The Arctic Economic Council Has Its First Non-Arctic Member

AEC Chairman of the Board, Tero Vauraste, is a giant in Arctic business. Many know him as head of the Finnish company Arctia Ltd. The above picture was shot in Oulo, Finland during an AEC event last September. (Photo: City of Oulu/AEC)
One month after the Korean Shipowners’ Association applied for membership of the Arctic Economic Council (AEC), such membership of the business forum has now been granted.


One month after the Korean Shipowners’ Association applied for membership of the Arctic Economic Council (AEC), such membership of the business forum has now been granted.

With that, Koreak Shipowners Association is the first company from a non-Arctic state that has been granted membership of the organization.

- We are honored and happy to welcome the first sub-Arctic partner to the AEC. Linking the Arctic value chains to the global ones is important to the AEC. Therefore, our aim has been from the outset to include sub-Arctic partners in our work. The Korea Shipowners’ Association will bring an important dimension to the work of our organization, says Tero Vauraste, Chairman of the Board.

He argues that Korean Shipowners’ Association will constitute an important element in the work of the organization that was founded in Canada in September, 2014.

The Arctic Economic Council was established in order to facilitate responsible economic development and business activities in the Arctic. Its headquarters lie in Tromsø, Norway and Finland chairs the organization from 2017 to 2019. The Board of Directors consists of 42 business members from eight Arctic states as well as six permanent member organizations.

The AEC is open to companies of all sizes both in and outside the Arctic, and among its current members one finds a diverse range of companies already operating in the region.

- Korea in its Arctic policy has shown a commitment to sustainable development of the Arctic, and we are honored to have the first sub-Arctic member come from Korea, says AEC Vice Chair Robert Gudfinnson.

Young-Moo KIM, Executive Vice Chair of the Korean Shipowners’ Association, says in a press statement that he considers it a privilege and a pleasure to join the AEC.

- We believe that the Arctic shipping routes will bring about remarkable shifts in trade flows. In this respect, the Korea Shipowners’ Association as an Arctic Partner would like to contribute to the value of the AEC to facilitate Arctic business-to-business activities and responsible economic development.






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