In terms of education, Iceland ranks 5th globally for the quality of its educational system. It is also the world leader regarding the availability of the latest technologies in companies and firm-level technology absorption (WEF). The workforce in Reykjavik Capital Area is well educated with 41% of the inhabitants achieving a university degree.
The nation also has a large migrant population, with over 20% of the total population being migrants. Iceland’s strongest sectors include agriculture, services, tourism, fisheries, and manufacturing, and boasts a number of investment opportunities in research and development and business acceleration.
Iceland also has strong international ties – Iceland’s closest relations are with the Nordic states, the European Union, and the United States. Iceland has been a member of the United Nations since 1946 and was a founding member of the World Bank in 1946 and NATO in 1949. In terms of integration with Europe, Iceland was a founding member of the OEEC (now OECD) in 1948 and the Nordic Council in 1952; it also joined EFTA in 1970, was a founding member of the CSCE (now OSCE) in 1973 and the EEA in 1992 and joined the Schengen agreement in 1996.