2006 Archive

All things considered

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Whether you look at the average number of cars or the amount of fish caught, the average income per capita or the average temperature on the islands—you’ll see that the 1500 millimeters of rain that 48,000 Faroese receive per year really isn’t that much.

During a recent business trip to Norway, an acquaintance of mine from Oslo asked me in all seriousness whether we had any cars on the Faroes. Having unfortunately heard that line of questioning before, I took a deep breath, smiled and stated that we had a goodly number, all things considered. He seemed to accept my cheery, but obscure answer, for we quickly plunged on to more pressing matters. His question, however, continued to resonate with me.

As my plane descended toward the Faroes, I caught a glimpse out the window of the emerald green mountains of my adopted homeland and I took note that there was, indeed, nary a car in sight. Perhaps, I reflected, my friend had asked a fair question.

The approach to the international airport in the Faroes is over some rather dramatic countryside and one’s first impression of our island nation stands in stark contrast to that conjured up as one approaches other international airports surrounded as they are by kilometer upon kilometer of concrete and cars. Here there was nothing but crashing surf and towering black basalt, then the brightly colored rooftops of a small village and then the runway. Be that as it may, I began to wonder if, all in all, we in the Faroes were not suffering from a rather severe image problem.

As my fellow passengers and I flowed into the baggage claim reception hall, nodding our greetings to the passport control officer who scanned the arriving passengers for any folks he did not know, I wondered just how many people really do know anything about us – our history, our language, our location on the globe, our hopes and dreams, our accomplishments, our trepidations, and, yes, even that we have 17,420 passenger cars at last count.

“All things considered,” I had told my friend. “What on earth does that mean,” I asked myself as I settled into the comfortable airport bus, one of some 207 buses in the Faroes, I was to later learn, for the short trip from the airport to the capital, Tórshavn, now made even shorter with the new 4.9 km undersea tunnel.

What I guess I meant by that somewhat flippant rejoinder was that statistics are just numbers unless they have a context and understanding that context is what is really important in the end. In the face of formidable challenges, the Faroese have managed to carve out a rather pleasant place in which to live and work and contribute to the well-being of the planet. If the Vision 2015 goals advanced recently by the Faroese Government come to pass, the Faroes will be an even nicer place to live and work, one of the nicest in fact, all things considered.

Outnumbered by sheep:

 The Faroes began its fiery existence some 60 million years ago when the earth split open in what was to become the North Atlantic and poured lava out in rather amazing quantities. The recurrent ice ages rendered the Faroes into its current size and shape. Now the Faroes is considered a small place by some. Manhattan, on the other hand, is thought to be quite large by all accounts, yet the Faroes at 1399 sq. km is in fact some 45 times bigger than Manhattan Island. We don’t grow apples, so I guess New Yorkers are safe to continue calling their home the Big Apple, but we do have big sea cliffs, gargantuan in fact. But we are a modest folk, so we do not sound off much about the fact that we have the world’s highest sea cliff, but we do. It’s called Enniberg, for the record.

Now in all humility, the Faroes is not as big as Wales, but it is bigger than Cape Cod and essentially the same size as Hong Kong. Hong Kong has a head start on skyscrapers, however, but soon we might even have a few high-rise office buildings of our own to complement the expansive green pasture land that some communities would dearly love to have in their city centres, all things considered.

The Faroese are descended from intrepid Vikings (at least the males, anyway) who coursed their way here from Western Norway and points south, picking up a bride or two along the way, which explains why the females of the Faroese population are more akin genetically to the Irish than the Vikings.

For centuries the population held fairly steady at around 5,000 stalwart folks, give or take the fluctuations caused by Black Death and the relatively frequent mishap at sea. Today, the Faroes has a population of 48,371 (2005) and, believe it or not, some 70,000 sheep. Now I suppose in a certain context 70,000 sheep seems like quite a number, especially given the fact that Manhattan’s Sheep Meadow hasn’t seen a sheep since 1934 and Hong Kong has very, very few sheep per square metre. New Zealand, on the other hand, boasts some 47.2 million sheep, quite a number by anyone’s calculations and certainly overwhelms our modest number. That splendid number equates to about 12 sheep per person in New Zealand, while in the Faroes we average only 1.5 sheep per person, which explains why we have to import lamb from New Zealand to keep pace with our deep love for a tasty leg of lamb on wintry nights.

