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NEWSLETTER NO. 36 - NOVEMBER 2020
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Generating value through activities in a different time - we can still make it work!
It is certainly a different time, but we can still scope out the potentials and support business development in the Arctic and create sustainable solutions.
This week, Arctic Consensus is in the Danish newspaper Politiken; Greenland Career. Here, we focus on the possibilities and challenges in Greenland, and the underlying potentials in, among others, future career paths. We need to, jointly, secure the possibilities for education and career, as well as cooperation between educational institutions, business and organisations during studies. You can read the article (p. 6 and 7) here (only available in Danish).
Furthermore, we have, during the last period, been affirmed that business still show a large interest in seeking new knowledge and relations on arctic markets. It shows through the latest delegation trip to the Faroe Islands, where Arctic Consensus participated. The delegation provided great value for the participants through new relations, expansion of network, and new knowledge and insight on Faroese business and society. In this newsletter, you can get an indication of the knowledge presented on the delegation trip.
Next week, we will have three days with focus on resilient arctic communities in connection with Arctic Futures Symposium, which is to be held between Monday the 30th of November and Wednesday the 2nd of December. The event is further addressed under the ‘upcoming events’ section of this newsletter.
We are looking into a time where Arctic still receives focus from around the world. The Kingdom of Denmark’s strategy for the Arctic 2011-2020 expires at the end of the year, and it is with anticipation that we await the presentation of the new strategy next year. It is our expectation that business and strategic cooperation still plays a significant role in creating increased growth and sustainable development in the Arctic.
It is a different time indeed, but we, at Arctic Consensus, look forward to an exciting future – we can still make it work!
Lise-Lotte Terp, director, Arctic Consensus
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Development and diversification of business
The Faroese economy is heavily dependent on the fishing industry, which for long has been the largest source of income. In the entrepreneur house Hugskotið, which reside in Torshavn, they put an effort into strengthening the development of other industries. They try to foster a diversity in relation to other traditional industries. Hugskotið counsels and houses entrepreneurs and follow them throughout the different phases of development.
Read the full story here. Read more about Hugskotið here.
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Faroese business development, tourism and business culture
During the meeting with House of Industry, which houses 12 industry associations, director Marita Vang Rasmussen shared knowledge on covid-19’s impact on the country’s turnover, and how many Danish tourists were the main contributor to the turnover of the 2020 tourist season. Business culture was also addressed and how it is relatively simple to establish a business or department in the Faroe Islands. However, the largest barrier is language as most business communication is in the Faroese language.
On the website of House of Industry, you can find more general information about business and the business climate on the Faroe Islands.
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B2B, collaborations and network relations
FaroExpo is a unique business event on the Faroe Islands for small- and medium sized enterprises. At FaroeExpo, it is possible to arrange B2B meetings, sound out common interests, seek possible collaborations, and foster network relations. The extensive focus on B2B meetings and networking may seem hectic during the days of the event, but it provides possibilities for business development, knowledge sharing and relations. FaroExpo is held every two years in Runavik, and it is a fantastic way to develop ones Faroese network. It is highly recommendable to participate in the future.
Read more about FaroExpo here
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Exciting dialogue and knowledge-sharing with the university of the Faroe Islands
The university of the Faroe Islands has between 800-900 students. At a meeting the delegation was welcomed by rector Chik Collins who presented the university and its future strategy and mission. A sub-goal of their 2020-2024 strategy is to strengthen their external relations and communication. They wish to increase the number of students but cherish quality over quantity.
Click here to read the entire strategy.
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