COPENHAGEN: Denmark backed a proposal on Monday to build nine new artificial islands to expand the industrial district of Copenhagen and attract investment.
The new islands would make up around a quarter of a development project the size of 420 football fields in total. Construction could begin in 2022 and the project could be fully functional by 2040.
The government expects it to attract up to 380 new businesses and create 12,000 jobs, adding more than $8 billion to the economy, equivalent to 2.5 per cent of GDP. “We will stand stronger in international competition to attract business, investment and highly qualified labour” with the project, Interior Minister Simon Emil Ammitzboll-Bille said in a statement. “That could contribute to growth and development not just in the capital area but in all of Denmark.”
The proposal must still be approved by parliament. Business Minister Rasmus Jarlov told reporters that the government expected the project to be self financed in part by selling lots on the islands. — Reuters
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