Tero Vauraste. Photo: Arché Photography

AEC: Moving Forward with New Strategic Plan

The AEC has successfully concluded its first 3-year strategic planning period. “As the organization’s Chairman, I am proud of our achievements which are the result of a collective effort. Our new strategic plan provides continuity and strengthens the global dimension of the AEC’s work”, says Tero Vauraste.

When the foundation of the AEC was created in 2016, the organization also created its first 3-year strategic plan to define its goals during the first years of its existence. The first AEC strategic plan extends from 2016 to 2018 and is founded on three pillars: Organizational, Stewardship, and Economic Growth.

As 2018 is getting close to its end, the AEC has taken stock of its achievements. The AEC has worked actively to fill all sub-goals set on the Strategic Plan. While many of the goals are of long-term character, work to fulfill these targets and to advance the organization’s goals has been active on all sectors. Under the U.S. business chairmanship (2015-2017) with Tara Sweeney as Chair, the AEC rapidly achieved results in the development of a foundation for the AEC.

Promotion of cross-border connections not just between the Arctic countries, but also between Arctic and global stakeholders has been one of the priorities on the Finnish businesses’ chairmanship agenda. Finnish businesses took over the AEC chairmanship in May 2017 with Tero Vauraste as the AEC’s Chairman.

Another priority which Mr. Vauraste set at the beginning of his 2-year chairmanship period was the need for active outreach to make the AEC widely known. “During the current strategic planning period, the AEC has conducted about 190 meetings, events and other types of outreach. Our outreach has helped make the AEC better known, which in turn helps in increasing our significance as the voice of the pan-Arctic business community”, Vauraste says.

The AEC has now published its new strategic plan. This plan is set to cover the period from 2019 to 2021 with an option of extending it with another 2 years. The new strategic plan builds upon the first one with the aim of making its goals more operational. The new strategic plan is founded upon the pillars of Economic growth; Global AEC; Arctic Stewardship in Action; and Strong Organization. The strategic plan can be downloaded from here.

“Our first strategic plan has served us well, and thus it was natural to build upon it when we started drafting the new strategic plan over a year ago. Bringing in the global dimension highlights the AEC’s wish to link the Arctic value chains to the global ones and to strengthen the Arctic businesses’ ties to the global community. I look forward to continuing our work based on these goals to secure responsible economic activity in the Arctic”, states Tero Vauraste.

The AEC chairmanship will be transitioned from the Finnish business community to the Icelandic business community at the AEC’s Annual Meeting in Rovaniemi, Finland in May 2019.