11/05/2026
Ambassador Jenny Hill met with Hanna Katrín Friðriksson, Iceland’s Minister of Industries.
and ’s bilateral trade has grown by an average of 7.2% annually since 2008 (an overall increase of 224%), yet there remains significant potential to deepen our economic relationship.
Canada offers a competitive environment for investment, with the lowest marginal effective tax rate for new business investments in the G7, the most educated workforce in the OECD, and a banking system ranked first in the G7 for stability.
Canada is also home to some of the world’s largest known reserves of rare earth minerals, essential to the global green transition, and is an energy leader investing in major projects to unlock its full potential.
There are clear opportunities for Canada and Iceland to collaborate further in tourism, clean energy, geothermal, aluminum, seafood, data centres, security and resilience, as well as capital investment flows.
We look forward to continued collaboration between our two countries.