Icelandic American Chamber of Commerce – Annual Meeting 2009

Posted by IACC in NewsSep 20th, 2009

News coverage in the United States on Iceland and Icelandic businesses had been favorable for some time with a small burst of negative coverage in 2006 and again in the beginning of 2008, which kept resurfacing until the financial crisis broke in Iceland in September 2008. Both times the issue was the state of the Icelandic banks, the fragility of the Icelandic economy and the smallness of the Icelandic system to deal with the large Icelandic financial institutions.

Since the year 2006 the IACC has persistently communicated news and information about the Icelandic economy and businesses through annual conferences, meetings and news sharing with its members and to the market. The Chamber worked with the Icelandic Chamber of Commerce, the Government of Iceland, various Icelandic businesses and other interested parties in Iceland in the aftermath of the banks failure in communicating with the market.

Iceland Naturally monitored the media during the first 7 weeks of the crisis in October and November 2008 and found that, of 600 news stories on the crisis, close to 60 percent took a negative approach. Iceland was first widely reported to be on the verge of collapse and then reported to be bankrupt, which is still the sentiment in U.S. media coverage. There was little or no distinction made between the Icelandic financial sector and the country as a whole! Even good stories were soured and overshadowed by the bad news.

The focus of the IACC in 2009 is on information sharing and understanding where Iceland is and where its future sits, the focus is as well on Icelandic businesses and the economy; to outline potential solutions and to correct inaccuracies. The long-term focus will be to revive and sustain the Iceland brand in the U.S. marketplace, and to expand positive awareness for Iceland.

Report of Past Activities:

October-December, 2008

Series of outreach projects to the US market including media assistant to the Icelandic government and distribution of information to the IACC members and the media.

November 20th, 2008

What Happened to the Icelandic Economy?

Annual meeting and conference on the economic crisis. Keynote speaker was, Dr. Finnur Oddsson, Managing Director, Icelandic Chamber of Commerce. Dr. Oddson discussed the reasons behind the Icelandic economic boom and the main elements of the financial tsunami that hit Iceland along with some insight on future steps. Dr. Oddsson was joined in a panel after his address by Dr. Jón Steinsson, Assistant Professor in Economics at Columbia University, Dr. David O. Beim, Professor of Professional Practice, Finance and Economics, Columbia Business School and Dr. Gauti Eggertsson, Senior Economist Macroeconomic and Monetary Studies Function, Federal Reserve Bank of New York.

Close to 70 people attended the meeting, which was a successful presentation and conversation on the reasons for the financial crisis in Iceland and future insights.

January 13th, 2009

The IACC Christmas meeting took place at the Scandinavia House in New York. The keynote speaker this year was Stefan Karl Stefansson, the Icelandic film and stage actor/comedian who played “Robbie Rotten” on the international kids TV show Lazy Town, and the meanest guy of all, “The Grinch” on Broadway. It made for an interesting evening and different insight into Icelandic businesses.

April 7th, 2009

The Icelandic Economy and Outlook – Iceland Heading in the Right Direction

The Icelandic American Chamber of Commerce conference took place on April 7th at the Scandinavia House in New York.

The conference was very well attended by US and Icelandic businesses and there was a consensus among presenters and participants that Iceland is heading in the right direction and that the market outlook for the industries is positive.

  • Mr. Mark Flanagan, Deputy Division Chief, IMF’s European Department, Mission Chief for Iceland
  • Mr. Birkir Holm Gudnason, CEO, Icelandair
  • Dr. Gudni A. Johannesson, Director General, National Energy Authority of Iceland
  • Mr. Daniel A. Murphy Jr., Executive Vice President, Icelandic® USA, Inc.
  • Mr. David O. Beim, Professor of Professional Practice, Finance and Economics, Columbia Business School.

Conference Chair was Mr. Olafur Johann Olafsson, Executive Vice President, Time Warner and Chairman of IACC and panel moderators were Mr. Kjartan Olafsson, Director, Business Development Bertelsmann Inc. and Mr. Isaac Kato, Executive Vice President and Co-Founder, Verne Global ehf.

After the conference Dr. Gylfi Magnusson, Minister of Business Affairs was interviewed on Bloomberg and CNBC Europe, for the Bloomberg interview, please click on the link below:

http://www.youtube.com/watch?v=j36ZxWUDVa4&feature=channel_page

Presentations can be found on: www.iceland.org/us/nyc/consulate-general/news-and-

events/nr/6932

April, 8th, 2009

NASDAQ Opening Bell

NASDAQ invited the Icelandic American Chamber of Commerce to open the market on Wednesday April, 8th. This was a great opportunity to communicate the interests of Iceland to the market and was broadcasted life on CNN, CNBC, CNBC Asia, CNBC India, itsaboutfinance.com, Fox Business Network, BNN, Bloomberg, Bloomberg Brazil and Frettabladid in Iceland. Kjartan Olafsson, IACC Board of Directors, presented Iceland at the opening ceremony.

June 9th, 2009
Annual Nordic Forum 2009 at the Scandinavia House – Green Leadership

The Nordic-American Chambers of Commerce in cooperation with The American-Scandinavian Foundation (ASF) organized a conference on “Green Leadership” on June 3rd at the Scandinavia House in New York.

The event was generously sponsored by: Finlandia Cheese, Icelandic Glacial, iittala, Nordea Bank, Norseland Incorporated, Reyka Vodka, and The Xanté Company

The conference was well attended and sponsored by Icelandic Glacial and Reyka Vodka.

http://www.iceland.org/us/nyc/consulate-general/news-and-events/nr/7198

August 28th, 2009

IACC Board of Directors Phone conference with Dr. Gylfi Magnússon, Minister of Business Affairs in Iceland

The phone meeting was a follow up after the April conference. Dr. Magnússon gave a 10 minute update on the situation in Iceland and answered questions from the Board. Icelandic USA, Inc. hosted the conference.

September, 2009
IACC Website

IACC opened a new website for IACC and this is the first time the Chamber has a presence on the internet. The new website URL is: www.icelandtrade.com

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