Tero Vauraste, Vice Chair represented the AEC at the conference Far East and the Arctic. The Media Forum was organized for the first time June 29 to July 1, in Yakutsk, Russia. The forum was dedicated to medias influence on the development of the image of macro-regions in the global media. The need to promote the Arctic region, and the development in the Russian Arctic were especially highlighted.
The Arctic has been estimated to have 20 percent of the global natural resources. The increased use of Northern Sea Route that connects the Arctic with the Far East, connects the Arctic to the global value chains. Despite this the 2018 Arctic Business Analysis revealed that the Arctic is perceived as an area with low economic and business development potential. The business potential in the Arctic and especially the development in the Russian Arctic is little known outside the Arctic. There is a need to increase and coordinate the financing especially for cross boarder projects.
The AEC has recently taken an initiative to work for the development of a financing tool, the Arctic Investment Matrix. The objective to improve the financing and to develop cross border cooperation between large and small companies in the Arctic.