Which brings me to another oft repeated, yet erroneous, notion about the Faroes: We are cold and dark and utterly storm tossed. Steaming lamb may indeed chase away the chill of winter, but in reality we are not that cold, we just don’t warm up much. My friend in Oslo well knew that the Faroes rose out of the sea somewhere between Iceland and Norway and thus the Faroes by geographical association must, of course, be dripping in cold and snow. Not quite. Praise be to the Gulf Stream, or what is left of it by the time it gets to us.

The Faroes sits in the middle of the North Atlantic Current and is thus protected from the many vicissitudes of winter that plague our neighbors. We average some 7°C [45°F] year round, with the temperature dipping to around 1°C in winter and soaring to some 13°C in the height of summer. We get 28 of what the weather folks call “snow days,” enough, I suppose, to qualify as a place where winter sets foot, but it seems to tread very lightly, as what we do get is usually gone within a day or two, washed away by the misty weather commonly referred to as rain.

One-third via Denmark:

Now even the Faroese will readily admit that the Faroese gets a lot of rain, or at least what appears to be a lot of rain, all things considered. Here again, statistics are but numbers and taking a closer look should dispel some long-standing misconceptions about the Faroes. According to the rigorous number crunching of the weather bureau, the Faroes experiences some 1500 mm of precipitation annually. A sizeable amount one could argue, but it falls mostly as a light mist with an occasional good downpour thrown in now and again to remind us of what real rain is supposed to be like. Real rain, of course, is that pelting, large-globuled wetness that descends upon Bergen, Norway, for example. Rain there accumulates to some 2250 mm per year.

The title of wettest spot on the earth, however, goes to the idyllic island of Kauai, Hawaii, a place plagued by real gully-washers. Some 3800 mm of rain and mist and fog accumulates in its mountainous interior. So do we get a lot of rain? Well not really, all things considered. As a consequence of our 1500 mm of light mist or rain, call it what you will, we end up a bit short in the area of what the meteorologists call “sunshine hours.” How many hours (not days) do you think the sun embraces the Faroes? Take a guess.

Would you believe some 927 hours? Not many, considering that there are some 4380 hours of potential sunlight in a year (assuming a 12 hour day). Yet, we are ahead of Cold Bay, Alaska, situated in the heart of the Aleutian Islands. They sit under the clouds some 305 days a year and alas see the sun for only some 720 hours (more or less). I suppose they, like us, have few incidences of skin cancer. There are indeed untold advantages to living in the midst of the ocean under the clouds.

Now another major advantage is, of course, quick and ready access to fish. Fishing is by far the major industry in the Faroes, accounting for some 95 percent of the export (exclusive of services and intellectual property). Much of the total catch, some 261,310,000 tonnes (live weight) per year, is caught in Faroese territorial waters, although the Faroese fishing fleet ranges worldwide.

According to data prepared by the governmental agency, Statistics Faroe Islands, all those tonnes of fish contribute to an export value of some dkk 3,668 million (less a small fraction for exported ships). We import some dkk 3,738 million in goods, so our trade balance is a little skewed, but not outrageously so, all things considered, especially compared to some other nations.

Most of our export heads to the European Union. The United Kingdom absorbs some 78 percent and Denmark some 19 percent, while Spain continues its love affair with our salted fish, savoring some 10 percent of our export.

On the other hand, we import most of what we want from Denmark. A quirk of history keeps 33 percent of our import flowing in via Denmark, while another 18 percent comes from Norway. A mere 4 percent comes from Iceland, an amount that will assuredly rise now that the new free trade agreement has been signed between Iceland and the Faroes.

The UK accounts for only 5 percent of our import, which probably represents our continuing and deep-seated love affair with chocolate. The troops that came here from the UK during the Second World War left more than just an airport. They left us with an abiding desire for things swathed in chocolate. Much to the delight of the candy sellers in the Faroes, and much to the consternation of the dentists and the Ministry of Health, who diligently promote healthy eating habits in the face of the delightful vistas of colorfully wrapped caramels abounding at Christmas time and just before Lent.

All in all, 29 percent of our import is destined for our homes and our stomachs, or as the statistical office calls it “goods for household consumption.” We do love that New Zealand lamb, followed by a flavourful bite of chocolate and a savory cup of coffee. Ah, paradise, enow.

‘Social protection’:

I suppose the Faroes is indeed a paradise, all things considered. We have a relatively stable economy. We earn money by feeding others, which is not such a bad calling. We ourselves eat well. Our homes are big and well-furnished. We send a considerable amount of money overseas to help in disaster relief.

