Stimulating Trade and Business to Drive Economic Growth throughout Greenland
Digital Economy and Market Development Project (DEMD)
USAID U.S. Digital Economy and Market Development Project (DEMD)
Overall DEMD Project: 5 years – September 2019 to September 2024
Greenland Activity: 2 years – June 2022 to September 2024
The DEMD Greenland activity will drive economic growth by removing trade barriers and improving trade relationships with other countries in consumables, outdoor goods, and tourism. Through inclusion of businesses and stakeholders across the island nation in commercial activities, revenue increases will then be distributed through the entire value chain, increasing economic impact for all Greenlanders.
Though Greenland has significant natural resources and ecotourism potential, its isolated geography and small, 60,000 population pose a significant challenge to infrastructure development, trade expansion, and economic diversification.
Therefore, its economy is extremely vulnerable with low international trade, low distribution of wealth, high unemployment, and significant reliance on support from the Danish government.
Through EDGI, the U.S.-Greenland Enterprise Driven Growth Initiative, Greenland is looking to jumpstart sustainable ecotourism and nurture international trade to accelerate economic growth and inclusive economic impact to its indigenous people.
To facilitate that growth and increase trade opportunities with the United States, Resonance, working on behalf of USAID’s DEMD activity along with the USAID Mission to Greenland and private sector and government stakeholders, will foster bilateral trade, facilitate international business-to-business connections, and identify and implement inclusive economic growth strategies to support indigenous entrepreneurs.
Implemented by Resonance, EDGI will foster inclusive economic growth by building environmentally and socially conscious commercial relationships that increase trade and business-to-business engagement between Greenland and the United States.
This work will take advantage of global adventure travel and sustainability trends. It will be grounded in a commitment to local sustainability and ownership, respect for the environment, and inclusivity of indigenous populations in the growth of local economies.
Specifically, EDGI will address barriers to trade and improve international trade relationships in consumables, outdoor goods, and tourism. The increase in revenues will then be distributed through Greenland’s value chain, increasing economic impact across the country.
To improve bilateral trade, EDGI has organized a business forum, is fostering new B2B connections, and is providing additional market access assistance to Greenland and US-based companies.
To ensure inclusive growth opportunities, EDGI is developing municipal-level growth strategies and supporting the design and development of an inclusive business accelerator as well as support to indigenous entrepreneurs.
Resonance will develop international business partnerships and employ its inclusive innovation capabilities to implement strategies and a business accelerator that will support the growth of local entrepreneurs in the ecotourism and adventure travel sectors.
In partnership with EDGI, Resonance’s work will foster international trade and growth in tourism and consumables, identify effective local economic growth strategies, and facilitate investment in innovation and business development for local small businesses: