FOREIGN INVESTMENT BILL SUBMITTED IN OCTOBER
A international funding screening invoice, lengthy within the works and formally submitted to parliament in October, was initially conceived partly as a safeguard in opposition to any undesirable Chinese language funding. However three of the sources stated the main target had shifted following Trump’s revived Greenland ambitions.
“We’re very inquisitive about working with American traders, however not in a manner the place they attempt to push sure political targets,” stated MP Aqqalu Jerimiassen from the Atassut social gathering, a part of Greenland’s governing coalition.
Greenland has lengthy sought to diversify its economic system, primarily by courting investments in its mining sector. Nonetheless, restricted infrastructure, together with an absence of roads connecting the area’s 72 cities, excessive weather conditions, and labour shortages, have hampered progress in attracting significant international capital.
Denmark has allotted more money for infrastructure and different growth initiatives, and the EU has proposed greater than doubling its funding. Nonetheless, the Arctic nation’s economic system stays stagnant, with development at simply 0.2 per cent in 2025 and a major deficit in public funds.
SOME SECTORS WILL NEED MANDATORY SCREENING
First debated in November, the screening invoice is about for additional dialogue in April and is anticipated to be handed that month. The draft requires international traders to reveal the origin of their funds and permits authorities to reject offers if the political affiliations or intentions of the traders elevate issues.
“If somebody is working for Trump, we’ll discover out with this screening regulation. That is about our personal safety,” Jerimiassen added.
The proposed invoice doesn’t single out particular international locations however urges cooperation with allies, indicating that American and European traders could face much less scrutiny in comparison with Chinese language counterparts. Nonetheless, it grants Greenland the authority to evaluate international investments thought-about a risk to safety.
“The aim of the regulation is to forestall international investments from posing a risk to Greenland’s safety or public order,” the laws states. As well as, its purpose is to boost the safety of “Greenland and its allies, together with NATO member states”.
Overseas investments in essential infrastructure, IT and labeled knowledge programs, uncooked supplies and mining, hydropower, and government-owned corporations would require obligatory screening below the proposed regulation.
The laws is restricted to areas below Greenland’s jurisdiction and doesn’t lengthen to US army actions on the island, which stay below Denmark’s management.
China has stated it has no intention of competing for affect in Greenland.
