https://www.rozen-bakher.com/blog/18082024/faroe-islands

Published Date: 18 August 2024

Blog on Foreign Direct Investment (FDI) and International Trade by Dr. Ziva Rozen-Bakher to Identify Risks versus Opportunities at the Country Level

Blog on FDI and International Trade by Alphabetical Order https://www.rozen-bakher.com/search-blog-1

Faroe Islands, Denmark

Faroe Islands has one of the oldest Self-Parliament worldwide, the Løgting, since the 10th century, still, Faroe Islands was a Colony of Norway from 1035 until 1814 when it became a Colony of Denmark until today. Importantly, the Faroe Islands has self-determination including a dispute with Denmark about it since 1946 when the Løgting declared independence following an Independence Referendum, which was later annulled by Denmark based on alleged invalid votes, resulting in a new election that opposed the Independence, still, in 1948, Denmark granted the Faroe Islands a high degree of autonomy under self-government and self-Parliament (the Løgting), which applies until today. Importantly, in 1973,  the Faroe Islands declined to join the EU, despite that Denmark joined the EU, so the Faroe Islands has until today its own currency and its own language without being part of the EU nor the Schengen Area, thereby, the Faroe Islands has its own Trade Agreements with other countries including a Self-Embargo policy, such as the decision of Faroe Islands' to not join the Sanctions against Russia on contrary to Denmark and the EU. Besides, until today, there are political parties in the Faroe Islands that call for a Unilateral Declaration of Independence, while other political parties favour attaining Independence with the full consent of the Danish government, still, most parties prefer self-determination over continuing as a Colony of Denmark.

• Government of Faroe Islands https://www.government.fo/

• Parliament of Faroe Islands-Løgting https://www.logting.fo/

• Official Website of Faroe Islands https://www.faroeislands.fo/

Source: World Bank

Global Survival Rank (GSR) by Dr. Ziva Rozen-Bakher: Yearly Rank to Compare the Global Political Power among Countries, Alliances and Coalitions to Survive Long Wars at the Military Level, Economic Level, and Political Level

2024 Global Survival Rank by Dr. Ziva Rozen-Bakher https://www.rozen-bakher.com/global-survival-rank-zrb/2024

Key Figures of Foreign Direct Investment (FDI) and International Trade

• Faroe Islands - UNCTAD https://unctadstat.unctad.org/CountryProfile/GeneralProfile/en-GB/234/index.html

• Local Industries: fishing, fish processing, tourism, small ship repair and refurbishment, handicrafts (Source: Country Reports)

Source: Trading Economics

Source: UNCTAD

Source: Britannica

Profile of Faroe Islands

• Faroe Islands - Britannica https://www.britannica.com/place/Faroe-Islands-Atlantic-Ocean

• Faroe Islands - BBC https://www.bbc.com/news/world-europe-20424993

Arctic Policy of the Faroe Islands passed in Parliament

Arctic Policy of the Faroe Islands in PDF File https://landsstyri.cdn.fo/savn/tmzdxxak/arctic-policy-of-the-faroe-islands-2024.pdf?s=Q-X8KWKu-VWuD6ALEjAHDhxXq_8

Research Papers and Research Books

• Lessons of Islands: Place and identity in the Faroe Islands Gaini, F. (2023). Lessons of Islands: Place and identity in the Faroe Islands. Fróðskapur Books, 80-80.

• The Danish Realm in the Arctic West, H. (2024). The Danish Realm in the Arctic. Regional & Federal Studies, 1-20.

• Faroese self-government: development over time and effects of critical junctures West, H. (2024). Faroese self-government: development over time and effects of critical junctures. The Polar Journal, 14(1), 28-47.

• Faroese Self-Government: A Disputed But Evolved Model West, H. (2024). Faroese Self-Government: A Disputed But Evolved Model. In Governing Partially Independent Nation-Territories: Evidence from Northern Europe (pp. 177-223). Cham: Springer International Publishing.

• Language Rights and the Law in the Faroe Islands Faingold, E. D. (2023). Language Rights and the Law in the Faroe Islands. In Language Rights and the Law in Scandinavia: Sweden, Denmark, Norway, Iceland, the Faroe Islands, and Greenland (pp. 219-239). Cham: Springer International Publishing.

• Identifying and assessing the potential for conflict between landscape values and development preferences on the Faroe Islands Plieninger, T., av Rana, H. Á., Fagerholm, N., Ellingsgaard, G. F., Magnussen, E., Raymond, C. M., ... & Verbrugge, L. N. (2018). Identifying and assessing the potential for conflict between landscape values and development preferences on the Faroe Islands. Global Environmental Change, 52, 162-180.

