This article covers trade and investment between India and Iceland: trade figures, the goods traded, Icelandic companies and investment in India, and the India-EFTA Trade and Economic Partnership Agreement. It is based on the MEA brief of May 2026 published by India's Ministry of External Affairs. The figures describe the position at that time.

Trade figures

According to the MEA brief of May 2026, trade figures are available from two sources, DGCIS and Statistics Iceland. The brief gives both, in USD million.

Exports from India to Iceland:

  • 2018-19: DGCIS 30.79; Statistics Iceland 51.7
  • 2019-20: DGCIS 10.05; Statistics Iceland 42.9
  • 2020-21: DGCIS 10.91; Statistics Iceland 26.8
  • 2021-2022: DGCIS 11.76; Statistics Iceland 37
  • 2022-2023: DGCIS 10.4; Statistics Iceland 145.8
  • 2023-2024: DGCIS 12.16; Statistics Iceland 39.6
  • 2024-2025: DGCIS 66.01; Statistics Iceland 50.3
  • 2025-2026: DGCIS 69.21; Statistics Iceland 84.6

Exports from Iceland to India:

  • 2018-19: DGCIS 8.67; Statistics Iceland 8.3
  • 2019-20: DGCIS 10.41; Statistics Iceland 5.3
  • 2020-21: DGCIS 6.22; Statistics Iceland 2.8
  • 2021-2022: DGCIS 5.7; Statistics Iceland 7.5
  • 2022-2023: DGCIS 4.9; Statistics Iceland 1.4
  • 2023-2024: DGCIS 10.9; Statistics Iceland 8.3
  • 2024-2025: DGCIS 11.05; Statistics Iceland 8.4
  • 2025-2026: DGCIS 3.3; Statistics Iceland 8.8

Goods traded

The brief lists the main items imported from Iceland in 2025 as iron and steel, ferro alloys, cod liver oil, fish body oil, medical instruments such as thermometers and pyrometers, and edible mixtures of oil and fats.

Items exported from India in 2025 include mineral fuels, mineral oils and products of their distillation, bituminous substances, mineral waxes, petroleum and petroleum products, non-alloy steel, T-shirts and singlets of cotton, man-made textile materials, static converters and inductors, toilet and kitchen items, linen, heterocyclical compounds and jet fuel.

Icelandic companies in India

The brief names the following Icelandic companies present in India:

  • Össur, in non-invasive orthopaedics and artificial limbs
  • Verkis, with expertise in geothermal energy extraction, together with Icelandic Geo-Survey (ISOR) and Geotropy
  • Alvotech, a biosimilars manufacturing pharmaceutical company
  • Marel, which offers services and equipment for the poultry, meat and fish processing industries

Investment in 2025

In 2025, the Icelandic fishing company Hampiðjan made an investment of 30 million USD in the fisheries sector in India, investing in Kohinoor Ropes Pvt Ltd, based in Maharashtra.

JBT Marel, a multinational company formed by the merger of Iceland's Marel group and JBT of the US, which specialises in automation for the food and beverage industry, opened its Global Production Centre in Pune in September 2025.

India-EFTA TEPA

The brief states that the bilateral partnership "received an impetus" with the signing of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) in New Delhi on 10 March 2024. Iceland is one of the four EFTA countries, with Switzerland, Liechtenstein and Norway.

  • On 10 February 2025, the India-EFTA Desk was launched in New Delhi to facilitate trade and investment from EFTA countries to India.
  • In March 2025, the Parliament of Iceland adopted a resolution authorising the government to ratify the TEPA.
  • The agreement came into force on 1 October 2025.

Business delegations

The Icelandic Foreign Ministers who visited New Delhi in April 2016 and December 2018 were accompanied by business delegations.