The International Cricket Council has given its approval to the profit-sharing deal between India and West Indies to play matches in North America and Canada.
"At the ICC we are very happy that the matches will be played in the United States and Canada. It will promote the game in these two countries," Speed said.
"The relationship between the WICB and the BCCI is very important and the WICB should be congratulated for getting this agreement going," Speed was quoted as saying by the Trinidad Express.
The Indian Cricket Board (BCCI) and the West Indies Cricket Board have agreed to play a short one-day series in the United States and Canada later this year.
Speed also said India, with a population of over a billion, and the combined populations of Canada and the United States of over 300 million, gave the West Indies a chance to take advantage of these huge economies.
"This will give the West Indies a chance to exploit a huge fan base and exploit a huge market.
"Throughout the cricket world, all of the cricketing countries will be pleased that the West Indies will be able to take advantage of the power that these two huge economies and countries offer," the ICC chief said.