Industrial Policy Council issues first Activity Report

The Industrial Policy Council has issued its first Activity Report, setting out its assessment of Iceland’s new Industrial Policy and its Action Plan. The Industrial Policy Council operates independently and provides advice in connection with the formulation and implementation of the government’s Industrial Policy.

The Council welcomes the Government’s initiative to develop a comprehensive Industrial Policy, noting that it is well justified in light of the current geopolitical environment and the economic and societal transitions facing Iceland. The Council finds that the policy has a robust analytical foundation and supports its strategic focus on productivity growth, exports and long-term resilience.

A central message of the report is the importance of effective implementation. The Council welcomes the structured Action Plan and underlines that success will depend on clear deliverables, well-defined responsibilities and measurable indicators to monitor progress.

“The Government has taken an important step by setting out a comprehensive Industrial Policy for Iceland. The next phase will be decisive: successful implementation will require focus, coordination across government and measurable progress,” says Robert-Jan Smits, Chair of the Industrial Policy Council.

The Council also highlights areas not addressed by the Industrial Policy that require attention in order to achieve its overarching goals, such as labor market reform, exchange-rate stability, competitive tax policy and stronger data and analytical capacity to support evidence-based policymaking.

More on Iceland's Industrial Policy and the Industrial Policy Council