The Faroe Islands by Sansir A/S

FØROYA LANDSSTÝRI THE GOVERNMENT OF THE FAROE ISLANDS

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Føroyar – The Faroe Islands

6 Interconnected 7

A Scandinavian welfare society

A self-governing nation

A fishing nation with proud traditions

Faroese salmon renowned around the world

Oil exploration on the Faroese continental shelf – the claim to the shelf north and south of the Faroe Islands

A maritime service hub in the North Atlantic

Culture and creativity

Innovation and genetic research

Green and blue energy

Unspoiled, unexplored & unbelievable

The Faroe Islands in the international community

Bilateral agreements and membership of international organisations

The Faroe Islands – a nation in the Arctic

Missions of the Faroe Islands abroad

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

FØROYAR – THE FAROE ISLANDS

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Located in the Northeast Atlantic, the

original plateau, consisting of alter-

strategically between Europe and

Faroe Islands are an archipelago of 18

nating layers of hard lava and thinner

North America and only a couple of

islands, covering a total land area of

soft ash, has been restructured by the

hoursâ&#x20AC;&#x2122; flight from the metropolitan

1,399 square kilometres, a sea area of

glaciers of the ice age, and the land-

centres in Northern Europe.

274,000 square kilometres and a pop-

scape has eroded into an archipela-

ulation of approximately 50,000. The

go characterised by steep cliffs, tall

Centuries of relative isolation have re-

language, Faroese, derives from Old

mountains, deep valleys and narrow

sulted in the preservation of ancient

Norse, which was the language of the

fjords.

traditions that to this day shape life

Norsemen who settled the Faroe Islands some 1200 years ago. The mountainous landscape of the

in the Faroes. The unique mixture of While 17 of the 18 islands are inhabit-

traditional and modern culture and

ed, around 40% of the population lives

lifestyles characterises Faroese socie-

in the capital, TĂłrshavn.

ty today, with both a strong sense of

Faroe Islands was shaped by volcanic activity 50-60 million years ago. The

local community and an active global The Faroe Islands are well positioned

outlook as a modern Nordic nation.

Official site of the Faroe Islands www.faroeislands.fo

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

INTERCONNECTED The Faroe Islands have a highly ad-

Airways has a fleet of 3 Airbus 319 and

sea. The ferry Norröna, which is oper-

vanced

runs regular routes to Copenhagen (sev-

ated by Smyril Line, sails to Hanstholm

transportation and digital networks.

eral departures a day), Billund (at least

in Denmark and to Seyðisfjørður in Ice-

Paved roads connect all inhabited vil-

two times a week), Reykjavík (2-3 times

land, transporting both passengers and

lages, and all the islands are connected

a week), Edinburgh (twice a week) and

cargo.

either by subsea tunnels, bridges, fer-

Bergen (twice a week). In the high sea-

ries or by helicopter.

son there are also air routes to Aalborg

Telecommunications and high-speed

(3 times a week) and Barcelona (twice

internet connection across the whole

a week).

country also provide an excellent base

domestic

infrastructure

The Faroese airline, Atlantic Airways, and ferry company, Smyril Line, con-

for maintaining the economic, social

nect the Faroes with all neighbouring

Historically, the most common way to

and cultural viability of remoter com-

countries on a regular basis. Atlantic

travel to the Faroe Islands has been by

munities.

Vagar Airport www.fae.fo Atlantic Airways www.atlantic.fo Smyril Line www.smyrilline.fo Strandferðslan National transport www.ssl.fo Faroese Telecom www.ft.fo Vodafone www.vodafone.fo

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Official site of the Faroe Islands www.faroeislands.fo The Faroe Islands in statistics www.hagstovan.fo Study in the Faroe Islands www.studyinfaroeislands.fo

A SCANDINAVIAN WELFARE SOCIETY Faroese society is founded on the Scan-

tion. Education is considered a univer-

dinavian welfare model. The living

sal human right, and schooling on all

standard in the Faroe Islands is ranked

levels from primary school to higher

amongst the highest based on GDP per

education is free of charge for every-

capita.

one. The aim of the Faroese education system is to ensure every individual has

Citizens and residents are entitled to a

the opportunity to explore his or her

range of publicly financed services such

own unique potential.

