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Private Sector Development

Iceland's policy on international development cooperation is a central and integrated part of the country ‘s foreign and security policy. The policy states how to engage the Icelandic business community further in development efforts. The private sector should be encouraged to contribute to value and job-creating projects in developing countries and to work towards the progress of the UN's sustainable development goals. Solutions, expertise, and investments provided by Icelandic companies can contribute to sustainable development, increase prosperity, and create opportunities for people in developing countries to break out of poverty through economic cooperation. Iceland looks to the European Organisation for Economic Co-operation and Development (OECD, DAC) in the implementation of projects, which include monitoring that member countries operate based on international obligations.

„The public and private sectors need to join forces to achieve the UN sustainable development goals. The private sector's global share of international development cooperation has increased greatly over the past decade and has become equal to the contribution of the public sector. Icelandic companies have the knowledge and competence to promote sustainable economic growth and job opportunities in developing countries, while at the same time preparing for more investment and business opportunities in future emerging markets. Nearly 20 Icelandic companies have already been supported by the SDGs Partnership Fund and I urge other companies to follow in their footsteps." - Thordis Kolbrún Reykfjörd Gylfadóttir, Minister for Foreign Affairs.