An expert discussion titled ‘Challenges and Opportunities in the Next Round of Development in the Arctic’ will be held as part of the business programme of the St. Petersburg International Economic Forum. This session is included into the Joining Forces to Advance Development track.
Among the participants will be Alexey Chekunkov, Minister of the Russian Federation for the Development of the Far East and the Arctic, Andrey Chibis, Governor of Murmansk Region, Vladimir Panov, Special Representative for the Development of the Arctic, State Atomic Energy Corporation ROSATOM; Deputy Chairman, State Commission for the Development of the Arctic, Felix H. Tschudi, Chairman, Tschudi Group, Andrey Grachev, Vice President for Federal and Regional Programmes, Norilsk Nickel.
The Arctic contains around 40% of the world’s reserves of rare-earth metals, 30% of its diamonds, 20% of its platinum, 20% of its aquatic bioresources, and 10% of its nickel and titanium. The inclusion of these resources in the global economic turnover is dictated by objective economic logic, as well as global climate change. Russia has drafted a set of strategic documents outlining the economic agenda for developing the Arctic over the coming decades. The Russian government is taking gradual and pragmatic steps to develop these further by adding tangible elements, such as new infrastructure and industrial projects. An unprecedented programme to construct a fleet of next-generation nuclear-powered icebreakers is under way. An incentive system for investors has also been developed, encompassing tax breaks, reduced red tape, and subsidies for building infrastructure. In addition, initiators of Arctic projects can take advantage of concessionary financing from a special government fund.
“New mechanisms of public-private partnership, including the Arctic Concession, will attract additional private investment to the region for the implementation of infrastructure projects. We are interested in both economic and socio-cultural comprehensive development of the Arctic region,” noted Minister of the Russian Federation for the Development of the Far East and the Arctic Alexey Chekunkov.
As part of the discussion, experts will speak about the issues of attracting investors to the Arctic territories, the difficulties faced by entrepreneurs in the region, the effectiveness of the package of support measures proposed by the state, as well as priority areas of international economic cooperation.
