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Business Profile Economy Fish and fish products, especially shrimps, are the territory’s most valuable exports. Greenland withdrew from the European Community (now the European Union) in February 1985 over the issue of the fisheries policy. EU member states are allowed to fish within Greenland’s maritime exclusion zone in exchange for an annual cash payment; this compensates, in part, for the loss of development aid which Greenland would otherwise have received. It also enjoys preferential access to EU markets. Although there are plans to develop the island’s mineral deposits of iron ore, uranium, zinc, lead and coal, the economy ultimately depends on large subsidies from the Danish central government. Denmark retained a monopoly on trade with Greenland until 1950 and continues to dominate its trading patterns. The KNI – Royal Greenland Trade Department – organises transport, supplies and production in the country. Germany, Norway, the USA and France are the territory’s other significant trading partners. Business Suits should be worn. A knowledge of Danish is extremely useful. Office hours: Mon-Fri 0900-1700 or 0800-1600. Conferences/Conventions The Cultural Conference Centre in Katuaq is Greenland’s principal conference site, hosting many national and international events. Contact Katuaq, PO Box 1622, DK-3900 Nuuk, Greenland. Several hotels in Greenland also have the facilities to host conferences and conventions. For further information on conferences and conventions, contact Greenland Tourism (see Contact Addresses section). |