The Icelandic Indian Trade Council
About us
The Icelandic Indian Trade Council was founded in 2005. The council is run by The Icelandic Federation of Trade. The IITC promotes trade and investment between Iceland and India. The Trade Council facilitates business and trade relations, organises business delegations, conferences and seminars.
Board:
Bala Kamallakharan, Startup Iceland, chairman
Andrés Vilhjálmsson, Kjarnafæði
Anna Hedvig Þorsteinsdóttir, Lýsi
Secretary General: Ólafur Stephensen
Bilateral cooperation agreements
The IITC has a bilateral cooperation agreement with the Indo Icelandic Business Association (IIBA) in India. The Icelandic Federation of Trade, which runs the IITC; has a similar agreement with ASSOCHAM, Associated Chambers of Commerce and Industry of India.
Cooperation agreement with the Icelandic MFA
According to a cooperation agreement between the IFT and the Icelandic Ministry for Foreign Affairs, the chairman of the Trade Council participates in a yearly meeting of the federation’s bilateral trade councils with the Minister for Foreign Affairs. According to the agreement, the board of IITC meets every year with the Icelandic Ambassador to India.
Conferences and events
The IITC organises conferences and events on Indo-Icelandic business and trade, receives business delegations from India and arranges B2B meetings.
Business forums
The IITC has organised large Indo-Icelandic business forums, one in 2019 on the occasion of the official visit of Ram Nath Kovind, president of India, to Iceland, and the other in 2023 on the occasion of the visit of a large Indian business delegation.
Fríverslunarsamningur EFTA og Indlands
The Trade and Economic Partnership Agreement (TEPA) signed by the EFTA states and India in 2024, has had a significant impact on the Trade Council’s activities. The IITC works actively to promote the agreement and its benefits and engage Icelandic companies.