Greenland (a territory of the Kingdom of Denmark), known as the world’s largest island, boasts abundant natural resources and a pristine environment. Despite its vast size, it forms a small economic zone with a population of approximately 57,000. Its economy relies heavily on fishing, mining, and tourism, with its geographic characteristics and harsh natural environment significantly shaping its structure. Additionally, as awareness of sustainable development grows, the utilization of renewable energy and the diversification of the economy are gaining increased attention.
Overview of Greenland Business Data
COUNTRY/REGION |
Greenland (a territory of the Kingdom of Denmark) |
DATA TYPE |
Business Data |
INDUSTRY CLASSIFICATION |
SIC（Standard Industrial Classification） |
UNIVERSE |
Approx. 10,300 |
UPDATE FREQUENCY |
Monthly |
DATA ELEMENTS |
Basic Pack: company name, trade name, postal address, name decision makers, phone number, fax number, activity, language, registration number, legal form, sales, employee size, marketability, legal status, import, export, family members, year started Corporate Linkages Pack: corporate linkages Historical Data Pack: sales, employee size, year started, family members Publishing Pack: directory name, website address, web social media links, publishing strength, opening hours Executives Pack: up to 11 positions of executives, full name, first name, gender, language Geography Pack: up to 11 positions of executives, full name, first name, gender, language *Basic Pack is mandatory for all additional pack deliveries. |
LANGUAGE |
English |
Overview of Industries
Fisheries
Fisheries are the cornerstone of Greenland’s economy. Seafood products such as shrimp, crab, and cod account for approximately 90% of the country’s total exports. Efforts to promote sustainable fishing practices are underway, aiming to balance long-term profitability with environmental conservation.
Mining
With abundant mineral deposits, mining is seen as a key driver of economic growth. Greenland’s primary resources include rare earth elements, uranium, and iron ore. The increasing demand for clean energy technologies has particularly heightened interest in rare earth mining. However, harsh natural conditions and inadequate infrastructure pose significant challenges to development.
Tourism
Tourism is a growing industry in Greenland, attracting visitors with activities like aurora borealis viewing, glacier exploration, and encounters with wildlife. The focus on ecotourism reflects efforts to diversify the local economy while simultaneously promoting environmental preservation.
Energy
Greenland is advancing hydropower and wind power projects by leveraging its abundant water resources. These initiatives are expected to improve energy self-sufficiency and support the development of energy exports. Technological innovation in renewable energy could play a pivotal role in strengthening the local economy.
Economic Characteristics
Geographic Features and Transportation Costs
Greenland’s vast landmass and sparse population contribute to high transportation costs and challenges in infrastructure development. On the other hand, the increasing significance of Arctic shipping routes provides new business opportunities linked to its geographic advantage.
Connection to International Markets
Greenland’s export-oriented economy maintains strong ties with European markets while expanding access to Asian markets. In particular, international exchanges in mining and tourism are becoming more active.
Impact of Climate Change
Greenland is profoundly affected by global warming, with notable challenges arising from ice sheet melting and climate shifts. However, these changes also present opportunities, such as improved access to new shipping routes and untapped resources.
Challenges and Prospects
Challenges
Economic Dependence：Heavy reliance on fisheries underscores the need for greater economic diversification.
Infrastructure Deficiency: The development of transportation networks and facilities required for the growth of mining and tourism industries has not kept pace.
Environmental Issues: Climate change mitigation remains a pressing international challenge.
Prospects
Economic Diversification: Growth in mining and tourism is creating new revenue streams and enhancing economic stability.
Utilization of Renewable Energy: Advances in hydropower and wind energy sectors are expected to bolster the local economy and contribute to solving global challenges.
Strengthening International Partnerships: Investments and technical support from foreign entities are anticipated to accelerate infrastructure development and sustainable progress.
Greenland’s economy and industries are evolving to strike a balance between its rich natural resources and harsh environmental conditions. The region’s trajectory holds promise for creating global business opportunities and exploring new forms of international collaboration.