European Union member states have agreed to increase investment in the Arctic, as retreating ice opens new opportunities for shipping, fishing, drilling and mining while intensifying competition over security and resources. A Monday meeting of leaders from Finland, Denmark, Estonia, France, Greece, Germany, Latvia, Lithuania, the Netherlands, Poland, Romania and Sweden called for the EU to take a more strategic and proactive role in the European Arctic. Participants described the region as a geopolitical hotspot and identified Russia as the largest threat, while also pointing to the ambitions of China and the United States. German Chancellor Friedrich Merz said the region's strategic importance to European security meant years of limited attention should end. Russia has expanded and modernized military bases in the region, while climate change has increased access to Arctic routes and resources. Tensions have also affected NATO (North Atlantic military alliance) members, particularly over Greenland, which is governed by Denmark but is outside the EU. Last week, the European Union and Greenland signed a declaration promising a stronger partnership and a 200-million-euro ($232 million) investment package.