Exploring the Realm of Technology Metals in Icelandeland

When Iceland and metals are discussed together, it should be about aluminium. Iceland is one of the largest aluminium producers in the world. The main reason for this is that the country can offer electricity at low prices and aluminium smelters consume a huge amount of electrical energy. It is said that it could be cheaper for an aluminium producer in Australia to ship bauxite, the ore from which aluminium is extracted, to Iceland and send the aluminium back than to produce it in Australia itself. They can even sell it to car manufacturers in the USA. Be that as it may, aluminium and other technology metals in Iceland contribute greatly to the country’s economic development.

The Sense in Calling them Technology Metals

There is a definition of technology metal as a rare metal that is mainly used to promote technology. But aluminium is also widely used in the modern technological age. You will find laptops, tablets and even mobile phones with aluminium casings. Aluminium is also used in many other components needed to assemble these and other modern devices. There are other metals with specific applications in technology, and aluminium can be found on any list of technology metals. From this point of view, the descriptions of the aluminium industry itself can cover the technology metals in Iceland.

Silicon the Other Major Contributor

Silicon is undoubtedly a technology metal, as it is used directly in the manufacture of semiconductors. Semiconductors are the backbone of any electronic device and therefore the Icelandic production of silicon metal must be viewed from this perspective. It may be true that the producers of these metals are foreign companies that have established themselves here and not local Icelandic entrepreneurs. This kind of narrow view is no longer relevant in today’s global economy. As long as these foreign companies abide by Icelandic laws and pay their taxes, they should be welcome. They also create jobs for Icelanders.

Iceland’s Advantages and Disadvantages for the Investors

The companies that produce technology metals in Iceland or are active in other areas come to Iceland to take advantage of the cheap energy. As the population density is not very high, companies can hope to easily find land for their factories. The government in Iceland and in the local regions is very investor-friendly. Sourcing well-trained labour is also not a problem for the industry.

But these are just some of the advantages. Iceland has very cold weather all year round, peaking in winter. If companies hope to employ people from other parts of the world in Icelandic factories, they may find it difficult to cope with the weather. The country has seen a lopsided development of its capital, Reykjavik. If you have to live in the other parts of Iceland, there may not be enough options for entertainment, shopping, etc. The volcano is a persistent threat. But that’s just nature and there's nothing you can do about it.

However, the inhabitants of Scandinavian countries such as Norway, Sweden and Denmark are very familiar with these climatic conditions. Companies can call on employees from these countries if they cannot find any in Iceland.

Scope for Growth

The industry involved in the production of technology metals in Iceland can certainly look forward to healthy growth in the coming years. Iceland presents no obstacles for companies wishing to set up here. The laws are quite simple and the people are very friendly. The future looks very bright all round.

If you require any assistance in Iceland, contact Swapp Agency.