Bloomberg Talks

Episode: Arctic Economic Council's Frederiksen Talks Greenland's Business
Date: January 8, 2026
Host: Bloomberg
Guest: Madsvist Friedrichsen, Executive Director, Arctic Economic Council

Episode Overview

This episode delves into Greenland's business climate amidst renewed US interest, geopolitical uncertainty, and the enduring narrative of a potential US acquisition. Madsvist Friedrichsen provides in-depth insights on how these developments affect local businesses, investment prospects, and the complex interplay between Greenland, the US, Denmark, and broader Arctic interests.

Key Discussion Points and Insights

1. Geopolitical Uncertainty and Its Immediate Impact

• Uncertain Environment: Greenland, like the broader Arctic, faces a surge of uncertainty tied to international attention and political rhetoric regarding its future.
  • "It's very uncertain times and overall you can say that. And this doesn't only go for Greenland, but across the Arctic region. There's a lot of uncertainty at the moment and uncertainty that's poison for any company." — Madsvist Friedrichsen [00:48]
• Halted Decisions: Many businesses are pausing significant decisions until there's more clarity on geopolitical developments.
  • "Everything is put on hold at the moment. They're not making any decisions until there's more clarification about their future." — Madsvist Friedrichsen [00:48]
• Day-to-Day Operations Continue: Daily life and core industries, especially fisheries, remain active despite uncertainty.
  • "97% of Greenland's export is from fisheries. Those fishing vessels are still out there fishing." — Madsvist Friedrichsen [01:28]

2. Greenland's Export Markets and Opportunities

• Limited US Role: The US is currently a minor player in Greenland's export landscape.
  • "The US Market is not a particularly big market. Europe, China and even Canada is much bigger than the U.S." — Madsvist Friedrichsen [01:28]
• Potential for Expansion: Some see the situation as an opportunity to open new markets, particularly in the US.

3. Greenland's Response to the US Acquisition Narrative

• Firm Position: Greenland firmly rejects the notion of being “for sale,” emphasizing self-determination.
  • "Greenland is not for sale, but it's open for business." — Madsvist Friedrichsen [02:56]
  • "Greenland belongs to its people. So this idea about a large real estate deal, as President Trump called it in 2019, that's not of any interest to the businesses." — Madsvist Friedrichsen [02:56]
• Desire for Self-Determination: Both the private and public sectors stress the importance of deciding their own economic future.

4. Foreign Influence and Manipulation Concerns

• Online Interference: There have been instances of attempted digital manipulation, including fake videos and documents.
  • "We have seen some attempts on digital manipulation... AI videos... a fake document... supposed to look like it came from the Greenlandic government. It was completely made up." — Madsvist Friedrichsen [03:52]
• Community Awareness: Small Arctic communities make external influence easier to detect.

5. Infrastructure, Investment, and Structural Challenges

• Significant European Investment: Denmark has invested heavily in Greenland's infrastructure—fiber optic cables, deep-sea ports, etc.
  • "Denmark has invested massively in, for example, subsea fiber optic cables, deep sea ports... expansion of ports, expansion of runways." — Madsvist Friedrichsen [05:11]
• EU Involvement: The EU is expected to revisit its Arctic policy soon, with an emphasis on security and “dual use” investments.
  • "The European Union will update their Arctic policy in the coming months... security will play a role." — Madsvist Friedrichsen [05:11]
  • "Companies are asking for this: if you are investing more in defense, let's try to make sure it also benefits the communities there." — Madsvist Friedrichsen [05:11]
• Demographic and Economic Challenges: Greenland faces population decline, low GDP growth, and a shortage of skilled workers.
  • "There's 56,000 people. They expect to be 46,000 people by 2050. GDP growth is rather low and there are some structural challenges around a skilled workforce." — Madsvist Friedrichsen [05:11]
• Small Market, Big Obstacles: The limited population and infrastructure hinder the scale and appeal for large global investors.

6. Mining, Resource Extraction, and Investment Realities

• Unrealized Potential: Despite abundant resources, only one mine is active; numerous others lack investment.
  • "There's currently one active mine... there are more than around 50 or 100 mines that could open if they just get an investor." — Madsvist Friedrichsen [07:20]
• Political Will vs. Business Case: Interest from the US appears to be driven more by political actors than by actual business demand.
  • "This is a political wish. I don't believe that the business, society or community in the US has this interest in Greenland. This is from the top of the political level." — Madsvist Friedrichsen [07:20]
• Broader International Hesitation: Lack of investment is not unique to the US; international investors also hesitate due to infrastructure and scale issues.
  • "A lot of people are talking about Greenland. Not too many people are investing in Greenland. And this is not helping what is happening at the moment." — Madsvist Friedrichsen [07:20]

Notable Quotes & Memorable Moments

• On Uncertainty:
  "Uncertainty that's poison for any company." — Madsvist Friedrichsen [00:48]

• On Sovereignty:
  "Greenland is not for sale, but it's open for business." — Madsvist Friedrichsen [02:56]

• On Foreign Influence:
  "We have seen... AI videos being spread... a fake document being shared... supposed to look like it came from the Greenlandic government." — Madsvist Friedrichsen [03:52]

• On the Scale of Greenland's Economy:
  "A lot of people are talking about Greenland. Not too many people are investing in Greenland." — Madsvist Friedrichsen [07:20]

Key Timestamps

• 00:48 – Uncertainty's impact on Greenland's business climate
• 01:28 – Current state of exports, daily operations, and US market role
• 02:56 – Greenland's response to US acquisition talk and its stance on business
• 03:52 – Reports of digital manipulation and foreign influence
• 05:11 – Recent infrastructure investments, EU's evolving Arctic policy, and dual-use considerations
• 07:20 – Mining sector realities, political vs. business drivers, and broader international investment hesitancy

Summary

This episode offers a candid examination of Greenland's economic reality amidst global political maneuvering. While international headlines swirl around US ambitions, local businesses face paralysis due to uncertainty. Despite Greenland's resource wealth and global attention, deep-rooted challenges—ranging from limited infrastructure and population decline to lack of interest from genuine business investors—define its economic landscape. The takeaway: Greenland welcomes partnership and investment but rejects the idea of its sovereignty being negotiable, with its future best decided by its own people and aligned with the needs of its unique communities.