Iceland

Situated between North America and Europe in the Atlantic Ocean, this country of approximately 400,000 people boasts an advanced economy primarily centered on tourism, fisheries and aluminum production. Incentives, open-market policies,and regulatory efficiency attract significant foreign investment, and have helped diversifying and expanding the economy into sectors such as information technology, creative industries, manufacturing and life sciences. Additionally, Iceland boasts a highly educated and English-proficient workforce, a high standard of living and low social inequality, and a renewable energy grid that derives 99% of its power from geothermal and hydropower sources. Despite not being a member, Iceland is highly integrated into the European Union via the Agreement on the European Economic Area.

However, Iceland faces challenges, including a small domestic market, rigid labor regulations, and exports still disproportionately concentrated on aluminum and fishing products. Volcanic and seismic risks pose further concerns.