In the early 1970 the Faroese fish industry started to export frozen fish to USA. This export was a co-operation with the Icelandic company Cold Water which had established themselves in USA and very successfully marketed icelandic fish products.
The Faroese export grew to considerable proportions and for almost 20 years USA was the main market for faroese fish products.Generally the market was favourable with high prices, which the european markets generally could not compete with. Both the faroese fish industry and the faroese society benefited immensely by the american market.
When the faroese fish industry collapsed in the sad 90ies the export to USA came to a halt and never regained the same volume as earlier. Today the trade between USA and Faroes is on a very small scale which I feel is not satisfactory. Still the US fish market is attractive and offers good opportunites for faroese fish exporters.
Personally I dont understand why faroese importers of general goods such as timber, building materials, cars, grains, food stuffs etc., dont open up for more trade with US companies instead of concentrating their import via Denmark and EU. As Faroese banks, which lately have extended their operations outside Faroes, should study US financial opportunities.
We have high hopes for a Faroese oil industry and no doubt we will see more to US companies in this field in the coming years.
Of course Faroes is a small market with an annual import value of USD 1 Billion, but personally I would welcome more US initiatives with trade missions, cultural visits and increased political contacts.
The Faroese Government on the other hand should consider opening up a Faroese Trade Mission or small Embassy in Washington. Faroese students should be encouraged to study at the many fine american universities. I permit myself to quote President John F Kennedy :
“Let us think of education as the means of developing our greatest abilities, because in each of us there is a private hope and dream, which fulfilled, can be translated into benefit for everyone and greater strength for our nation”.
Both the largest democray in the world, America, and Faroes, the smallest one, will benefit of more co-operation.
Johan Mortensen,
Manager for the US oil company, Anadarko Faroes Company