We are extremely sports-minded and have a passable football team able to strike fear and trembling in the hearts of many a foreign spectator cheering on the likes of Scotland and, yes, even France. Not bad for a bunch of part-timers. Not all of our time is spent cheering on our sports teams, however, as we support various amateur and professional theatres, have a national symphony orchestra, numerous choirs, excellent museums and a host of rather talented artists and musicians. We drive cars, of course, even luxury BMWs and sturdy SUVs, and read lots and lots and lots of books.

In fact, we publish some 149 (2004) books a year, including some 67 translations of other works. We even have our own Faroese editions of Harry Potter, which flow hot off the presses just after the English releases. Now to some, 149 may not seem a substantial number of books to get published every year. But, here again, context is everything. The publishers in the United States crank out 175,000 (2003) titles per year and those in the United Kingdom do an admirable job of putting out 125,000. Yet when one considers books per capita, the Faroese shine. The US publishes around 0.5 books per 1000 folks, the UK about 2 books per 1000 and the Faroes some 3 books per 1000. An admirable number by anyone’s calculations, all things considered.

We do not spend, however, all of our time reading, it would seem. Our fertility rate is higher than any other Nordic country at 2.62 (2005) and we have fewer divorces as well. We have hardly anyone receiving social services in comparison to Sweden, for example, which has some 286.2 people per 1000 receiving assistance.

We have infinitely more hospital beds available to us per capita than the other Nordic countries, although we could use a few more dentists and doctors. Folks with those credentials are invited to apply forthwith to the Ministry of Health. Our inflation rate is low at 2.4 percent (1998 = 100.0 CPI). Unemployment hovers around 4 percent with industry begging for even more workers. Even though we have had our ups and downs lately regarding immigration policy, we still welcome more people to our shores on average than any other Nordic country (2003).

Now given the fact that most of our export comes from the fishing industry, one could well reason that this industry would be paying the greatest wages. Not so. The fishing and seafood processing industry accounts for only 19.6 percent of the total wages paid out in 2004. Who pays the most? Reasonable question. Would you believe the government? Yes, the government (local and national) accounts for 34 percent of all wages paid, then comes the fishing industry, followed by the service industry with 10 percent with the construction industry keeping pace at 6.5 percent. The average wage in 2004 was dkk 210,000 for men and dkk 140,000 for women [eur 28,000; eur 18,763].

This inequity is a problem that is well appreciated by the government and leaders of thought in the Faroes and steps are underway to address it. Some 85 individuals had incomes of more than dkk 1 million [eur 134,000] and altogether the Faroese had taxable income of dkk 6,891 million [eur 923,465,772]. Not an outrageous sum, but one must keep in mind that all that money was earned by only 29,960 taxpayers (2005).

Now the Faroes is not known for its high crime rate and that is reflected in the low expenditure for what statisticians call “public order and safety.” What the Faroese do enjoy is a social welfare system that generally meets the needs of most all the citizenry, which explains the large budget for “social protection” that equates to dkk 1,865 million [eur 249,960,290] out of a total budget of dkk 5,328 million (2003).

So what does the future hold? More of the same, no doubt, all things considered. The doldrums that have plagued the fishing and aquaculture industries is receding. Banks are reporting record profits and an enterprising young Faroese has just unveiled a building project in Tórshavn of mega-proportions, featuring high-rise condos, a shopping mall, office buildings and even a covered football pitch.

All this fits well with the government’s Vision 2015 development plan, designed to make the Faroes one of the best places to live and work in the world by 2015. All things considered, we are a long way toward that goal already.
 

Driving under water, Klaksvík's turn

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Investing in a highly developed infra­structure to encompass even the smallest of villages has long been a matter of consensus in the Faroes; opening a second giant underwater tunnel is seen as a natural step in a process that seeks to interlink every corner of the country in the best way imaginable.

Back in the 1950s when NATO constructed the mountain highway from Tórshavn to the valley north of Kollafjörður—not far from the now entrance to the underwater tunnel that connects the island of Streymoy to Vágar where the airport is located—the Faroese arguably first discovered a taste for serious infrastructure development.

The mountain road was a huge project at that time, employing a host of islanders, some of whom continued in the road construction business in the years and decades that followed.

During this era of automobile fascination, the road network over the years was developed to cover every corner that could possibly be reached on four wheels. And if it couldn’t, the public ferry operator would fill it in.

