Economy & Business

The Faroese business sector is gradually becoming more diversified. The ocean and associated fields of knowledge however, remain as the Faroese's areas of expertise par excellence.

The Faroe Islanders are a seafaring people and the maritime expertise of the Faroese is widely renowned.

Over the centuries, the Faroese have developed the skills necessary to make the most of the valuable resources of the North Atlantic, and the Faroe Islands export seafood to all six continents.

The marine eco-systems around the Faroe Islands are highly productive with a diverse abundance of marine species.

A variety of fish stocks are utilised in Faroese waters, as well as from international waters and in other nations zones through fisheries agreements.

The clean, temperate oceanic waters and strong currents in the fjords around the Faroe Islands are ideal for fish farming and premium Salmon production.

Over the last years, the Faroe Islands have exported an average of 600,000 tonnes of seafood annually. Per capita, the Faroe Islands are by far the largest producer of seafood in the world.

The Faroese business sector is gradually becoming more and more diversified. Important and promising industries include financial services, petroleum related businesses, shipping, maritime services, civil aviation, IT and telecommunications, tourism and creative industries. Some are already well established, while others are up-and-coming.

The Faroese economy is ranked amongst the highest in the world based on GDP per capita.

A Large Ocean Nation

Few nations in the world are as closely tied to the sea as the Faroe Islands.

Invest in the Faroe Islands

The process of establishing a business in the Faroe Islands is both quick and easy.

A Fishing Nation with Proud Traditions

Few countries have such a high level of dependency on the sea and its resources as the Faroe Islands. As an island-dwelling and sea-faring people, the Faroese have developed the skills and expertise necessary to make the most of the valuable living resources of the North Atlantic.

Aquaculture

Salmon from the Faroe Islands is renowned around the world for its superior quality and taste.

Energy

Did you know that the Faroe Islands is one of the world’s leading nations in producing sustainable electricity with over 50% of the nation’s electricity deriving from renewable energy sources?

Creative Industries

It is often said that nature is a teacher and an inspiration to artists and creative souls in the Faroe Islands and that creativity and the cultivation of deep-rooted tradition are characteristic traits of Faroese society.

Innovative and Sustainable Tourism

An important new player in the Faroese economy is the tourism industry.

Maritime Services

The maritime expertise of the Faroese is widely renowned, signified by a high degree of flexibility and professionalism, which extends to crew, officers, shipping companies and service providers alike.

IT - Information Technology

The Faroe Islands are in the forefront when it comes to digitalisation.

Children of the Sea