Economic opportunities in the Arctic

(Photo: Arctic Portal) Speakers during the 2nd session of the 10th Conference of Parliamentarians of the Arctic RegionThursday, 6th of September 2012, parliamentarians of the Arctic Region gathered again at HOF, the culture house of Akureyri, to discuss future opportunities in the Arctic Region rom the economical point of view.

It was highlighted that the largest economies in the Arctic belong to Alaska (US) and Russia, mainly because of mining and petroleum activity.

Regions that are still heavily dominated by more traditional subsistence activities, such as hunting and fishing, in Greenland and in Northern Canada, have a much lower gross domestic product (GDP).

Similarly, reindeer herding in Russia and Scandinavia is of substantial importance to the livelihoods and lifestyles of reindeer herders like the Saami and the Nenets but does not contribute greatly to the GDP of these regions.

(Photo: the Arctic Portal) Mr M. Slipenchuk, deputy of Russian DumaHowever, development in the Arctic is not limited to oil and gas exploration. Mining operations and hydro power development, power lines, windmill parks and military bombing ranges have also been developed across the past decades.

Melting Arctic sea ice and growing affluence allows ever-greater numbers of tourists to visit remote areas.

Opening of Northern Sea Route will give an opportunity for the bigger number of vessels to pass from North America to Asia, using less fuel and in the same time cutting down the cost of the trips.

Development of infrastructure and establishing regulations to protect fragile Arctic environment will be of the main challenge for future Arctic Council Canadian chair - membership.

The parliamentarians of the Arctic Region gathered again during The 10th Conference of Parliamentarians of the Arctic Region in Akureyri, Iceland. The Conference will end tomorrow, 7th of September 2012 with closing remarks and announcement of the next gathering which will take place in 2014.