Technology

Innovation generates competence to better utilise resources in order to create new business and increased value added in production and exports. The Faroe Islands can become an interesting experimental case in innovation.

Innovation can be promoted through cooperation between business, on-site researchers, research institutes and universities, both in the Faroes and Abroad. To make commercial research worthwhile, it must aim at medium to long term progress rather than on short term gains.

In the future, economic growth and technological development will become ever more interlinked caused partly by the fact that international competitiveness is multifaceted, with cost of goods being a major factor, but also increasingly their quality and safety aspects. Increased competition for scarce labour resources will necessitate rationalisation and automation of production.

Examples of sub headings: Translation of knowledge and experience to technology · Development of new concepts for transport · Information technology · Telemedicine · Production processes · Production systems · Biotechnology