Speech at the formal opening of a shrimp factory on Fogo Island, Newfoundland.

9/25/00

Mrs.Valgerður Sverrisdóttur,
Minister of Industry and Commerce





Address at the formal opening of a shrimp factory on Fogo Island Newfoundland
September 25, 2000


Ladies and gentlemen

It is a true pleasure for my to be here on Fogo Island for this occasion. The restoration of this modern shrimp factory is an excellent example of the enormous opportunities that awaits both nations in increased co-operation between Iceland and Newfoundland. Fishing and the fish-processing industry are traditionally very important for both of our economies and I am convinced that mutual sharing of know-how and experience will greatly benefit both.

Not to long ago an Icelandic economist told my that according to his evaluation of the fishing-industry - only about 20% of the value of the fully processed product was due the biological mass, or the fish itself. The rest or 80% was considered to be the knowledge-based value.

This is not surprising when we think of all the modern technology that we employ today in fishing technology, - biotechnology, - electronics, - information technology and - processing technologies. It is about time that we start thinking about the fishing and fish-processing industries as high technology industries for the simple reason that this industry is primarily based on knowledge.

One important development that I have seen in this knowledge-based industry is the increasing awareness of the important role of investors, - and in particular the role of venture capitalists. It is important to improve the fishing industry's access to venture capital and therefore I am pleased to see the presence of the Icelandic New Business Venture Fund in this investment.

I can easily foresee this as the beginning of a co-operation between venture capitalists in Iceland and Canada in joint ventures on both sides of the Atlantic.

Ladies and gentlemen.
With these few words I declare that Fogo Island shrimp is formally opened.