During this year´s Arctic Circle Assembly at Reykjavik, the Finnafjord Port Project played a central role on a workshop session addressing the legal framework for infrastructure investments in Iceland. The port project exemplified areas in the Icelandic law that require attention for the development of large infrastructure projects. The University of Iceland presented results of a study of the national harbour and environment law. The assessment concluded that Iceland law needs to embrace wider options for public-private cooperation.
In the past ports have normally been developed by a local municipality to serve local needs. In some cases, there are private ports which exclusively address the logistics of the investor. The Finnafjord Port Project is different: the project will be a private development to provide logistics areas to third parties. The local municipalities supervise the project so that the public also benefits. This is a new concept to be discussed and transferred into national law.
The study is commissioned by the government of Iceland in an effort to prepare the country for the opportunities of a future Arctic.