Icelandic whalers (source: Wikipedia) Ministry for Development of Russian Far East jointly with foreign consultants will prepare financial and economic development model for the Northern Sea Route (NSR) up to 2016. This was announced by the Minister, Aleksandr Galushka, in his interview to “Russia 24” news channel, TASS reports.

“By order of the President, our Ministry will prepare financial and economic development model for the NSR as the competitive passage with global value and with the focus point at container shipping. This work should be done up to the 1st of July, the work is comprehensive and deep”, said Galushka.

“In Bejing in the middle of this month we and National Development and Reform Commission of PRC signed the Memorandum of Understanding, came to agreement about the creation of joint working group”, he added.

Galushka pointed that in accordance with the data of Chinese experts, providers of goods from Europe to Asia and vice versa are able to save at least 10-15% on goods delivery via the NSR.

“I can say that the model is innovative. It is a new way of looking at the global map of transit flows, at what is happening in the world today. The changes generated by Chinese economic growth, by intensification of some contradictions, including those within existing transit passages in the world”. “In this regard, the NSR can play role and defuse this tension, create new opportunities for the participants of foreign economic activity and addition income flow for Russia. Russia can gain profit on it”, pointed the Minister.

(Source: Northern Sea Route Information Office)