Faroese firms rank among Nordic leaders in innovation

Faroese companies were among the Nordic leaders in innovation in 2022, 2023 and 2024, with 61 percent classified as innovative, Kringvarp Føroya (KVF) reports, citing Statistics Faroe Islands.

An innovative company is one that introduces innovation in areas such as products, services or work processes.

Faroese companies were least innovative in products and services. However, process innovation was more common than product and service innovation both in the Faroe Islands and in other countries.

Companies in the Faroe Islands, Sweden, Norway and Finland recorded similar levels, with the figures differing by no more than three percentage points. Denmark recorded 48 percent, while figures for Iceland were unavailable.

Investment in research, development and innovation totalled 748 million kroner in 2024, down 147 million kroner from 2022.