At the beginning of 2007 the former Faroe Islands Tourist Board and the former Trade Council were merged into a new organisation called SamVit. The purpose of the new organisation is to encourage innovation and entrepreneurship within the Faroese business community and in particular to stimulate the growth of new industries within experience and knowledge based economies.

The goal of SamVit is to be a hub for networks, communication and coordination with regard to marketing the Faroe Islands as a tourist destination and a country for investments. The main responsibilities of SamVit hence focus on business development and marketing.