Minister’s Decision on Chinese Investment Coming Up Skip to content

Minister’s Decision on Chinese Investment Coming Up

ogmundur-jonasson_radherraMinister of the Interior Ögmundur Jónasson said after a cabinet meeting yesterday that he intends to respond to the request of Chinese investor Huang Nubo to obtain legal exemption to acquire the piece of land Grímsstaðir á Fjöllum in northeast Iceland through his company Zhongkun Group on Friday.

His ministry has reviewed the case since early September. According to Icelandic law, non-EEA companies and citizens cannot acquire land in Iceland, ruv.is reports.

On Friday, Ögmundur plans to inform the government of his decision. Huang’s investment has raised considerable controversy in Iceland and abroad.

Some articles have posed questions as to whether the investor may have political motives, to which he responds that he only intends to develop tourism in the area.

According to ruv.is, the tourist board in Húsavík, northeast Iceland, has declared its support for Huang’s plans.

The board reasons that tourism is becoming an increasingly important industry in Iceland and while it has undergone significant development in the southwestern region, the northeastern region is lagging behind.

According to the board, Huang’s investment in Grímsstaðir would call for much more emphasis on marketing the Þingeyjarsýsla counties and could make a huge difference for the region.

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ESA

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