Fishing industry in Greenland

The center of the fishing industry lies in the south of the country, the main hub is in Disko Bay in the southwest.

This was considered as harmful to the interests of Greenland, and eventually, based on a referendum, in 1985 this was replaced with five year agreements with the EU.

[3] Although in the 1970s and early 1980s the halibut industry in Greenland was low scale, it has since dramatically increased since the 1980s and in the future may develop into a purely commercial venture for many native people in the country.

[6][7] Although the industry grew dramatically in the 1990s, by 2000 depletion of stocks resulted in falling revenues and the closure of many fishing plants.

[8] Fishing operation during the 1990s was pursued by 150 vessels (both international and chartered) which resulted in an average production of 188,500 tonnes in the period between 1988 and 1995.

[10] Greenland has legislated laws related to fisheries imposing quota limits on fishing of prawns and halibut.

Laws are enforced on the basis of biological advice to ensure sustenance of its natural resources.

However, Greenland gets total exemption of duty on its exports to the EU, which generates an income of DKK 200 million.