Natural Resources

Gifts of Land and Sea

  • Rich fishing grounds: The Westfjords' proximity to some of the richest fishing areas in the North Atlantic supports a robust fisheries sector and is foundational to the region's economy.
  • Aquaculture potential: Access to cold and hot water which is ideal for sustainable aquaculture, including salmon, trout, and shellfish farming, offering significant growth opportunities.
  • Renewable energy sources: Using geothermal and hydro power will help the Westfjords work towards energy self-sufficiency and a low-carbon future, with ample opportunities for green energy projects.
  • Pristine nature for tourism: The region's unspoiled landscapes, including fjords, waterfalls, and the only glacier, Drangajokull, attract tourists seeking natural experiences and adventure.
  • Sustainability focus: The Westfjords prioritize sustainable living, balancing economic activities with environmental preservation. This commitment ensures the region's natural beauty and resources remain intact for generations.

Economics

Stability and Growth Potential

  • Resilient foundations: Strong historical ties to fisheries and the sea have provided a stable economic base, with a quarter of Iceland's fishing fleet calling the Westfjords home.
  • Aquaculture expansion: Growth in salmon farming and potential for seaweed and shellfish farming underscore the region's capacity for sustainable aquaculture development.
  • Tourism Development: Increased interest in nature and adventure travel has fueled growth in tourism, diversifying the economy and creating new business opportunities.
  • Infrastructure Investments: Public and private sector investments in transportation and energy infrastructure are enhancing economic resilience and supporting long-term growth.

People and Places

Quality of Life

  • Natural beauty and recreation: The Westfjords offer unparalleled access to nature, including hiking, skiing, and sailing, contributing to a high quality of outdoor life.
  • Community and safety: The Westfjords not only enjoy a low population density but also boast the lowest crime rate of all regions in Iceland, fostering a sense of security and a tight-knit community atmosphere unparalleled in the country.
  • Affordable living: Compared to urban centers, the Westfjords provide a more affordable cost of living, with lower housing prices and living expenses.
  • Health and well-being: Residents benefit from comprehensive healthcare services and a clean, unpolluted environment, supporting overall health and longevity.
  • Cultural and educational opportunities: The region offers a vibrant cultural scene with festivals, museums, and access to quality education, including distance learning, enriching the community life.

Investment funds

Hvetjandi and Þuríður

Hvetjandi is a holding company founded in 2004 and invests in companies in the Westfjords. Hvetjandi may own up to 25% of the share capital in an individual company. 

Hvetjandi has invested in a number of companies in the Westfjords over the last 20 years and has played a large part in the development of companies in the Westfjords and is currently involved in projects in the fields of fisheries, fish processing, tourism and real estate management. 

More information about Hvetjandi can be found on the website www.hvetjandi.is 

Thuridur is a new investment fund that specialises in tourism investments in the Westfjords. Thuridur is still in preparation phase, but financially strong parties have expressed interest in participating.

More information about Thuridur can be obtained from Gylfi Ólafsson at gylfi@gyl.fi 

Transport and Accessability

Infrastructure

  • Transportation network: Upgrades to road systems and tunnel projects aim to enhance connectivity between municipalities in the Westfjords and with the rest of Iceland, reducing travel time and improving safety.
  • Air and sea access: Daily flights from Isafjordur and Bildudalur to Reykjavik, along with 15 harbors, facilitate regional and international connectivity for people and goods.
  • Energy self-sufficiency: Planned investments in hydro and geothermal power projects contribute to the Westfjords' energy independence, with plans to increase renewable energy output.
  • Digital connectivity: Expansion of digital infrastructure, including broadband and mobile networks, supports remote work, education, and access to services, vital for rural and remote communities.
  • Public infrastructure development: Ongoing and planned investments in healthcare, education, and public services infrastructure aim to enhance the quality of life and support economic growth.

Strategic

Location

  • Gateway to the Arctic: Positioned as the northwest "crown" of Iceland, facing the Denmark Strait, offering direct access to Arctic routes and Greenland.
  • Proximity to rich fishing grounds: Short distances to some of the richest fishing areas in the North Atlantic, vital for the fisheries sector.
  • Natural harbors and access: Numerous natural harbors in deep fjords provide safe and accessible ports for ships and contribute to the thriving aquaculture and tourism sectors.
  • Renewable energy potential: Unique geographical position enables the exploitation of geothermal and hydro power, supporting the push towards a low-carbon economy.
  • Connectivity to major markets: Despite its remote location, the Westfjords are well-connected by air and sea, facilitating trade and tourism with European and North American markets.
Investment Opportunites

Sectors

  • Tourism
  • Real Estate and infrastructure
  • Blue economy