The bill for the new Act on the Screening of Certain Foreign Investments, which was scheduled to be debated during the spring session of the Inatsisartut, has been withdrawn following a change of minister.
The purpose of the bill is to introduce a screening mechanism for foreign investments that may pose a threat to Greenland’s security or public order. According to the bill, a foreign investor intending to make an investment in particularly sensitive sectors and certain activities, including critical infrastructure, the mineral resources sector and commercial hydroelectric power plants, must apply to the Government of Greenland for prior authorization to proceed with the investment.
The bill grants Government of Greenland the power to prohibit, refuse and revoke investments which may pose such threat.
The bill is expected to be debated during the Parliament’s autumn session.