Within its working groups, the Council aims to investigate framework conditions that would support business development and attract investments to the Arctic in a responsible manner and to the benefit of the local economies and population.

The AEC also provides a network for companies through its working groups and communicate to the general public about the business opportunities in the Arctic.

[3] The council’s members are both multinational companies (MNCs) as well as small and medium-sized enterprises (SMEs) based and/or operating in the Arctic region, as well as Indigenous (circumpolar peoples) organisations as permanent participants.

The AC, whose two major focus areas are environmental protection and sustainable development, has acknowledged the lack of business perspective on these issues.

[6] From this point on, a Task Force to Establish the Circumpolar Business Forum (TFCBF) was dedicated to this project, under the Canadian Chairmanship of the AC.

The headquarters for the Arctic Economic Council was opened by the Norwegian Minister of Foreign Affairs, Børge Brende, and head of the AEC Executive Committee, Tara Sweeney, on 8 September 2015 in Tromsø, Norway.

[9] The Arctic Economic Council was created to facilitate business opportunities, trade, and investment in a fair, inclusive and environmentally sound manner.

Moreover, the AEC helps small and medium-sized enterprises, including that of Indigenous communities, to take part in the Arctic economic and business dialogue.

These are divided into four categories: Multinationals, as well as small and medium enterprises, can, and have, become members of the AEC, as long as they operate in the Arctic region.

On 2–3 September 2014, the five working groups (WGs) were established to conceptualise, develop projects, provide funding and administrative support, and report back to the AEC on their progress.