Iceland firms seek greater collaboration with India in fisheries and clean energy
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Companies from Iceland are looking to expand collaboration with Indian firms in sectors such as fisheries, clean energy, and innovation by leveraging the recently implemented trade pact between India and the European Free Trade Association.
India and the EFTA bloc, which includes Iceland, Liechtenstein, Norway, and Switzerland, implemented the Trade and Economic Partnership Agreement on October 1, 2025. The agreement was originally signed on March 10, 2024, and includes a commitment by EFTA countries to facilitate $100 billion in foreign direct investment in India over 15 years, with the aim of creating about one million direct jobs.
R Ravindra said an Icelandic firm has already announced a $30 million investment in an Indian company in the fisheries sector in Maharashtra, which is expected to generate around 800 to 1,000 jobs in Aurangabad.
Ravindra said collaborations are possible in areas such as biotechnology, geothermal energy, fisheries, and innovation, with Icelandic companies looking to use the Indian market to scale their operations. He added that opportunities also exist for Indian exporters in Iceland in sectors such as textiles, coffee, and pharmaceuticals.
An Indian industry chamber is expected to visit Iceland in May to explore further business opportunities.
India’s exports to Iceland stood at $66 million in 2024 to 2025, while imports were about $11 million.
The implementation of TEPA has removed tariffs on several agricultural and food products, allowing goods such as rice, processed vegetables, cane sugar, pineapples, and confectionery to enter Iceland duty-free. Earlier, import duties on some of these products ranged between 10 percent and 220 percent.
Officials say the tariff removal could help Indian exporters expand their presence in Iceland’s high-income but relatively niche market.