Foreign Minister Davíð Oddsson has announced plans to open an embassy in India, according to Icelandic State Radio, RÚV. Discussions with Indian authorities are underway and it is anticipated that the embassy will open before the end of the year. According to Oddsson, the initiative has been taken by the Indian government, who are greatly interested in the idea and plan on opening their own embassy in Reykjavík. Oddsson justified the decision by pointing out that, as one of the world’s most populated countries, India was a growing market with growing wealth. It is not likely that the new embassy will increase the cost of running the diplomatic service, since cuts will be made elsewhere, possibly in Strasbourg, France, where Iceland has an office.