Faroe Business Report 2010 • 3
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In cooperation with the Ministry of Foreign Affairs and the Ministry of Trade and Industry FaroeBusinessreport THE INTERNATIONAL REVIEW OF FAROE ISLANDS INDUSTRY AND TRADE Faroe Business r eport 2010 2010 Faroe Business Report — 2010 The International Review of Faroe Islands Industry and Trade ISBN 978-99918-998-4-8 Need a car in ISSN 1903-1173 Published and produced by PRnewsMedia.com North Atlantic Information Services Spf PO Box 3283 FO-110 Tórshavn Faroe Islands Tel.: +298 449 627 the Faroes? In cooperation with The Ministry of Foreign Affairs OpenEye.biz Editor in Chief: Búi Tyril WELCOME TO THE Get it here at Photo Editor: Maria Olsen 2010 EDITION OF THE Contributors: FAROE BUSINESS REPORT >>> www.rentacar.fo Jeremy Cresswell Alex Cross Stephen Metcalf T’S A GREAT PLEASURE to present to you the fifth volume —with a personal service, Jørgen Niclasen in this series—the 2010 edition of the Faroe Business Report. For at an unbeatable price. 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Publisher and Editor in Chief rentacar.fo >>> [email protected] • Tel. +298 232 121 • í Homrum 19, FO-410 Kollafjørður, Faroe Islands Faroe Business Report 2010 • 3 Rentacar_fo_ad_FBR2010.indd 1 26/04/2010 02:33 GEOGRAPHY FISHERIES, SEAFOOD INDUSTRY FaroeBusinessreport 2010 • 36 Getting the Message Right • The Faroese fisheries management 7 A committed Part of the Global Communinty Minister of Foreign regime has been praised for its ability to create transparency and eliminate Affairs, Jørgen Niclansen, on the Faroe Islands’ commitment to interna- MARITIME & RELATED INDUSTRIES tional cooperation. discards of marketable fish, but old communication problems may make it difficult to work with conservationists. • 56 Scramble to Cope • 8 Something Mystical Today’s Faroese would never consider living Progress in the maritime sector could be key to 76 Fresh Link: Return of the Star • Founding a new shipping without modern technology but still have preserved much of their ancient Magnificent New Pelagic Vessel Tróndur í Gøtu• a swift recovery in the Faroes, spearheaded by infrastructure development 40 Vinnan gets a company to save a vital link between the Faroe Islands and Scotland culture—including some hunting and herding practices that may indeed and offshore oil and gas—yet unexpected levels of success in some areas new RSW vessel of the highest caliber, possibly the last one for the Faroe turned out to be a smart move—with hundreds of tonnes of fresh and seem surreal to outsiders. highlight gaps in the legislation. Islands for a long time, considering recent cuts in pelagic fish quotas. frozen fish products exported every week, and imports growing. 15 Boosting Faroe-Euro Trade • 59 Maritime Regulations: Int’l Standards Wanted • Adjusting to While new trade agreements with 44 A better Way to Share the Fish • As it chairs the Nordic Coopera- 78 Superior Cleaning Agents Mean Business in Money Squeeze • business environment changes, Faroe Agency pushes for improved Eastern European countries could come about in the near future, the tion in Fisheries and Aquaculture for the first time, the Faroes places Kemilux retains sufficient capacity to supply international ship fleets with contingency planning in the Faroe Islands, awaiting new legislation on Faroes is hoping to see its Free Trade Agreement with the EU upgraded issues of marine ecosystem management and rights based fisheries on the its world-leading detergents and cleaning agents—while sales soar to marine pollution and liability in cases of accidents. to encompass services as well as goods. joint agenda, highlighting problems related to changes in migratory record high as business customers focus on value for money. resources. 16 Fending Off Recession, the Faroese Way • 60 Mest Pushes Out the Boundaries • Prospects for new Alongside its traditional role as 80 Optimism at Port of Runavík • As well as being home to the economic growth and untapped business opportunities are highlighted in • a shipbuilder and repairer, MEST has grown into a multifaceted company 46 Eilif Gaard: Champion of the Holistic Approach to Science country’s only supply base for offshore oil and gas, Runavík has become a major stimulus package in the Faroe Islands, featuring projects ranging with a growing interest in high-tech equipment for fish processing on land Under its new management, the Faroe Marine Research Institute looks to the largest port in the Faroes as regards sourcing of both wild whitefish from aquaculture and pharmaceuticals to shipbuilding and tourism. and at sea. further develop its knowledge of marine ecosystems, as well as finding and farmed salmon—and is poised to become even larger. new ways to bridge the gap between fisheries science and commercial 18 Revamping Vagar Airport • 62 Vónin Advances in Pelagic Fishing Gear • In the hope that commercial flights will fishing. Vónin’s international 82 SBW Introduces Intra-European Door-to-Door Service • Receiving become cheaper and the fledgling Faroese tourism sector be given a boost, reach increases as the company focuses on fuel economy and environmen- increasing amounts of export cargo from the Faroe Islands and Iceland, an ambitious step is being taken to generate more air traffic in the Faroe 48 Faroese Fishing Giant to Expand Product Range • tally friendly fishing gear—with successful purse seine nets and pelagic Smyril Blue Water complements its signature reefer truck service with Islands: the extension of Vagar Airport. With its own trawls attracting vessel owners from across the world. fleet of modern fishing vessels to secure sourcing, Faroe Seafood looks to cheaper and more environmentally friendly alternatives for its clients. • extend its range of value added products after tough years of its expansion 20 Magic for Meetings Peculiar for its remoteness, yet only a 64 Complementing Industrial Fish • Faced with the prospect of • and consolidation. 84 ‘Always on the Look-Out for New Opportunities’ With the two-hour flight from Copenhagen, the Faroe Islands offers an exotic dwindling fishmeal production, the Port of Fuglafjørður looks to diversify country’s strongest capital and liquidity position, TF Holding, the leading blend of natural beauty and modernity—increasingly enticing for 50 Adjusting to Uncertainties • in future—with seafood processing returning to prominence and fuel private investor in the Faroe Islands—and by far the leading insurance conference-goers in search of the perfect getaway.