as social security, healthcare and educa-

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

A SELF-GOVERNING NATION

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

The Faroe Islands are a self-governing

ment, Føroya Landsstýri, is headed by

ment of living marine resources within

nation with a high degree of autono-

the Prime Minister, known in Faroese

the 200-mile fisheries zone, protection

my encompassed by the external sov-

as løgmaður.

of the environment, sub-surface re-

ereignty of the Kingdom of Denmark.

sources, trade, fiscal and industrial re-

The political system is a variation of

Additionally, two Faroese representa-

lations, taxation and customs, energy,

the Scandinavian style of parliamen-

tives are elected to the Danish Parlia-

transport, communications, social se-

tary democracy. The legislative assem-

ment in Copenhagen.

curity, culture, education and research.

liaments in the world, consists of 33

The Faroes Islands have the exclusive

The Faroese court system is under the

elected members serving for a period

right to legislate and govern inde-

jurisdiction of the high courts in Den-

of four years by popular vote as a sin-

pendently in a wide range of areas, in-

mark.

gle constituency. The executive govern-

cluding; the conservation and manage-

bly, the Løgting, one of the oldest par-

Føroya Landsstýri www.government.fo Føroya Løgting www.logting.fo

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Ministry of Fisheries www.fisk.fo House of Industry www.industry.fo The Faroe Marine Research Institute www.hav.fo

A FISHING NATION WITH PROUD TRADITIONS Few countries have such a high level

a major priority for the Faroe Islands,

nations zones through fisheries agree-

of dependency on the sea and its re-

and a responsibility which is shared

ments. The Faroe Islands have become

sources as the Faroe Islands. As an is-

both with neighbouring countries in

a significant actor in the global seafood

land-dwelling and sea-faring people,

the North Atlantic and with the rest of

market, mainly as exporters to the EU,

the Faroese have developed the skills

the international community.

but recently to markets outside the EU

and expertise necessary to make the

as well.

most of the valuable living resources of

Faroese fisheries and aquaculture are

the North Atlantic.

multifaceted. Not only do they con-

The most important fish species for

tribute to global food security, but they

Faroese capture fisheries include cod,

Fishing has been the main source of in-

also supply international markets with

haddock and saithe, along with pelagic

come for the Faroe Islands since the late

high-quality products and provide the

species such as herring, blue whiting

19th century. Fish and fish products - in-

people of the Faroe Islands with sus-

and mackerel. Many Faroese fish prod-

cluding farmed fish - represent between

tainable livelihoods.

ucts have become renowned for their

90 and 95 percent of total export value, and around 20 percent of the GDP.

high quality, such as langoustines, the A large variety of fish stocks is utilised

exclusive Faroe Bank cod and farmed

from international waters, within the

salmon.

Safeguarding the marine environment

200-mile exclusive fisheries zone of

and using its resources sustainably is

the Faroe Islands, as well as in other

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

FAROESE SALMON RENOWNED AROUND THE WORLD

Salmon from the Faroe Islands www.salmon.fo Aquaculture Research Station of the Faroes www.fiskaaling.fo Invest in the Faroe Islands www.invest.fo Faroese Food and veterinary authority www.hfs.fo

The geographical position of the Faroe

quality is now being recognised around

In 2003, the Faroe Islands implement-

Islands is perfect for premium salmon

the world. Today, Faroese salmon is ex-

ed one of the most comprehensive and

production. Its remote location is com-

ported to six continents.

stringent aquaculture veterinarian reg-

plemented by pristine clear waters,

ulatory regimes in the world, which has

cool steady sea temperatures, strong

The aquaculture industry in the Far-

been instrumental in ensuring the wel-

currents and accessible fjords.

oe Islands, which began in the 1960â&#x20AC;&#x2122;s

fare and quality of the salmon, protect-

is well consolidated, both horizontally

ing the salmon from disease and other

Farmed salmon is a vital part of the Far-

and vertically. The largest company,

natural and external pressures.

oese economy, representing half of the

Bakkafrost, has been listed on the Oslo

countryâ&#x20AC;&#x2122;s export value and providing

Stock Exchange since 2011. Vertical in-

The Faroese Veterinarian Act on Aqua-

valuable jobs for communities around

tegration allows producers to have full

culture now provides inspiration and

the islands. The combination of ideal

control over the quality of the salmon

guidance for the implementation of sus-

natural conditions for salmon farming

from feed and smolt to export.

