Icelandic Foreign Minister Ossur Skarpheonsson is in Malta for advice in the wake of his country's decision to apply for EU membership. He explained that the objective of his visit was to learn from Malta`s success story within the European Union, given that both Malta and Iceland were islands.

The minister had talks this morning with Foreign Minister Tonio Borg and will also meet Richard Cachia Caruana, who was Malta's chief negotiator during the accession process.

Iceland applied to join the EU in the wake of the financial crisis which almost brought the island to its knees.

Mr Skarpheonsson admitted his regret that Iceland had not joined the EU and adopted the euro, since this would have helped shelter it from the financial crisis, as it had islands such as Malta and Ireland.

He pointed out that Iceland was already largely integrated into the EU economy and forms part of the European Economic Area. EU membership, he said, would also help attract investment to Iceland.

Dr Borg, expressed his support for Iceland`s accession to the European Union. Malta`s membership of the European Union and the adoption of the euro had been a success story, he said.

Iceland’s Foreign Minister highlighted that membership is essential towards attracting foreign direct investment, as witnessed in Malta. With regards to the Icelandic currency, he said that it is difficult in today`s globalised world, to maintain a small currency, and that the euro is today a strong currency which Iceland should adopt.

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