If you were to sit down with Naaja H. Nathanielsen, the Minister for Business in Greenland, you’d find her unfazed by recent developments involving an American billionaire’s stake in two companies based in her homeland.
“There’s a tendency to create a boogeyman out of investors,” Nathanielsen remarks, dismissing the notion that such investments inherently threaten Greenland’s sovereignty. Her comments come in response to Ronald Lauder’s recent acquisition of shares in Greenland Water Bank and Greenland Investment Group—an issue that sparked headlines over the weekend.
Lauder, it’s worth noting, is no stranger to controversy. He’s reputed to have been the one to instigate Donald Trump’s infamous idea of purchasing Greenland, a plot that has amplified concerns about ulterior motives behind foreign investments in the Arctic territory.
In light of these developments, analysts from the Danish Institute for International Studies and the Defense Academy have urged caution, suggesting that the Greenlandic government should be wary of potential political agendas cloaked in commercial interests. However, Nathanielsen is not inclined to embrace this perspective.
“To suggest that an American investor in our water and ice sectors has ulterior motives is unfounded,” she insists. “Our economy is open for investment, provided that it adheres to our regulations. The idea that this may lead to some form of political influence is a gross exaggeration.”
Despite the whisperings of skepticism, Nathanielsen maintains that vigilance is key in politics. “Of course, we must remain discerning and apply common sense. I believe the government is well-equipped to do just that,” she adds.
When pressed on Lauder’s connections to Trump’s ambitions regarding Greenland, she stands firm: “This speculation is far-fetched. There has been longstanding American interest in Greenland—if the Danish government has only now recognized our strategic importance, that’s a different issue altogether.”
Nathanielsen points out a pressing concern: Denmark has consistently underinvested in Greenland. “We need to cultivate our society for the benefit of the Greenlandic people, and if investors comply with our laws, their presence can only be a positive influence,” she asserts.
In the past week, Danish newspaper Politiken published an article detailing how Lauder is part of the American investment group Greenland Development Partners LLC, which recently acquired shares in both Greenland Water Bank and Greenland Investment Group, companies owned by Svend Hardenberg and Jørgen Wæver Johansen. Their ties have drawn additional scrutiny, particularly given Johansen’s local political role and his marriage to Vivian Motzfeldt, the Minister for Foreign Affairs. Nathanielsen dismisses any suggestion of conflict, clarifying, “I oversee licensing decisions, and Vivian has no say in that process.”
As for broader concerns surrounding American investors, she is reluctant to accept the narrative that labels them as a threat. “Demonizing investors simply because they’re American plays into an oversimplified view, often catering to certain Danish interests,” she argues. “My responsibility is to advance the interests of the Greenlandic populace.”
She emphasizes that laws are structured to prevent the purchase of political influence through investments. Furthermore, a new screening law is on the horizon, designed to scrutinize foreign investments thoroughly and grant the government authority to block or retract dubious investments. This legislation is set to be finalized during the spring parliamentary session in February.
“We’re committed to fostering a robust business environment for Greenlandic enterprises while judiciously welcoming foreign investments that align with our objectives,” Nathanielsen concludes. “While the notion of American investors brings with it a history of suspicion, we must remember: an investor does not equate to an occupation of Greenland.”