Denmark: Fisheries law revision, Royal Greenland’s financials upending Greenland’s seafood sector

Published May 21, 2024

Tridge summary

Greenland's parliament passed a new fisheries law on May 16, which will be enforced from May 19, revolutionizing the country's seafood industry. The law, which allows for a 10-year transition period, mandates that all commercial fishing companies must be Greenlandic and introduces flexible individual species quotas. It also sets minimum prices for fish and extends coastal fishing rights from 3 to 12 miles offshore. Despite generating criticism from Polar Seafood Greenland, which predicts significant impacts and potential factory closures, and concerns over what seems to be special treatment for Royal Greenland, Prime Minister Múte Bourup Egede remains supportive of the reforms and is committed to keeping a factory in Aasiaat open. The law, however, has drawn criticism for its perceived favoritism towards Royal Greenland and its significant financial losses.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Revisions to Greenland’s fisheries law were approved on 16 May and became law on 19 May, bringing changes to how Greenland’s seafood sector must operate moving forward.The law, which has a 10-year-transition period, will require all companies conducting commercial fishing to be based in Greenland and create flexible individual species quotas that can fished or traded, according to Sermitsiaq. It will also institute minimum prices to be paid for fish and expand coastal fishing rights from 3 miles to 12 miles out to sea. First introduced in November 2023, the bill has been hotly debated for months. Seafood accounts for 90 percent of Greenland’s exports by value and 30 percent by volume, and fishing is a vital commercial lifeline for many of Greenland’s isolated communities. The law has been criticized by Royal Greenland and Polar Seafood Greenland – Greenland’s two largest seafood companies. No changes to Royal Greenland's shrimp quotas are included in the law, Royal Greenland ...

Source: Seafoodsource