The Minister for the Development of the Far East and Arctic on support measures for Arctic investment projects and development plans for the region

“Over the past five years, we have launched over a thousand investment projects worth in total 2.6 trillion rubles. The Arctic accounts for over 10 percent of Russian exports. The projects that are underway there based on the development of the Northern Sea Route will increase this share to 15 percent and possibly even 20 percent in the future,” Alexei Chekunkov stated.

The minister added that the Northern Sea Route development plans are being successfully implemented in the region.

“We have reached the midpoint in some projects, for example, the construction of icebreakers. We have built four icebreakers and another four are to be completed by 2035,” he said.

Measures are being taken to attract people to the Arctic, including through an Artic mortgage program, which also includes the secondary housing market now.

“The Arctic is a region where people should want to come. When they come there and start families, we must provide a social infrastructure that will mitigate the adverse climate challenges,” the minister pointed out.

According to Chekunkov, the decision on the drawing together of the Arctic and the Far East is extremely important for Arctic development. By 2027, a new-generation single preferential regime will be created for the Far East and Arctic.

The minister also mentioned the successful development of Arctic tourism.

“Our ambitious goal is to double the tourist flow by 2030. Over a million tourists visit the Arctic now, but we think this figure can be doubled within five years because those who come to the Arctic once tend to return there again,” Alexei Chekunkov said.