The Barents Region holds remarkable economic potential. It is an important producer of natural resources and an important supplier of raw materials and Northern know-how.
The Region offers great possibilities for economic activities for example in the fields of extractive industry, tourism and oil and gas production. In the long term, the opening of the Northern Sea Route will bring the Region new economic prospects.
The Working Group on Economic Cooperation (WGEC) seeks to promote economic development of the Barents Region through enhanced cooperation between the BEAC member states.
WGEC works closely together with the regional business life and the Chambers of Commerce. The biennial Barents Industrial Partnership meetings are the highlights of each WGEC Presidency.
There is a separate forum for forest sector cooperation in the Barents Region (WGBFS) which used to be part of the Working Group on Economic Cooperation.