• Faroe Islands: towards 100% RES penetration Al Katsaprakakis, D., Thomsen, B., Dakanali, I., & Tzirakis, K. (2019). Faroe Islands: towards 100% RES penetration. Renewable Energy, 135, 473-484.

• The Faroese Løgting: a small but “working” parliament West, H. F. (2024). The Faroese Løgting: a small but “working” parliament.

• Trade measures to prevent illegal fishing and the WTO: An analysis of the settled Faroe Islands dispute Auld, K. (2018). Trade measures to prevent illegal fishing and the WTO: An analysis of the settled Faroe Islands dispute. World Trade Review, 17(4), 665-692.

• Blue Growth and its discontents in the Faroe Islands: An island perspective on Blue (De) Growth, sustainability, and environmental justice Bogadóttir, R. (2020). Blue Growth and its discontents in the Faroe Islands: An island perspective on Blue (De) Growth, sustainability, and environmental justice. Sustainability Science, 15(1), 103-115.

• The Faroe Islands: options for independence Ackrén, M. (2006). The Faroe Islands: options for independence. Island Studies Journal, 1(2), 223-238.

• Migration from resource depletion: the case of the Faroe Islands Hamilton, L. C., Colocousis, C. R., & Johansen, S. T. (2004). Migration from resource depletion: the case of the Faroe Islands. Society & Natural Resources, 17(5), 443-453.

• Mindful luxury: A case of the Faroe Islands Leban, M., Errmann, A., Seo, Y., & Voyer, B. G. (2024). Mindful luxury: A case of the Faroe Islands. Tourism Management, 104, 104929.

• The faroese path to a comprehensive education system Volckmar, N. (2019). The faroese path to a comprehensive education system. Nordic Journal of Educational History, 6(2), 121-141.

• Place attachment, storms, and climate change in the Faroe Islands Kongsager, R., & Baron, N. (2024). Place attachment, storms, and climate change in the Faroe Islands. Regional Environmental Change, 24(2), 43.

• The right to national self-determination: the Faroe Islands and Greenland Skaale, S. (Ed.). (2005). The right to national self-determination: the Faroe Islands and Greenland (Vol. 60). BRILL.

• Spill-back: The Faroe Islands' Zigzag towards Independence Dosenrode, S. (2016). Spill-back: The Faroe Islands’ Zigzag towards Independence. In Limits to Regional Integration (pp. 217-236). Routledge.

• The Faroe Islands: Independence dreams, globalist separatism and the Europeanization of postcolonial home rule Adler-Nissen, R. (2014). The Faroe Islands: Independence dreams, globalist separatism and the Europeanization of postcolonial home rule. Cooperation and Conflict, 49(1), 55-79.

• Integrating power systems for remote island energy supply: Lessons from Mykines, Faroe Islands Enevoldsen, P., & Sovacool, B. K. (2016). Integrating power systems for remote island energy supply: Lessons from Mykines, Faroe Islands. Renewable Energy, 85, 642-648.

• Greenland and the Faroe Islands: Denmark's autonomous territories from postcolonial perspectives Kočí, A., & Baar, V. (2021). Greenland and the Faroe Islands: Denmark’s autonomous territories from postcolonial perspectives. Norsk Geografisk Tidsskrift-Norwegian Journal of Geography, 75(4), 189-202.

Historical Background and Historical Perspective

• The Faroe Islands: interpretations of history Wylie, J. (1987). The Faroe Islands: interpretations of history. University Press of Kentucky.

• The Vikings were not the first colonizers of the Faroe Islands Church, M. J., Arge, S. V., Edwards, K. J., Ascough, P. L., Bond, J. M., Cook, G. T., ... & Simpson, I. A. (2013). The Vikings were not the first colonizers of the Faroe Islands. Quaternary Science Reviews, 77, 228-232.

• Sedimentary DNA and molecular evidence for early human occupation of the Faroe Islands Curtin, L., D’Andrea, W. J., Balascio, N. L., Shirazi, S., Shapiro, B., de Wet, G. A., ... & Bakke, J. (2021). Sedimentary DNA and molecular evidence for early human occupation of the Faroe Islands. Communications Earth & Environment, 2(1), 253.

• The Norse settlement of the Faroe Islands Dahl, S. (1970). The Norse settlement of the Faroe Islands. Medieval Archaeology, 14(1), 60-73.

• An introduction to modern Faroese Lockwood, W. B. (1977). An introduction to modern Faroese. Nám.

National Bird