tainable aquaculture standards around

and a commitment to sustainability and

the world. THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Faroese Geological Survey www.jardfeingi.fo Faroese Oil Industry Group www.foib.fo Faroe Islands Maritime Services www.maritime-services.com

OIL EXPLORATION ON THE FAROESE CONTINENTAL SHELF â&#x20AC;&#x201C; THE CLAIM TO THE SHELF NORTH AND SOUTH OF THE FAROE ISLANDS

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Since the Faroese authorities issued

The Faroese have developed a great

the claimed entitlement of the Faroe

the first oil exploration licences and

expertise within the field since the oil

Islands, which means that the Faroes

the first exploration took place on the

exploration got underway and today a

will be allocated at least 27,000 km² of

Faroese continental shelf in 2001, nu-

large number of Faroe Islanders work

the shelf north of the Faroe Islands, of

merous drillings have taken place. No

in the international offshore industry.

which the Faroes will have the sover-

commercially viable oil discoveries

Two Faroese oil companies, Faroe Pe-

eign right to exploration of resources

have yet been made, but expectations

troleum and Atlantic Petroleum, are

both on the seabed and the under-

of financial gain from oil extraction are

also active in the business, and several

ground.

still high.

Faroese companies are established service providers in the offshore industry.

The first licencing round in the Faroe Is-

In December 2010 a submission was made concerning the outer limit of the

lands was issued in 2000. Since then, ac-

In spring 2009 the Government of the

continental shelf to the south of the

tivity has been ongoing with data acqui-

Kingdom of Denmark and the Govern-

Faroe Islands. The new area defined

sition, scientific work and the drilling

ment of the Faroes made a submission

as Faroese continental shelf beyond

of exploration wells. So far, nine wells

to the United Nations Commission on

200 nautical miles from the baselines

have been drilled and an active hydro-

the Limits of the Continental Shelf

around the islands covers approximate-

carbon system has been confirmed.

(CLCS) concerning the continental shelf

ly 608,000 km² and extends 820 nautical

However, the discovery of commercial

outside the 200 nautical-mile zone to

miles south of the Faroe Islands, over-

quantities remains elusive.

the north of the Faroe Islands, covering

lapping significantly with areas which

an area of approximately 88.000 km².

are also the subject of submissions to

In 2014 the Commission recognized

the CLCS by Ireland and the UK.

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

A MARITIME SERVICE HUB IN THE NORTH ATLANTIC The maritime expertise of the Faro-

with all regulations and requirements

an hour. This means short dwelling

ese is widely renowned, signified by

as laid down by the IMO and other re-

time for vessels and quick access to

a high degree of flexibility and pro-

quired international conventions as

services. The price level in the Faroe

fessionalism, which extends to crew,

well as with the entire classification

Islands is competitive, both for provi-

officers, shipping companies and ser-

society and other international organ-

sions and services. There are several

vice providers alike. This flexibility is

isations dealing with safety at sea.

harbours of international standard

deeply rooted in Faroese culture and

that have gained great experience at

maritime history, with a strong seafar-

Strategically located on the gateway to

ing tradition.

the high Arctic between Iceland and Norway and north of Scotland, the

During the last 20 years of oil explora-

The Faroe Islands International Ship

Faroe Islands are in an ideal position

tion, the Faroese maritime service in-

as a maritime hub in the Northeast

dustry has developed significantly and

and has proven to be a competitive al-

Atlantic, also in terms of traffic from

is today able to provide a wide range of

ternative to other ship registers. FAS

the North-east passage.

maritime services within all service sec-

offers a number of financial advantag-

tors. The quality of the services and the

es including a flexible, efficient, and

The high standard of domestic trans-

flexibility of the workforce are highly

uncomplicated administration. The

port and harbour infrastructure com-

valued. One good example is the exten-

Faroese flag, Merkiรฐ, is internation-

bined with short domestic distances

sive service operation of the West Her-

ally recognised. FAS is in compliance

gives access to most services within

cules rig during the summer of 2014.

Jarรฐfeingi www.jardfeingi.fo FAS - Faroe Islands International Ship Register www.fas.fo Faroe Islands Maritime Services www.maritime-services.com

competitive rates.

