Malta, Iceland business links set to become stronger

A double taxation agreement between Malta and Iceland is due to be concluded shortly and this is expected to consolidate further business contacts between the two countries.

Economic Services Minister Josef Bonnici has just returned from a short business promotion visit to Iceland where he held talks with the Icelandic Foreign Affairs and Trade Minister Halldor Asgrimsson.

The Icelandic authorities showed particular interest in Malta's negotiations for European Union membership, especially with regard to the recently concluded fisheries chapter, the ministry said in a statement.

Prof. Bonnici held meetings with the chairman of Delta, the Icelandic company that, last year, acquired Pharmamed in Malta, and with the chairman of Pharmaco, another Icelandic company that has now acquired the majority shareholding in Delta, following a friendly merger between the two companies.

Pharmamed currently has about 5,000 employees and is particularly strong in eastern Europe where it is engaged in the sale, distribution and manufacture of pharmaceutical products as well as in the development and manufacture of some of the ingredients used in the production of pharmaceutical products.

These meetings were followed by a visit to another highly successful Icelandic company in the medicinal field, namely Decode which is probably the leading company worldwide in the field of genetic mapping.

Prof. Bonnici also met the chief executive of Icelandair. A number of areas with potential for cooperation where identified such as Malta's credentials as a location for the teaching of English, for which there is a demand in Iceland, as well as Icelandair's developed network of flights to the USA.