New business opportunities in the sectors of energy extraction, shipping, fishing, health and tourism were identified in the Northern Forum member regions.
Energy extraction and increased shipping activities because of sea ice retreat are in particular characterized as being capital intensive and involving risks to the environment.
The potential environmental consequences of risk events such as an oil spill or ship accidents is significantly greater than in other regions, with implications for governments, businesses and the insurance industry.
Responsible realization of the economic opportunities in the Arctic will therefore depend on strong regulatory frameworks and corporate environmental commitment.
NF RCC will continue until 5th of November with the presentations from members´ regions. Closing remarks will be delivered by Vladimir Vasiliev – recent NF Director.