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Arts and Culture www.faroeislands.fo/arts-culture Economy and industry www.faroeislands.fo/economy-industry

CULTURE AND CREATIVITY The Faroese business sector is grad-

Creativity and the cultivation and

other creative talents often find their

ually becoming more and more di-

adaptation of deep-rooted traditions

inspiration in Faroese cultural tradi-

versified. Important and promising

are a characteristic and highly valued

tions and the unique Faroese natural

industries include financial services,

part of modern Faroese society.

environment. They express and adapt

petroleum related businesses, ship-

these in surprising new ways, which

ping, manufacturing (esp. servicing

Today the creative vibe is found every-

are creating new resonance and ap-

the maritime industries), civil avi-

where around the islands in event

peal internationally.

ation, IT and telecommunications,

centres and in creative hubs for visual

tourism and creative industries. Some

and performing arts, writing, design,

Providing a framework for the crea-

are already well established, while

traditional crafts and modern gas-

tive industries in the Faroes to thrive

others â&#x20AC;&#x201C; e.g. some creative industries

tronomy. Musicians, artists, writers,

and develop further is a high priority

â&#x20AC;&#x201C; are up-and-coming.

fashion designers, chefs and many

for the Faroese government.

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

iNova www.inova.fo Faroe Islands Research Council www.gransking.fo University of the Faroe Islands www.setur.fo Fargen â&#x20AC;&#x201C; Faroe genom project www.fargen.fo The Genetic Biobank www.genetics.gov.fo Euraxess Faroe Islands www.euraxess.fo

INNOVATION AND GENETIC RESEARCH There is a thriving and growing re-

sociated to the EU Seventh Framework

The Genetic Biobank is a governmen-

search culture in the Faroe Islands with

Programme (FP7) in 2010, and Faroese

tal institution under the Ministry of

several institutes, laboratories, muse-

researchers and institutes have led

Health, with a mandate to organize, de-

ums and private companies working

or taken part in a range of European

velop and administer a tissue registry,

on original research projects. There are

projects in areas such as environment,

a diagnosis registry and a genealogy

also several Faroese researchers living

climate change, ecosystems and fish-

registry, and to process applications for

abroad, as well as foreign researchers,

eries management. In 2014 the Faroe

permission to access and study the in-

who are engaged in research issues re-

Islands became an associated country

formation contained in these registries.

lated to the Faroe Islands. A number of

under the EU Horizon 2020 research

these are young Ph.D. students enrolled

programme.

in foreign universities.

shavn, private enterprises and public In June 2006, a genetic biobank in the

institutions can access state-of-the-art

International collaboration is essential

Faroe Islands started developing the

laboratories, instruments, offices and

to the quality of Faroese research and

infrastructure to establish and main-

an event location. iNOVA was created

innovation. Faroese researchers partic-

tain an active biobank. Such a resource

as part of a coordinated effort by the

ipate in many international networks,

can be used in conjunction with med-

government and an array of the largest

and the Faroese research and innova-

ical and genealogical data to support

private enterprises on the islands to im-

tion landscape is to a large extent an-

research projects aimed at discovering

prove the scientific infrastructure of the

chored in international partnerships.

the relationship between genetic back-

Faroe Islands.

ground, environmental influences and The Faroe Islands became formally as16

At the research park iNOVA in TĂłr-

disease onset and progression.

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

GREEN AND BLUE ENERGY The Faroe Islands is one of the world’s

The Government and the national

newables. A long-term aim is for the

leading nations in producing sustain-

electricity company, SEV, have set a

transport sector to run on electricity,

able electricity, with over 50% of the

goal of 100% green electricity produc-

produced by renewable energy.

nation’s electricity deriving from re-

tion by 2030.

newable energy sources.

A brand new windfarm has been a There is great potential in the Faroe

major step towards becoming green,

Fossil fuel still provides heating for

Islands for the exploitation of renew-

and one of the next big projects is de-

most households, and it drives the

able energy: hydropower, wind and

veloping the tidal power sector. The

transport sector along with the exten-

tidal power. In order to utilize the is-

currents around the Faroe Islands

sive fishing fleet. However, the Faro-

lands’ domestic energy potential, the

have been extensively researched,

ese are optimistic about significantly

government’s policy is to transform

and the islands are receiving much

reducing their dependency on fossil

the heating of buildings from oil to

attention from foreign investors, es-

fuels in the near future.

electricity, and to transform the pro-

pecially as a good testing site.

duction of electricity from oil to re-

Faroese Enviroment Agency www.us.fo SEV www.sev.fo

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

UNSPOILED, UNEXPLORED & UNBELIEVABLE

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

An important new player in the Faro-

Islands, and increase its funding for

sistent, and from the first half of 2014

ese economy is the tourism industry.

marketing abroad. Visit Faroe Islands

to the same time in 2015 alone, over-

announced their new goals of dou-

night stays increased by 16%.

