(Photo: Getty Images)A Memorandum of Understanding on the establishment of an Icelandic-Arctic Chamber of Commerce (IACC) was signed Wednesday, 24 April, by the Icelandic Chamber of Commerce (ICC), the Icelandic Arctic Cooperation Network and the Icelandic Ministry for Foreign Affairs.

The establishment of the IACC presents a milestone in the implementation of Iceland's Arctic Policy, the goal of the present project being to develop and strengthen economic cooperation within the Arctic region, endeavoring to secure Icelandic competitiveness with regard to business opportunities emerging with increased economic activity in the Arctic.

The Icelandic-Arctic Chamber of Commerce will operate similarly to bilateral Chambers of Commerce already active under ICC's wing, creating a platform for connections between enterprises and companies all over Iceland, stakeholders in the increased economic activities in the Arctic region, as well as serving as an information center for arctic issues.

The IACC will furthermore work closely with Icelandic authorities, Universities and research forums as well as other interested parties, to encourage lucrative, yet responsible harnessing of business opportunities in the Arctic, for the long term benefit of the Icelandic economy as well as for the Icelandic society in general.

The present initiative creates an important venue for cooperation between Icelandic businesses and parties specialized in Arctic affairs, and not least an international cooperation network. The Icelandic-Arctic Chamber of Commerce will be formally launched at a meeting mid-May, where a board of directors will be chosen to further the project.

Sources

Icelandic Ministry for Foreign Affairs

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