So as paved roads and even mountain tunnels became the standard for every village of 20 or fewer inhabitants, all in the name of a unanimously accepted priority of rural development—which we still adhere to—the public transport service was extended and eventually started operating helicopters to serve some of the less accessible islands.

At this point, we had long referred to Iceland for amusement—as we had drove past them in regard of percentage of the country developed. Never mind their country was… somewhat larger and more scarcely populated.

Fast-forward to late 2002 when our first underwater tunnel opened for traffic, the one that connects Streymoy and Vágar. What a difference the 4.9-km underpass made! It took three years to build it but everyone agrees it was worthwhile.No more queuing up for the ferry and no more panicking to reach it—only to reach the plane.

Building on the success of the first underwater tunnel, we could hardly wait for the next one. And here it is, like pure science fiction, many of us still feel. No ferry to Klaksvík?

That’s it. At dkk 355m (eur 48m / gbp 33m / usd 58m), the tunnel is scheduled for opening in the early summer of this year (2006). That’s 6.3 kilometers of underwater paved road linking the islands of Eysturoy and Borðoy, connecting Klaksvík to Tórshavn.
 

Tiny country takes on globalization

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In order to gain a firm grounding in the perplexing realities of globalization, the Faroe Islands is making massive moves to develop foreign relations at all levels—from defining the country’s legal status to working out bi- and multilateral trade agreements.

It may seem that in the Faroe Islands, global gales have aroused a new sense of urgency to catch up with tough realities in the wider world. Perhaps inspired by their Viking cousins to the northwest, the slightly more reserved Faroese are now seemingly realizing that somehow, their potential could be tapped more fully.

Looking to utilize his country’s energies for a spring cleaning program of trade relations development at multiple levels—and beyond that, an ambitious campaign to mobilize the public in a socio-economic development scheme christened ‘Vision 2015’—Prime Minister Jóannes Eidesgaard makes no secret of his political plans and ambitions.

“The vision is that in 2015, the Faroes will be one of the world’s best countries to live and work in,” Mr Eidesgaard stated. “We want the Faroes to be a country with a strong economy with jobs for everyone, a country in which comprehensive social security systems offer a good and dignified life for all.”

Meanwhile at the Prime Minister’s Office, officials are busy translating rhetorics into tangible plans. Department of Foreign Affairs director Herluf Sigvaldsson explained that his department’s agenda is dominated by practical implications of the political ambitions to increase cooperation with other countries, which includes: full participation in Nordic collaboration, assessing potential membership in EFTA (European Free Trade Association—Iceland, Norway, Switzerland, Liechtenstein) and establish the Four Freedoms (free movement of goods, services, capital, and persons) between the Faroes and the EU.

The program goes on: establishing new representations to foreign countries, cooperation with relevant UN bodies, membership in international organizations, new free trade agreements, tax treaties, international collaboration in education and scientific research.

“Chiefly, the Department of Foreign Affairs is working at five levels,” Mr Sigvaldsson said. Firstly, he explained, the department is dealing with the fundamental question of Faroese independence; secondly, trade relations development—which is where most efforts are currently being concentrated; thirdly, international cooperation on the management of marine resource and the ocean; fourth, national security issues; and fifth, international development aid.

In late 2005, the Faroes became a partner in the Pan-Euro-Med Cumulation of Origin, which includes the EU and applicant countries, EFTA countries, and Mediterranean counterparts. According to Hákun J. Djurhuus, the Head of the Faroese Mission to the EU, the Pan-Euro-Med Cumulation system is of “major economic significance” and benefit for the industry in the Faroes and their trading partners.

Prior to the creation of the system, incompatibilities with regard to rules of origin were a major obstacle for trade among European and Mediterranean countries, irrespective of the fact that a manufactured product often contains material from several countries.

“In the context of the Pan-Euro-Med system, cumulation means that products that have obtained originating status in any one of the countries within the system may be added to products originating in any one of the other countries, without losing their originating status within the pan-Euro-Med zone (diagonal cumulation of origin).

“One condition in using the Cumulation of Origin is that the countries within the system have a bilateral Free Trade Agreement. The Faroes currently has such agreements with the EU, Iceland, Norway and Switzerland.”

The free trade agreement signed with Iceland has been presented as a very significant deal and was highlighted as such by the April 2006 visit of an Icelandic trade delegation to the Faroes, headed by Prime Minister Halldór Ásgrímsson. “This is the most comprehensive trade agreement that Iceland has ever been a party to, and it is therefore very fitting that this agreement is between Iceland and the Faroe Islands,” Mr Ásgrímsson stated, citing the very close relationship between the two countries.