In 2007, National Geographic Traveller

bling the number of overnight stays

carried out a survey among 111 island

in the Faroe Islands by 2020, as well

The total solar eclipse in March 2015,

communities all over the world. In the

as doubling revenues during the same

which was fully visible only in the

survey, a panel of 522 well-travelled

period.

Faroe Islands and on Svalbard, obvi-

experts in sustainable tourism were

ously contributed significantly to this

asked to rank these islands. The survey

Today, only four years into their 8- year

increase. However, during April, May

rated the Faroe Islands top of the 111

plan, results are already evident, fol-

and June 2015, there was a noticeable

destinations with the verdict: â&#x20AC;&#x153;Authen-

lowing an immense effort to improve

increase as well. Furthermore, reve-

tic, unspoiled, and likely to remain so.â&#x20AC;?

offers, activities, and conditions in

nue has also increased as new hotels

general, while simultaneously running

are opening and existing ones are be-

In 2012, the Government decided to re-

a major branding and marketing cam-

ing renovated and expanded.

organize the tourist board, Visit Faroe

paign abroad. Growth has been con-

Visit Faroe Islands www.visitfaroeislands.fo

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Foreign Relations www.government.fo/foreign-relations

THE FAROE ISLANDS IN THE INTERNATIONAL COMMUNITY Faroese autonomy in foreign relations

tions, customs, taxation and financial

authorities may decide unilaterally to

is provided for by a treaty between the

policy, business regulation, conserva足

exercise legislative and administrative

Faroe Islands and Denmark, the For-

tion and management of fisheries and

powers with respect to the Faroe Is-

eign Policy Act from 2005.

all other utilisation of natural resourc足

lands in all matters not already under

es, energy and the environment, the la足

Faroese authority, with the exception

The Foreign Policy Act gives full pow-

bour market, social security, emergency

of the constitution, citizenship, the su-

ers to the Government of the Faroes

preparedness, education, research and

preme court, foreign, security and de-

to negotiate and conclude agreements

culture.

fence policy, and monetary and curren-

under international law on behalf of

cy matters.

the Kingdom of Denmark where such

The scope and procedures for the trans-

agreements relate solely to matters for

fer of legislative and administrative

Plans are underway for the Faroe Is-

which internal powers have been trans-

powers to the Faroe Islands are regulat-

lands to assume competence for immi-

ferred to the Faroese Authorities. These

ed by Act no. 578 from the 24th of June,

gration policy as well as other areas in

include, in brief: external trade rela足

2005. According to this act, the Faroese

the near future.

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

BILATERAL AGREEMENTS AND MEMBERSHIP OF INTERNATIONAL ORGANISATIONS As a third country in relation to the EU,

therefore seek the liberalisation of

mutual exchange of fisheries opportu-

the Faroe Islands have a fisheries

trade with countries worldwide.

nities and access to fish in each other’s

agreement, an agreement on trade in

waters. The Faroe Islands participate

goods, and an agreement on research

The Faroe Islands are in their own

actively in the multilateral Nordic Co-

cooperation with the EU. In 2006, the

name a full member of the North At-

operation established by the Helsinki

Faroe Islands entered into a special

lantic Marine Mammal Commission,

Treaty. This treaty has established

economic treaty with Iceland, the Hoy-

and an associated member of three

close cultural cooperation among the

vík Agreement, which established a

United Nations specialized agencies –

Nordic countries, with a common la-

single economic area encompassing

the International Maritime Organiza-

bour market, no passport control, as

both countries, with free movement of

tion, IMO; the Food and Agriculture

well as providing for close cooperation

goods, services, capital and persons.

