Arctic Europe is the 10th largest economical region in the world. The Arctic region can develop into Europe's largest area of investment, and is already a major driver for economic development in Europe - thanks to previous investments and efficient utilization of natural resources.
Europe desperately needs an economic boost. Arctic Europe is a major area of growth: from 2016 to 2025 investments in Northern Finland, Sweden and Norway can exceed 140 billion euros. This spring the EU commission will play an active role in arctic politics by publishing the arctic statement. As the chairmanship country of Arctic Council for 2017-18, Finland has a key role in developing the region, says former Prime Minister of Finland, Paavo Lipponen.
Arctic Europe has the potential to become a global hub for logistics and telecommunications:
Shortest airway to Northern America and Northern Asia from Europe.
Arctic Airlink operating between Oulu, Luleå and Tromsø.
Rail and road links from the Atlantic and the Polar Ocean with Central and Southern Europe under development.
Sea traffic is beginning at the Northern Sea Route.
A possible fiber optic cable connection from Europe to Asia via the north.
Strong cooperation between arctic cities and between the public and private sector.
Oulu, in Northern Finland, is a world-class high-tech city: 2.6 billion people around the world use ICT technology developed in Oulu. The city is not only the fastest growing region in the Nordics, but also has the youngest population in Europe.
Luleå, in Northern Sweden, is the Growth Municipality of the year 2015 as well as the home city of Facebook in Europe. Luleå University of Technology is the international competence center for research in the field of minerology and metallurgy.
Troms, in Northern Norway, is the home of major institutions of Arctic international and national policies. The city is known for its highly skilled workforce in research and development. Troms boasts fast growing industries in space technology, marine resources, tourism and energy/environmental technology.
(SOURCE: prnewswire and BusinessOulu)