“Generally speaking, the idea is to establish the free movement of Faroese citizens, businesses, products and services in foreign countries and vice versa,” Mr Sigvaldsson said.

Referring to the trade agreement with Iceland, he added: “Viewed in the light of the striking cultural and socio-economic similarities between our two countries, this agreement makes obvious sense. We have the best conditions imaginable for generating mutual economic growth from the agreement—after all, our languages are very similar and our peoples are familiar with each other on all levels, there are a lot of links, both business and personal, our economies and living conditions are comparable, as is the size of both populations, and home markets.”

As to the politically sensitive question of independence, the way ahead as agreed by the present coalition government is to first make full use of the Home Rule Act with later amendments—which means gradually assuming responsibility for any and all areas of legislation and administration pertaining to the Faroes, in accordance with existing agreements with the government of Denmark.

Under this framework, the Faroes is governed largely as an independent country with national security as the principal area of exception, while it’s up to the Faroese people to decide whether and when to establish national sovereignty.

Link to pdf presentation...
 

Privatizations of 'great historic significance'

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According to the Ministry of Trade and Industry, the Faroese government’s massive privatization scheme can be comparable to events of historic proportions for the Faroe Islands, with parallels to the end of the trade monopoly 150 years ago.

The Faroese government has made it a highly publicized priority to initiate the privatization of most of the commercial corporations it controls; but in spite of the public debate which ensued after the government’s announcement of its privatization scheme in 2005, only few people seem to realize the significance of the privatizations, according to Bjarni Djurholm, Minister of Trade and Industry.

“I believe the process of privatizing our government-owned corporations is an undertaking of great historic significance for the Faroes,” Mr Djurholm said. “You may compare it with the end of the Trade Monopoly 150 years ago.”

The Royal Danish trade monopoly in the Faroes, abolished in 1856, is perceived to represent an onerous trade regime that hindered economic progress, effectively banning private enterprise. The economic development that took place after the system was abandoned became the foundation of today’s society with a high degree of welfare based on Faroese exports. However, Mr Djurholm maintained, the true economic potential of the country is yet to be realized.

“Freeing the economic forces of the Faroes has taken a very long time,” he said. “We are in fact taking the next necessary step in liberalizing our economy; the privatization of government-owned companies will release great financial resources.”

With air carrier Atlantic Airways, telecommunications operator Faroese Telecom, pension fund and life insurance company Lív, and commercial bank Föroya Banki at the top of the privatization agenda, the stage is set for big business events in the near future. Other companies on the list include seafood processor and exporter Faroe Seafood, public transport operator Strandfaraskip Landsins, private home financing fund Húsalánsgrunnurin, and central financial information and transaction service Elektron.

Ventures of this nature will hardly escape resistance or controversy. Some of the companies are only indirectly owned by the government, leaving the government with the only option of using company board representatives to influence the course of affairs—at times leaving much to be desired in terms of progress in the path of privatization.

As to Atlantic Airways, directly under the responsibility of the Ministry of Trade and Industry, consensus seems to have settled after a few rounds of public debate, much to the surprise and relief of those in charge of the privatization process both on the government’s side and on the company’s side.

The latest version of that particular plan: the Lögting (Parliament) will give the Minister of Trade and Industry the full mandate to privatize two-thirds of the company in two separate phases, the first of which will imply the listing of 33 percent of the company’s shares on the VMF-ICEX securities market in the hope of attracting large numbers of small investors among the general populace; in a second phase, strategic investors will be invited to purchase a 33-percent share of the airline on certain conditions that include keeping the Faroes as central base for all of the air links that involve the country as a destination; the government will, until further notice and as long as it may deem appropriate, keep the remaining 34-percent share to protect the interests of the public.

“This shouldn’t really be complicated,” Mr Djurholm noted, “only, Atlantic tends to become an issue charged with emotion.

“People here are very proud of our national carrier and they identify strongly with it—which is part of the reason why the political aim is to make those shares as accessible as possible for the public.”

With Faroese Telecom, likewise under the Ministry of Trade and Industry, complications have been more technical and less publicly visible, centered around the question of the ownership of the backbone of the operator’s communication network. While the competition seeks a separation of infrastructure and operator, champions of the public telco maintain that such measures would weaken Faroese Telecom unnecessarily and reduce its market value. The government’s dilemma: ensure fair competition on the market yet get fair value for the public’s assets.

