Business environment

Business has always been closely connected to the rich renewable natural fish resources in the surrounding sea, and today we have modern vessels and processing plants which catch and process approximately 300,000 tons of fish a year. For the past 15 years aquaculture has become an important industry. Nevertheless, less than 25 % of the labour force is employed in the fishing industry today, while as in other modern societies it is the service sector, characterised by many small to average sized businesses, which is the largest sector. Other manufacturing industries include chemicals, garment and shipbuilding. Several international companies, like the oil companies.

Faroese industry has gained the reputation of producing and delivering quality products and honouring agreements.