While the Northern Forum's activities are broadly based, the organization clearly recognizes that economic development is a key issue throughout the North. Thus, in addition to broadening its membership base among regional governments, the Northern Forum is actively seeking new members from the commercial sector, since sustainable Northern economic structures cannot be developed without the support of the business community. Consequently the Forum offers a range of business memberships, including those for associations such as Chambers of Commerce.

Business Partners are entitled attend all open Northern Forum meetings, where they can meet with regional government officials and other Northern Forum members to discuss business, trade and other challenges and opportunities. The Northern Forum's databases, publications, and other resources are also made available to members. Regional member officials will expedite the development of contacts with Northern Forum Business Partners on projects proposed within their regions. Business Partners can also use the office of the Northern Forum Secretariat when in Anchorage to conduct their business.

The First Northern Business Conference was held in 1999 in Rovaniemi, Finland in conjunction with the 4th Northern Forum General Assembly, and now the Northern Forum regularly hosts Trade and Business Summits during its meetings, so that all the regions are exposed to each other's business and trade potential. This initiative is giving significant results, with large contracts being signed between Northern Forum Business Partners and an increasing number of regions.