Faroe Business Report — The International Review of Faroe Islands Industry and Trade - Faroe Business Report -- The International Review of Faroe Islands Industry and Trade

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In its efforts to diversify the Faroe Islands’ import sources, the Ministry of Foreign Affairs sees the United Kingdom as a key partner — with good prospects of strengthening economic, cultural, and political ties.

Political strategists agree that for most nations it is of vital importance to retain diversified trade relations so as to avoid too heavy reliance on any single country. With the demographic and geographic realities surrounding small island communities, however, this is easier said than done.

“For decades, we’ve been discussing the need to complement fishing as our only source of export revenue,” said Jørgen Niclasen, Minister of Foreign Affairs. “And you may say that we’ve seen some progress, particularly if aquaculture is counted as a non-fishing sector; but even without that you may say that we’re seeing a trend toward diversification.”

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According to Marine Harvest Faroes, the ideal place for Atlantic salmon farming has to be close to the natural home of the wild species — and to include a diet consisting of marine feed sourced in the fish’s own natural environment.

Backed by the expertise and muscle of the world’s largest seafood company, Marine Harvest Faroes presents a convincing case for its product — farmed Atlantic salmon bred and grown in a place that offers the optimal nutrition and natural environment together with the most effective practice and legislation to prevent disease and pollution.

“It’s essentially about the marine environment in the Faroe Islands, which is also host to wild Atlantic salmon,” says sales manager Hans Jákup Mikkelsen. “It’s about the fact that our farmed salmon here is fed with marine feed made from fresh fish caught in the same environment; and it’s about superb product quality achieved through the high levels of health and welfare enjoyed by this salmon.”

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Tórshavn enhances ro-ro operations and plans to improve maneuverability for passenger ferries calling at the port, after completion of major upgrades to increase container capacity at Kollafjørður.

Overall freight and passenger traffic to and from the Faroese capital of Tórshavn has virtually stayed unscathed by the current economic downturn, according to the port authority. With a new connection to England recently added following the shutdown of a traditional route to Scotland, container lines to Iceland, the UK, Scandinavia, and Continental Europe remain fully operational, while cruise liner tourism appears to have stabilized at 40 to 50 calls per year.

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Offshore vessel owner and operator Supply Service places emphasis on building a track record of top performance in health, safety, environment, and quality (HSEQ) management — and could soon see its fleet grow.

Contracted to work for the likes of Wintershall and Det Norske Oljeselskap, Leirvík-based offshore service company Supply Service is determined to build a strong track record in the upper end of the North Sea oil and gas market with an eye on fleet additions.

Based on top quality performance and a green profile, the company is on track to place orders for new high-end support vessels in the near future, said managing director Jens Meinhard Rasmussen.