In 2016, the Nordic Cooperation Ministers decided to put more emphasis on economic development in the Arctic within the Arctic Cooperation Program of the Nordic Council of Ministers.

The Nordic Council of Ministers partnered up with the Arctic Economic Council in carrying out an Arctic Business Analysis. The aim was to qualify knowledge on the business environment in the Nordic Arctic and how to take the business environment to a next level.

The analysis covers 1) Entrepreneurship and Innovations; 2) Public- Private Partnerships & Business Cooperation; 3) Bio-economy, and 4) Creative and Cultural Industries.

The general findings of the analysis are:

→ a need for an increased collection and dissemination of Arctic specific data;

→ a need for strengthened cross-border business collaboration between regions and actors in the Arctic; and

→ a need for a positive branding of the Arctic as an attractive and sustainable market for investments and economic development.