Industrial development in Greenland

Extract

For nearly two centuries Den Kongelige Grønlandske Handel (Royal Greenland Trade Department, or RGTD) has been responsible not only for transportation and supply in Greenland but also for the general development of production and of natural resources there. Before 1774, various private and chartered companies had been organized to supply Greenland and develop its natural resources, but they all failed because of the difficulties of operating in the Arctic. It then became evident that development of these regions would seldom, if ever, be profitable. It was also felt, however, that the economic well-being of the people could not be neglected, and consequently RGTD was established and vested with the responsibility of developing the country. This principle has remained unchanged throughout the years although Greenland has since achieved full and equal rights as a province of Denmark.