Korea and Denmark could collaborate on projects to unlock the Arctic’s full potential, the Danish ambassador to Seoul has said.

The Scandinavian country ― along with its autonomous regions of Greenland and the Faroe Islands ― last year published an Arctic Strategy up to 2020.

The region is thought to contain 30 percent of the world’s unproven gas reserves and 10 percent of the world’s untapped oil reserves, as well as minerals and rare earth elements.

And Denmark’s Ambassador to Korea Peter Lysholt Hansen has said Korean companies could play a role in discovering the resources. There are an estimated 31 billion barrels of oil and gas off the Northeast Greenland coast and 17 billion barrels of oil and gas in areas of West Greenland, he said.

“As a part of this new strategy outside partners are invited to participate and contribute to the development of the full potential of Greenland and the Faroe Islands,” he said. “Since Korea is a strategic partner to Denmark it is only natural to engage in a dialogue with the Korean government and Korean companies on their potential involvement in this process.”

The two countries discussed the mutual benefits of enhancing cooperation on the Arctic region when Minister of Foreign Affairs and Trade Kim Sung-Hwan visited Denmark in January.

As well as aiming to develop natural resources, Denmark’s Arctic strategy also offers opportunities in infrastructure and shipping for companies from Korea, with China and Japan also taking an interest.

“Korean companies are global leaders in construction, engineering, energy development and shipping while the Korea Polar Research Institute is one of the leaders on Arctic research,” Hansen said. “Both Korea and the Kingdom of Denmark would benefit from the increased involvement of a broad range of Korean expertise in the development of the Arctic region.”

In addition to fossil fuels, Greenland is also rich in mineral deposits and so-called critical metals, including rare earth elements, several of which are important components of high-end technology.

Denmark’s 58-page “Strategy for the Arctic” report covers green strategy and also includes a plan to produce “documentation for claims to three areas around Greenland, including an area north of Greenland which among other areas covers the North Pole.”

Russia, the U.S., Canada and Norway also claim rights to parts of the region that is one of the last areas on earth to which sovereignty is not yet fully established. The Arctic costal states are compiling their case for claims to areas of the continental shelf beyond the 200 nautical miles established by international law. Their competing claims will then be dealt with under the Commission on the Limits of the Continental Shelf.

By Kirsty Taylor (kirstyt@heraldcorp.com)