The Arctic Economic Council Gets Down To Work

IQALUIT, NU, Sept. 4, 2014  /CNW/ - Business leaders from the circumpolar region met in Iqaluit, Nunavut September 2-3, 2014 to establish the Arctic Economic Council (AEC). The AEC is an independent organization created by the Arctic Council that will facilitate Arctic business-to-business activities and responsible economic development, as well as the sharing of best practices, technological solutions, standards and other information.

"This is an important day for Arctic businesses.  We will begin our work by focusing on four themes that are central to responsible and sustainable Arctic economic development: establishing strong market connections between the Arctic states; encouraging public-private partnerships for infrastructure investments; creating stable and predictable regulatory frameworks; and facilitating knowledge and data exchange between industry and academia." said Tom Paddon, the newly elected chair of the Arctic Economic Council.

Traditional indigenous knowledge, stewardship and a focus on small businesses will play a central role in AEC work. Industries such as fishing, herding, hunting and tourism are essential to Arctic business development and to the livelihoods of the peoples of the Arctic.

The AEC consists of 42 business representatives appointed by the Arctic states and indigenous organizations. The AEC has selected a small inaugural Executive Committee to guide its initial work to be lead by the chair Tom Paddon from Canada, vice chairs Tero Vauraste from Finland, Tara Sweeney from the United States who represents the Inuit Circumpolar Council, and Evgeny Ambrosov from Russia. Initial administrative support for the AEC is being provided by Canada, and an offer by the Norwegian business community to support the AEC's administrative costs going forward was accepted in principle.

SOURCE: Arctic Economic Council

about the AEC please contact Anja Jeffrey, Assistant to the chair of the AEC: [email protected]