Iceland review - 2013, Page 109

ICELAND REVIEW 107
Invest
In Iceland
several large-scale data centers, which would also
help Reykjavík grow its IT sector.
99 percent of all electricity in Iceland is generated
from green, renewable energy, making Reykjavík an
ideal city to pursue eco-friendly initiatives. Elsewhere
in the world, geothermal energy plants often focus
solely on electricity production, thereby wasting
a great deal of associated energy opportunities.
By contrast, two geothermal facilities less than 50
kilometers outside of Reykjavík take a no-waste
approach to energy production. The Hellisheiði
Geothermal Plant is located in the volcanically-active
Hengill area, utilizing those extensive geothermal
resources to provide both hot water for domes-
tic space heating and electricity for customers in
Reykjanes and the capital area. The Reykjanes
Resource Park not only generates electricity at its
facilities, but also utilizes steam, sea water wells,
and CO2 production to power such varied enter-
prises as a biotechnology research center, tropical
fish farming, renewable methanol production and
molecular farming.
This no-waste policy towards energy is shared
by Iceland’s forward-looking fishing industry, which
aspires to increase the value of current seafood
catch through the clever use of fish by-products.
The biotechnology company Zymetech, for instance,
utilizes the byproducts of Atlantic cod for its phar-
maceuticals and beauty products. Haustak is a lead-
ing exporter in the growing world market for dried
fish products, such as heads, bones and stock-fish.
Cod liver and Omega-3 fish oil are the main products
of Lýsi, a world leader in marine lipids and Icelandic
fish leather, used in the production of designer
handbags, accessories and shoes, has become
a coveted material for fashion designers both in
Iceland and abroad.
Reykjavík can also be an ideal city for creative
skilled professionals who want to gain valuable
and varied training in the workplace, says Óli Örn,
who not only credits this to the city’s family-friendly
workplace policies and tolerant atmosphere, but
also sees unique benefits for employees working in
small international businesses. “In a small company,
you get lots of diverse experience quickly,” says Óli
Örn. Professionals working in organizations with
few employees learn, by necessity, he says, to wear
many different hats and also have more opportuni-
ties for quick advancement. “You might start in
IT and then find yourself also working in product
development, or as a public relations manager. It’s
basically three years of experience for one year.”
Compared to some larger cities where busi-
nesses might base their operations, Reykjavík is
small. But contrary to the popular axiom, for both
entrepreneurs looking to nurture and grow their new
companies and international corporations looking to
expand their operations, smaller can be better.
óli Örn Eiríksson,
Head of Economic development.