors across the globe and in its continent . The
official language of Iceland is Icelandic, It has changed little throughout the
centuries. English is widely spoken and understood across Iceland. The best
part for me to understand about this country is the employment rate which is
high and only low as 4% people are unemployed 
with a growing GDP in the country.

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2. Introduction

a.      Geography

Iceland
is located in the North Atlantic between Norway, Scotland and Greenland. It is
the second-largest island in Europe with a land area of some 103 thousand
square kilometers, a coastline of 4,970 kilometers .

From a geological appoint, Iceland is a very young and small
country, midst of its own creation and nature. The Active volcanoes, bright
green valleys, glacier-cut fjords, black sand beaches, and roaring rivers are
the most distinctive features of the Iceland landscape. Being so near to human
civilization they remain untouched and can be felt in real way. In this
fast-paced of sprawling development, Its pure nature and empty expanses stand
out as a luxury in world. Iceland has three main natural resources that
represent both traditional and growing sectors of its economy that is Water,
Fisheries and Renewable energy.

Iceland is surrounded by rich and most effective fishing
grounds in the North Atlantic Ocean and fisheries have contributed great to
countries economy. In order to continue the trend great care is taken such that
fisheries with responsibility of a strong focus on sustainability of fish
stocks and marine ecosystem. 

Iceland is a world leader in the use of renewable energy, it
has high  resources of hydroelectric
power and geothermal energy that can 
produce nearly all its electricity from emission-free, sustainable
natural resources. In regards to this its water is pure, and plentiful. 

b.      Cultures

The
Iceland culture is the Icelandic language which has flipped a literary
tradition that dates back to the ancient Icelandic Sagas. The modern Iceland
still has a strong literary tradition.  Iceland also boasts a prospering
music scene, a burgeoning film industry, and Icelandic design is coming of age.

Icelandic
traditions are inspired by centuries long insular existence and curious mixture
of pagan influence on a Christian religion. Icelandic folk tales are ripe with
mysticism, ghosts and elves and trolls, and further shaped by the
natural forces and a taxing environment. 

Many of the
festivities are related to ancient Norse traditions and many are related to
Christian calendar, but nowadays many Iceland people celebrate these events in
a secular way. In addition to the traditional and cultural affairs the
people here celebrate numerous festivals throughout the year as per their
culture.

 

 

 

 

 

c.       Governmental
systems / legal systems, etc.

 

Iceland has a republic and a written constitution with  a parliamentary form of government. The
president is elected by direct popular vote for a term of four years, with no
term limit. The ministers sit in Althingi, and if they have not been
elected, they do not have the right to vote in parliament. Judicial power lies with the Supreme Court and
the district courts.

 

The government
in Iceland is mainly parted by three important features:

1. the division
of power between Alpingi and the executive remains unclear;

2. the
individual ministers are highly independent by own;

3. the civil
services have a low degree of autonomy.

Iceland depends
very much on the analyst’s definition of parliamentary democracy.

 

a.       GDP / GNP / Export / Import

 

Iceland is a
open economy, with imports and exports of goods and services amounting to 46%
and 53% of GDP in 2015. In the period 2000–2015, trade openness, measured as
the ratio of imports and exports of goods and services to GDP, averaged 86%,
well above the OECD average. Although trade still involves a relatively large
share of primary products and commodities, exports have diversified
significantly since the beginning of the century.

 

As in other developed economies, services form the
bulk of economic activity, accounting for more than 70% of GDP in 2015. The
marine sector accounted for 8.3% of GDP in 2015 and remains one of the most
important sources of export revenues, although its relative weight in total
export revenues has declined in recent years, as energy-intensive exports and
tourism-related services have increased more rapidly.

 

In
2015, 78% of goods exports went to European Economic Area (EEA) member
countries, which were also the source of 61% of imports. Currently, Iceland’s Largest
trading partner countries are the Netherlands, the UK, Germany, Norway, the US,
and Spain. Trade with China has increased dramatically over the past few years,
and China is now Iceland’s ninth-largest trading partner.

In
terms of currency, the euro area constitutes the largest trading area,
accounting for 36% of imports and 27% of exports.

 

Source:
(https://www.cb.is/library/Skraarsafn—EN/Economy-of-Iceland/2016/Economy_of_Iceland_2016.pdf)

 

a.      Business
partners

 

Iceland means business that means Innovation and R.

 This country has a Concentrated creativity and
good conditions for business that is entrepreneurship, relevant resources and
supply and demand are meant, making business actors think and able act on
innovative solutions to improve productivity, and growth of long-term outcome
and jobs in both traditional sectors and innovative environments. Iceland Promote
the business community in various marketing and trade promotional services, these
services include the companies to  trade in
fairs and business delegations, consulting, various training programs and the
provision for market information. Source :
(http://www.iceland.is/trade-invest)

 

 

Iceland
provides international clients with information on the Icelandic economy and
general information about doing business in Iceland as well as investment
opportunities. The main business prospect are as follows:

o  
Bio & Health
Technology in Iceland 

o  
Clean tech – Green technology 

o  
Iceland – a
world-leader in renewable geothermal energy for both domestic and industrial
purposes.

o  
Fisheries remains one
of the pillars of the Icelandic economy

o   Food & Drink

 

3.
What are the positive and negative affects of globalization on this country?

Economic globalization possibly has detrimental effects on
the wide gap among the rich and the poor .In previous year in Iceland,
globalization had an extremely negative effect on the economy; it continues to
hurt the country environmentally. While it’s common to hear of companies going
bankrupt, the entire country of Iceland almost went into a state of bankruptcy
in 2008, but with much of the banks’ capital being loaned outside the country,
Iceland became overly dependent on other countries’ economies staying afloat
and those countries’ residents and businesses paying off their debt.  Iceland’s problems really began when it
became a victim of poor currency trading rates, called carry rates.
Globalization in general has caused a lot of harm to the environment, which has
caused the temperature of the Earth to rise. Because Iceland rests in the
Arctic Circle, much of its land is frozen and glacial. The heat is causing the
glaciers to melt. Sea levels aren’t the only things rising due to climate
change, swaths of land in Iceland. Although globalization has so far been bad
for Iceland, its people aren’t too worried. Iceland’s traditional cultural
values have persisted even during the process of globalization. Positive
impacts are seen in the above description regards to the countries introduction
and development in all aspect as a global leader.

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