With the start of the industrial development early in the last century, Klaksvík was on its way to becoming one of the industrial centres of the Faroe Islands. Today, Klaksvík still retains this status, with a large number of fishing boats and ships that have Klaksvík as their port. On land, there are fish processing factories and these, along with the ships, provide the base for a substantial service industry. Klaksvík is also an inviting town with good shopping opportunities.
In Klaksvík we have shops and organisations that coordinate and improve trade and industry in the municipality, such as the trade association, the trade council, the travel industry, the municipal development centre and the entrepreneurial house.
The port of Klaksvík has undergone massive improvements, such as the newly constructed harbour in the industrial area of Ànir, which can accommodate large vessels in one of the safest ports in the Faroe Islands.