Conference on the Economic Development of the Arctic



Conference on the Economic Development of the Arctic

Conference on the Economic Development of the Arctic

A Conference on the Economic Development of the Arctic took place on June 18 as part of the Business Program of the 20th St. Petersburg International Economic Forum.

The Conference comprised four panel sessions where the matters of efficient management of Arctic territories, use of regional economic and scientific potential, the Arctic – Northern Sea Route transport system as well as the cultural and touristic potential were discussed.

The plenary session entitled “International Cooperation for Development of Economic Potential of the Arctic zone” became the key event of the Conference, where government representatives and heads of leading Russian, Finnish and Swiss companies discussed relevant lines of the Arctic development, expansion of business cooperation with the Arctic states and implementation of joint projects with business partners from non-Arctic states.

The Conference participants pointed out that the Russian plan for the Arctic development is the most complex and large-scale project proposed lately. Implementation of that will require enormous resources, investment and special management mechanisms that would allow multiple participants to coordinate their actions, combine infrastructure development with safety assurance and entertain national interests in the framework of international cooperation.

Thereat, the discussion participants expressed their hope that the Conference on the Development of the Arctic would become an annual event as part of the main business program of the St. Petersburg International Economic Forum.

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