The Arctic Economic Council (AEC) is an independent organization created to facilitate Arctic business-to-business activities and responsible economic development. Through the sharing of best practices, standards and innovative Arctic solutions the AEC is the primary forum for interaction between the Arctic Council and the wider circumpolar and non-Arctic business communities. The AEC’s establishment was facilitated by the Arctic Council during the 2013-2015 Canadian chairmanship.
The AEC is open for membership applications from corporations, businesses, partnerships and indigenous groups that have an economic interest in the Arctic. The AEC’s member representation includes a diverse collection of business industries that operate in the Arctic – from mining and shipping companies to telecommunication and indigenous economic development corporations, and from SMEs to big multinationals. This mix of interests ensures that our work is carried out in an inclusive and sustainable manner for the betterment of the Arctic states and communities that we represent.
Being true to the “AEC way” of building on the pillars of collaboration, partnership, innovation and peace, it is imperative for the AEC to provide both Arctic and sub-Arctic stakeholders an opportunity to participate, interact and collaborate with the Legacy Members of the AEC: 42 business representatives from the eight Arctic states and the Permanent Participants of the Arctic Council
To make the Arctic a favourable place to do business
To facilitate sustainable Arctic economic and business development
· Facilitate responsible business and economic development of the Arctic and its communities
· Share and advocate for best practice, technological solutions, and standards
· Support market accessibility
· Provide advice and a business perspective to the work of the Arctic Council
FIVE OVERARCHING THEMES
The five overarching themes form the basis of the work of the AEC. They are identified by the Arctic business community.
1. Fostering strong market connections within the Arctic as a vital part of international value chains
2. Encouraging public-private partnerships for infrastructure Investments
3. Promoting stable and predictable regulatory frameworks
4. Facilitating knowledge and data exchange between industry and academia
5. Embracing traditional indigenous knowledge, stewardship and small business
The Arctic Economic Council’s work is driven by Working Groups established on particular sectors and based on the organization’s overarching themes.
The current five Working Groups of the AEC are:
· Infrastructure: Maritime Transportation
· Responsible Resource Development
· Investment and Infrastructure
Read more about the Working Groups here
There are three membership groups:
1. Legacy Members
2. Arctic Partner
For all types of corporations, businesses, partnerships and indigenous groups coming both from the Arctic and from sub-Arctic regions, there is an opportunity to join the AEC as a non-voting partner
3. Permafrost Partner
Permafrost Partner is designed for micro business that are not subsidiaries, with their business headquarters located within an Arctic state and which have 15 employees or less