Said Mr Djurholm: “We seek to balance those demands and exigencies; the fact that FT recently changed their corporate structure is being of great help for this process. It will hopefully now be possible to separate the core infrastructure from other business operations to such a degree that fair competition can be ensured—while at the same time, we’ll be able to avoid diminishing the value of the FT group.”

Link to pdf presentation...
 

The blessings of a new public image

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Faced with the challenge of turning an aging, politically controlled body into a modern, customer-oriented company, the management of the Faroe Islands’ public transport operator SL may have scored big time with the successful completion of Smyril—a gorgeous new ferry for domestic use.

As a tangible indicator of the nchanging times in the Faroese public service sector, SL (Strandfaraskip Landsins), the government owned transport operator is undergoing what appears to be nothing short of a profound transformation.

Looking to balance dependency on parliamentary appropriation with government service contracts and other business revenues from economically viable operations, SL is placing a growing emphasis on customer service and change management.

Although the work of modernizing SL has been ongoing since before the turn of the millennium, it reached a landmark in the spring of 2005 with the glorious arrival of the new Smyril, the ferry that links the island of Suðuroy with the Faroe capital of Tórshavn. Constructed by the IZAR shipyards in San Fernando, Spain, the newbuilding had been three years underway, disrupted by unrest and strikes.

Managing the construction process in a foreign country was no easy task amid political tensions provoked by EU-enforced plans to slash government grants to the bankruptcy-threatened shipyards. Resulting complications were no free ride, costing SL technical and legal consultancy fees; but it was worth every penny, according to SL chief executive Kristian Davidsen.

“We have a strong expertise in the maritime sector based on decades of experience,” Mr Davidsen said.

“But with the new Smyril we were extra meticulous and careful in our planning. Solid documentation is of the essence in such situations, and in a project with such high stakes involved, you have to be extremely specific in everything you communicate, be it internal memos or notifications to the contractor. Should things go wrong, any part in the process could potentially be turned, in effect, into a negotiating item. We knew that effective inspection practices and legal preparedness would become increasingly important as the project progressed from design to final delivery.”

Which is why SL spent millions on hiring knowledgeable and experienced maritime consultants, lawyers and other professionals, from several countries, to make sure that the process moved forward properly—in addition to using its own experts. With the result in hand, most everyone will agree that the successful construction of the new Smyril was proof of good management on the SL’s side.

According to estimates, the 300m dkk (40m eur / 28m eur / 49m usd) that the Faroese paid for the ferry in accordance with the contract was after all a drastically reduced amount, considering the extensive extra costs accumulated by the effects of the corporate instability of the contractor.

“Some say this ship should have had a price tag of about 500 million,” SL finance manager Johnni M. Poulsen remarked.

More than a mere symbol of new times, the new Smyril has been greeted with public enthusiasm, making the trip between Tórshavn and Tvöroyri a most pleasant experience. Offering travelers a stylish environment with modern hotel and conference facilities, a restaurant, convenience shopping and great comfort—not to mention an art exhibition highlighting young Faroese artists.

For meetings and conferences, the Smyril has already become a favorite treat, offering a four-hour getaway for those wishing to take the return trip with only a short stop.

In addition to the national ferry network, SL also operates the Faroese national bus network using subcontractors, as well as the semi-daily helicopter service offered to some of the smallest and less accessible communities on the islands. The SL road cargo transport service was sold to a private transport company in the spring of 2006, marking the first phase of what is ultimately set to become the commercialization of SL.

“While we await political decision on the question of privatizing the SL,” Mr Davidsen added, “we’ll continue the work of streamlining the organization into a more service oriented and customer centered company that operates on a commercial basis with long term perspectives, possibly as a contractor to the government.”

So with the cargo unit sold, what remains for SL is solely transporting humans and their vehicles—at which they’re second to none in the Faroes. “We’ve reached one step further in streamlining the SL,” as Mr Davidsen said.

Link to pdf presentation...
 

Page 1 of 11

Welcome to the 2010 Edition of the Faroe Business Report

Cover of FBR 2010

 

It’'s a great pleasure to present to you the fifth volume in this series— — the 2010 edition of the Faroe Business Report. For certain reasons there was no 2009 edition; we did promise, however, that the Report would be back this year and that we would bring further improvements to the unique service that it already represents. Frankly, I do believe this one is the best edition to date and I hope you’'’ll share my enthusiasm once you’'’ve had a moment to check it.


Búi Tyril
Publisher and Editor in Chief