Mr. Chairman, esteemed guests!

It falls to me to deliver to you the closing address of this interesting and highly enjoyable conference.

I would like to begin by thanking the organisers of the conference, the Iceland American Chamber of Commerce (IACC), in co-operation with the Institute of the North and the American Icelandic Chamber of Commerce, for their initiative in holding this conference on such a vital subject, and at the same time I would like to thank all the sponsors for making this work possible. I would also like to thank the speakers for their thought-provoking lectures and the members of the panel for their contribution.

The discussions have been constructive and useful in every regard.

If I were to try to sum up the principal points that have emerged, there is one particular point that stands out, in my opinion. It strikes me that we appear to be more or less in agreement on all the main principles that should apply to business in the Arctic.

It is gratifying when an international conference like this one can arrive at such a harmonious conclusion. The main thing is that there appears to be a consensus that increased business and economic progress in the Arctic must go hand in hand with the sustainable and responsible utilisation of natural resources, a stable business environment and clear, enforceable rules. And we have here today touched on few important parts, like how far can we go, and under the panel discussion even asked ourselves should we do anything at all! 

Of course, opinion is divided on individual issues and the points of focus differ among the countries that have interests at stake. But there is a general consensus on the fundamentals, as clearly revealed in the work and policies of the Arctic Council. Our principal task for the future will be to find the proper balance between utilisation and preservation in the Arctic.

It should be noted on this occasion that just a week ago the United States took over the presidency of the Arctic Council under the theme of “One Arctic: Shared Opportunities, Challenges and Responsibilities”, where the emphasis will be on addressing the impact of climate change, supporting Arctic Ocean safety, security and stewardship, and improving economic and living conditions in Arctic communities. 

The Icelandic government wholeheartedly supports these points of focus of the United States, as in fact the core of the Icelandic government's policy in Arctic matters, is to focus its efforts on the environmental aspects and natural resources, navigation and community development, in addition to strengthening ties and co-operation with other states and stakeholders regarding the affairs of the region, guided by a vision of increased business opportunities. The establishment of the Icelandic Arctic Chamber of Commerce and the founding of the Arctic Economic Council last year are significant steps in that direction, in my opinion.

On a related subject, the Icelandic government is of course closely monitoring the progress of negotiations between the United States and the European Union on the Transatlantic trade and investment partnership. If such an agreement is reached, which would be for the benefit of both parties, in my view, it is foreseeable that the agreement would have a considerable impact on the co-operation of the EFTA States and the European Union under the EEA agreement and would have meaningful impact on most of the Arctic countries in the near future, and that would be for the good. On that score there is no doubt.  Enhanced freedom of trade is always for the good.

Esteemed participants!

The heading of this conference, “Opening the Arctic for Business” was a good choice of heading, and after having listened to the discussions here, talked to people from the business world and observed what is happening in Iceland and the Nordic Countries, as well as here in the United States, I am convinced that in the coming months and years we will experience significant growth in this sector in the Arctic. The opportunities are there.

Finally, dear friends. In preparing for this westward journey I was struck by a rather remarkable fact: Business has been conducted in the Arctic continually for a long time. I don't mean just a few hundred years, but at least a millennium or more

Since the days of the Vikings in the Nordic Countries in the ninth and tenth centuries, trade in Arctic resources has been on-going in one way or another. The trade network, at its peak, extended from Scandinavia to Russia and the Baltic, Continental Europe, Iceland, the Faroe Islands, Greenland and, very briefly, North America.

I mention this here not only because it is a remarkable historical fact, but because I think there are things that we could learn from this history and how events turned out over the centuries and changed as a result of environmental effects and technological innovation.

One aspect of this story is of particular interest in my mind.  This is the question of why the Nordic settlements in Greenland ended near A.D. 1400, but not in Iceland nor in the Faroe Islands, which are similarly difficult countries at a similar latitude.

The answer is not, of course, simple or definitive, but the probable explanation given by academics is, in brief, that following a significant climate change in the Arctic Region in the late 13th century the Nordic community in Greenland did not possess the resources or capabilities to adapt and change their habits in order to survive. 

At the time that Greenland was developing following the settlement of Eirik the Red, around 985 A.D., conditions are said to have been favourable in Greenland, not unlike the conditions in Iceland and Norway. Some agriculture was possible, but the principal means of survival of the Nordic people in Greenland was trade and commerce with other Nordic settlements in Europe. With the cooling climate the theory is that not only did traditional Nordic agriculture decline, but navigation routes to and from Greenland were also closed as a result of the increasing sea ice.

This brief account reminds us that the Arctic is extremely vulnerable to even small climatic or environmental change. But it also reminds us how important it can be both to preserve the time-honoured methods that work for survival, while at the same time being prepared to take a new approach when circumstances change. I think this is a very relevant point, both for governments and business, to keep in mind.  

And is perhaps particularly appropriate when we look at the business opportunities that the Arctic might afford and the actions that may prove most likely to bring success.

My final message is therefore that by adapting, by observing the law, and maybe also with a bit of good fortune, the Arctic will be open for business.