In the new Business Iceland Act, enacted in 2018, the agency was tasked with formulating a long-term strategy for increasing export income. The strategy should stipulate the focus of Iceland’s marketing efforts in foreign markets, select market areas, and define measurable goals to assess performance.

The Business Iceland act provides for an export and marketing council composed of 31 representatives. The council’s role is to define, approve and monitor the implementation of the long-term strategy of the government and economy for marketing and export.

According to the Business Iceland Act, the long-term strategy must form the main objectives of the marketing work that Business Iceland carries out in foreign markets. The strategy must include objectives and priorities in individual market areas and respective sectors and have measurable performance goals.

Green: Development in accordance with criteria
Yellow: Stagnation and uncertainty that criteria will be met
Red: Regression and status below criteria