Greenland Business

By | March 3, 2021

According to abbreviationfinder, GL is the 2 letter abbreviation for the country of Greenland.


The cornerstone of Greenland’s economy is the fishing and fishing industry, which accounts for just over 90 percent of the export value. However, this income is not enough to cover the needs of investment; Greenland is highly dependent on the annual capital transfers from Denmark, which cover just over half of public spending. The average income level of the Greenlanders is relatively high, though not as high as in Denmark, but the cost of living is also high. Many Greenlanders still live on fishing and hunting at self-catering level.

About 1,300 of Greenland’s approximately 28,000 professionals are professional fishermen; another 3,000 are full-time employees in the fishing industry. In addition, a significant part of the workforce in service activities is linked to the fisheries industry. Primarily, shrimp, halibut and salmon are caught. Cod dominated the catches in 1950–83, but has subsequently declined in importance. Shrimp fishing has increased significantly since the mid-1980s, and exports of shrimp – mostly frozen – are now Greenland’s most important source of income. The completely dominant company in the fishing industry is the self-owned Royal Greenland A / S.

Catches of fur animals (mainly seals and foxes) still occur in northern and eastern Greenland. Agriculture and livestock management are conducted to a limited extent on the coast in the southwest. Primarily, grassy plants and vegetables are grown. Sheep were introduced in the early 1900s, and reindeer husbandry also occurs.

Greenland has many known mineral deposits. Previously, cryolite, marble and coal were mined. In the mid-1970s, exports of lead and zinc ore contributed more than half to Greenland’s total export value. In 1989, the proportion had dropped to just over 18 percent, and in 1991 the quitting ceased. There are far-reaching plans to resume mining operations (mainly zinc and gold mining) in western and southern Greenland. Other minerals (nickel, chromium, platinum, copper and iron ore) are present, but have not yet been considered quenchable. Many international companies, mainly American, British and Chinese, have shown great interest in Greenland’s mineral resources. Drilling for oil is ongoing in northern Greenland and in the sea outside eastern Greenland. There is great potential for water energy.

With the exception of fish canning industries, freezer series and smaller shipyards (which are found in the larger towns on the west coast), Greenland’s industry is still of very small size.

Greenland has had deficits in foreign trade for many years. Exports, predominantly from fishing, are mainly to Denmark, China, Japan and the Russian Federation. Imports cover virtually all consumer and investment goods. The most important import goods are machinery, transport equipment and food. Two thirds of imports come from Denmark and the remaining one third primarily from Sweden, Iceland, Germany, Norway and the USA.

Political and administrative order. – With the Treaty of Kiel of 1814 the colonies and possessions in Greenland passed from the Norwegian to the Danish crown which, in 1894, extended its sovereignty to also include the district of Angmagssalik on the east coast between 65 ° 35 ‘and 66 ° 30’ N.

In 1920 Denmark, wishing to extend its sovereignty over all of Greenland, turned to the powers for recognition. Some governments undoubtedly agreed to the Danish government’s request, others gave their consent with reservations, but Norway – arguing that the part not actually occupied by the Danes is “terra nullius” – refused to recognize Danish sovereignty over all of Greenland, given his vast interests there and the long-standing activity of his subjects on the east coast, where there are numerous establishments of Norwegian hunters and fishermen. With a treaty of 9 July 1924, which left open the disputed question of sovereignty, some problems of a practical nature, inherent to the operation by the Norwegians of their industries on the east coast. By cutting off the diplomatic delays, Norway, which considered the free exercise of its subjects to be threatened, proceeded to the effective occupation of Erik Rauda’s Land, which goes from 71 ° 30 ‘to 75 ° 40’ N., and on 10 July 1931 declared that region under Norwegian sovereignty. Denmark in turn protested and the dispute was brought before the Permanent Court in The Hague. Considering its interests threatened also in the southern area, Norway considered it appropriate to proceed with the effective occupation of that region as well and on 12 July 1932 proclaimed its sovereignty over the stretch of the east coast ranging from 60 ° 30 ‘to 63 ° 40’ N The Hague Court will also have to decide on this dispute.

The administration of the Danish colonies depends on the Ministry of Navigation and Fisheries and the Ministry of Education and Worship; Greenland is divided into two prefectures, the S. and the N., with a council each (Landsraad), governed by the Landsfoged (prefect), to which is added, for the possession on the coast of E., a special office under the supervision of a Kolonibestyrer (chief), resident of Angmagssalik. The territories occupied by Norway are administered by a prefect. (See tables CCV-CCVIII).