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Investments in Russian economy in Arctic to exceed $86 bln until 2025

Investments in the Russian economy in the Arctic over the next six years could exceed $86 bln, according to Ambassador at Large of the Russian Ministry of Foreign Affairs, Russia’s representative in the Arctic Council Nikolay Korchunov.

"Investments in the Russian economy in the Arctic until 2025 could exceed $86 bln," Korchunov said.

According to him, today Russia has the largest economic program in the Arctic region of the world. "The Arctic regions in the country account for around 10% of GDP and almost 20% of Russian exports. The contribution of the Arctic to Russia's development will grow," he added.

According to him, until 2050, Russia's current investment programs will bring about $210 bln. At the same time, referring to the experts Korchunov noted that the total investment in infrastructure development throughout the Arctic should be more than $1 bln. "According to a certain data, by 2030 the volume of GDP in the Arctic region could exceed $500 bln," he added.

These investments in the Arctic were caused primarily by the increasing global demand for mineral raw materials and sea products.

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