Organization, FAO; and the United Na-

regarding social services and access to

tions Educational, Scientific and Cul-

schools and universities. The Faroe Is-

In addition to the EU and Iceland, the

tural Organization, UNESCO. They take

lands are recognised as a self-govern-

Faroe Islands have bilateral free trade

active part in the regional fisheries

ing entity in the Nordic Council of Min-

agreements with Norway and Switzer-

management

isters,

land, and a free trade agreement with

NAFO and NASCO in conjunction with

participation of the Faroe Islands in

Turkey is underway. The parties signed

Greenland, as well as separately in

their own name. There is full political

the agreement in December, 2014 and

SPRFMO. The Faroe Islands also have

consensus in the Faroe Islands for at-

it is now pending the completion of in-

bilateral fisheries agreements with

taining full membership of this organi-

ternal procedures. The Faroe Islands

Greenl and, Iceland, Norway and the

sation.

are, in principle, a free trader and

Russian Federation, which provide for

organisations

NEAFC,

which

provides

for

active

Foreign Relations www.government.fo/foreign-relations

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

Foreign Relations www.government.fo/foreign-relations The Arctic Council www.arctic-council.org

USA

Cir

cle

North Pole

Russia

Greenland

Northwest Passage Northeast Passage

Canada Finland

Northern Sea Route

Iceland Norway Sweden

Faroe Islands Denmark UK

THE FAROE ISLANDS â&#x20AC;&#x201C; A NATION IN THE ARCTIC As an island nation in the Arctic region,

Greenland and Denmark and continues

the Faroe Islands face many environ-

to cooperate regionally in important ar-

mental, economic and political chal-

eas such as sustainability and the envi-

lenges in common with our neighbours

ronment.

in the High North. We also see many opportunities, not least to become a ser-

In 2012, the Faroese authorities present-

vice hub for the growing shipping activ-

ed a national strategy for dealing with

ities in the area.

development and challenges facing the Arctic region, examining how the Faroe

Since the Arctic Council was founded

Islands can adapt to the changes in the

in 1996, the Faroe Islands has actively

Arctic and to make full use of the possi-

participated in its work together with

bilities in the region.

THE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

MISSIONS OF THE FAROE ISLANDS ABROAD

Faroese Representation www.government.fo/foreign-relations

The Faroe Islands have Missions in Brus-

The Missions keep abreast of matters

cludes highlighting the talent and diver-

sels, ReykjavĂk, London and Moscow, as

of interest to the Faroe Islands. A natu-

sity of Faroese arts and culture - music,

well as a Representation in Copenha-

ral part of their activities is working to

visual art, literature, design, cuisine

gen. The Faroese heads of mission are

promote the Faroe Islands and to show

and other aspects of Faroese creativity.

the formal representatives of the gov-

what the country has to offer, both in

ernment in relation to the authorities of

terms of the main industries, as well

the host countries/international organi-

as in other fields that make the Faroe

sations and local institutions.

Islands an interesting partner. This inTHE FAROE ISLANDS - A DYNAMIC ECONOMY IN THE NORTH ATLANTIC

FACTS AND FIGURES Name: Faroe Islands Capital: Tórshavn Population: 49,331 (April 2016) Average life expectancy (2014): Female: 84.1. Male: 79.4 Fertility rate (2014): 2.551 Demonym: Faroese Language: Faroese Government: Parliamentary democracy Prime Minister: Aksel V. Johannesen Anthem: Tú alfagra land mítt Main industries:

Employees in number: Gross domestic product: GDP per capita: Unemployment in %: Imports m. DKK: Exports m. DKK: Currency: Calling code: Internet TLD: Time zone: Summer (DST): Coordinates: Islands: Connected by road: Total land area: Population density: Total marine area: Highest peak:

Fishing and aquaculture, shipping and offshore services, tourism and prospects for petroleum in Faroese area 25,854 (Januar 2016) DKK 14.344 million (2013) DKK 298.000 (2013) 2.3 (November 2015) 6,095 (2015) 6,851 (2015) Faroese króna (DKK) 298 .fo GMT EST (UTC+1) 62˚00’N 06˚47W 18 (17 inhabited) 85% of population 1,399 sq km / 540 sq mi 35 inhabitants per square kilometres 274,000 sq km / 105,792 sq mi 882 m / 2894 ft

FØROYA LANDSSTÝRI THE GOVERNMENT OF THE FAROE ISLANDS Tinganes, Postrúm 64, FO-110 Tórshavn Tlf: +298 30 60 00, Fax: +298 30 60 15, info@tinganes.fo www.government.fo June 2016