- We must be closer to the countries we share values ​​with

A number of large Nordic companies and foundations are now joining forces to launch a new alliance, where Maliina Abelsen has been given a central role in the advisory body.

The name is Nordic Compass – The Nordic Round Table for Industry.

- When such large companies as Danfoss and Novo Nordisk Fonden and Swedish Vattenfall join into the new alliance, it is important that Greenland is not left out. The alliance could be used to open up partnerships and possibly investments within energy, says Maliina Abelsen in an interview with Sermitsiaq.

She has a central role in an advisory body. Maliina Abelsen has become a member of the Nordic Advisory Board, NAB. It is a board that is a strategic advisory body for Nordic Compass.

The aim of the Nordic Compass alliance is to jointly strengthen the competitiveness and resilience of businesses in the Nordic region, including Greenland, writes Nordic Compass in a press release.

- We need to move closer together on the bus and find ways to create new alliances to achieve more growth in business in the Nordic region and the rest of Europe.

- Many investors are looking at Greenland right now. With the open window that Greenland currently finds itself in, with great attention and alliances like Nordic Compass, we need to understand how to exploit it in Greenland.

- Companies such as Tusass and NunaGreen can benefit from the alliance in the form of partnerships and possibly investments from funds and companies in the Nordic region, says Maliina Abelsen.

A groundbreaking initiative

Among the partners in Nordic Compass are more than 25 of the leading Nordic companies and funds. This ranges from the Danish Danfoss, Novo Nordisk Fonden and Ørsted to the Swedish Vattenfall, Nordea and Wallenberg Investments.

Ørsted is a world leader in the development, construction and operation of offshore wind farms. Wallenberg Investments is behind huge Swedish industrial companies.

Greenland Erhverv, GE, is currently the only one represented in Nordic Compass.

- Nordic Compass is a groundbreaking initiative. These are huge Nordic companies that are now joining forces. They can see the benefit of our having to stand together.

Maliina Abelsen is a successful businesswoman and former top politician with extensive board experience. She has a past as the chairperson of the board of Royal Greenland, commercial director of Air Greenland and national government member for finance. Today she is Vice Chairman of the Bank of Greenland and a board member of UNICEF Denmark.

Four focus areas

The companies in Nordic Compass aim to collaborate with the governments of the Nordic countries to focus on four areas and critical sectors. These are capital markets, energy, defense/security and deep tech.

In the past decade, technology, digital solutions and the pharmaceutical industry have moved forward dramatically with the help of innovative, research-based solutions.

Deep tech is not like other technologies. It is characterized by long-term, advanced and costly development and a complicated path to a market that may not yet exist.

- The four areas are very relevant and important for Greenland. It is important that the rest of the Nordic region hears Greenland's voice, and what is important in the energy area, for example, states Maliina Abelsen.

The Nordic region is considered one of the most competitive regions in the world. Denmark, Norway, Sweden and Finland are at the top globally when it comes to the countries' economy, stability, business climate and infrastructure, according to previous studies.

Maliina Abelsen points out that it is important to have a strong Greenlandic business community and entrepreneurship. And closer cooperation with the rest of the Nordic region can contribute to this.

- Greenland has a very special community with the other Nordic countries. They are the ones we most often cooperate with. That is why it is important that we include Greenland in Nordic Compass and not sit outside the door, she says

As mentioned, Nordic Compass will cooperate with the governments of the Nordic countries to focus on the four areas and critical sectors ranging from capital markets and energy to defense and security and deep tech.

Nordic Compass expects Greenland's contribution to the alliance to be central in relation to, for example, energy supply and efforts to reduce dependence on a few submarine cables, which are called critical infrastructure.

For example, there has long been talk of a new submarine cable connecting Greenland with Iceland, the Faroe Islands and Denmark being laid as soon as possible.

Investments in submarine cables

According to Maliina Abelsen, Greenland's participation in Nordic Compass opens up the participation of Greenlandic companies and industries in the industry community.

- My contribution as a member of the Nordic Advisory Board is based on Greenland and the Arctic, for example, strategic advice to companies in Greenland and the rest of the Nordic region. I also have insight into the interaction between business, politics and society in the Arctic, says Maliina Abelsen.

Greenlandic companies will be able to engage in various projects via the Nordic Compass network, where companies and investors develop concrete solutions and partnerships, she believes.

According to Nordic Compass, through closer Nordic cooperation, Greenland will get more direct access to partnerships, investments and knowledge across the region.

This can help accelerate development within, among other things, energy, infrastructure and new industries – and at the same time ensure that Greenlandic perspectives are central to the solutions developed across the Nordic region.

Greenland must be clear in its stance

From Greenland's side, there is a clear need to have a say on what kind of investments are needed so that money is channeled here.

- If Greenland is not clear about what investments we want, then we will get the investments that others think are important, says Maliina Abelsen.

She points out that one must politically discuss and secure some kind of investment strategy for the country so that the investments that come help to solve structural challenges.

- We are facing major structural economic challenges, where the population is declining, and we need to create a stronger business community so that we are not so dependent on fishing.

- Therefore, it is very important that we in Greenland are very clear about which investments we should try to attract. For example, is it investments in energy such as hydroelectric power plants, or do we want to attract data centers.

- It is crucial that the investments we attract should help make the biggest difference to an economically sustainable future.

- I believe that in Greenland we need to play with the right investors and have the right investments in projects that help build and grow Greenland, says Maliina Abelsen.

She points out that it may be relevant, for example, for Tusass, NunaGreen and Nukissiorfiit to learn about “the huge private initiative”, which she calls Nordic Compass - The Nordic Round Table for Industry.

NunaGreen will be responsible for Greenland's green transition. The company is handling two large concrete projects, namely the upcoming hydroelectric power plant at Qasigiannguit and the expansion of the hydroelectric power plant in Buksefjorden near Nuuk.