Greenland’s tourism is about to receive a huge boost
Greenland is experiencing an unprecedented economic upswing, and the Bank of Greenland has the expertise to advise the rapidly growing business tourism sector
A forest of cranes is one of the first things you notice when you arrive in Nuuk, and it’s a sign that Greenland’s business community is booming. The economy is growing and there is a sense of bubbling optimism for the future. Søren Stenberg, Business Director of the Bank of Greenland, describes how Greenland is facing an unprecedented economic boom in the near future as tourism increases.
“Airports are opening in three different locations in the country, which will be a gamechanger for Greenlandic tourism. However, the focus is not on increasing the volume of tourism, but on attracting a segment that is looking for unique experiences. Add to this the prevailing post-Covid mood, in which people want to get out and experience the world, and you have a huge potential for tourism,” says Søren Stenberg.
Sustainable tourism requires specialised knowledge
Tourism will generate an unprecedented amount of entrepreneurship and a wide range of new businesses. These will need strategically competent business advice, and they can find it at the Bank of Greenland, where cooperation is largely based on close relationships between business advisors and the company.
Through its role as a business powerhouse, the bank wishes to create growth throughout Greenland, to the benefit of all. At the same time, Greenlandic tourism companies are very interested in investing in sustainable projects, and the Bank of Greenland wishes to support them, as investing in green projects is both good for the climate and good for business. Sustainability is already in demand among tourists, explains Søren Stenberg.
“It requires highly specialised knowledge in a wide range of parameters if you want to start a business in the tourism sector in such a special area as Greenland. Here, the tourists are more demanding in terms of sustainability and the green transition,” he says, and provides an illustration:
“If you want to set up a campsite out in the open, we can provide advice throughout the process – for example that it might be a better idea to use solar power rather than a diesel generator, and so on. Many tourists who visit Greenland are focused on the green agenda, and we can help to promote that through dialogue and advice to our tourism industry clients,” he says.
“We have knowledge of how to optimise ecosystems and value chains right through the business, and all our business and investment advisors receive training in sustainable tourism.”
Tourists demand uniqueness
Søren Stenberg provides another example of how we must be careful not to open all the floodgates uncritically in our enthusiasm for growth.
“Imagine a giant cruise ship with 3,000 people docking at a small village. We need to help build up the tourism offers so that small natural areas are protected and we can preserve Greenland’s cultural heritage and nature.”
He stresses the importance of considering which tourists to focus on rather than how many – and in this context, the Bank of Greenland has the expertise to advise the entire tourism business sector.
“We can easily have a burgeoning tourism industry that gives the economy a proper boost while at the same time caring for and protecting Greenland’s nature. Everyone is interested in maintaining that uniqueness, which is what tourists look for in Greenland.”
When the economy grows, society follows
Growth creates a need for labour, and the demand for more hands is a challenge, says Søren Stenberg.
“We not only need more manpower, but also specialised skills,” he says, adding that this applies to Greenland in general, and to the Bank of Greenland in particular.
“When the economy grows, society follows. That means a growth in entrepreneurship, which requires specialist knowledge in various niche areas. This is something that we as a bank must be able to offer our customers. We naturally need to keep up with the times and be relevant to society, and that requires specialised staff,” he says.
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