The creation of the North-Yakutian core zone will require investment amounting to over 700 bln rubles in priority projects of the Republic of Sakha (Yakutia), First Deputy Prime Minister of Yakutia Alexei Struchkov said at the international forum, Arctic: Today and the Future.

"In general, we expect capital investment in priority projects in the Arctic areas of the Republic of Sakha (Yakutia) to exceed 700 bln rubles," he said. The funds will be spend on the development of oil fields, the development of fields of rare metals, gold ore and placer tin and related components in the Arctic areas of the republic.

The zone's creation is aimed at improving efficiency and diversifying the economy of the those Arctic areas of the republic, which will be oriented on developing the Northern Sea Route, as well as comprehensively developing  the Arctic and northern territories of the republic.

"The development of the North-Yakutian core zone provides for developing territories as a cohesive project on the principle of insuring the coordination of all sectoral activities at the planning stage, goal-setting, financing and implementation, which will reduce all kinds of expenditures and costs," Struchkov said.

In this regard, plans include renovating the Tiksi sea port, ensuring safe entry for ships with a draft of 10m or less and the possibility of increasing cargo handling volumes up to 300,000 metric tons per year. The works will require funds totaling 1.9 bln rubles. According to Struchkov, the construction of a railway line to Yakutsk will be completed and navigation along local rivers will be developed. Also, the Zhatai Shipbuilding and Repair Plant will be renovated, and a first-in-class riverboat will be built there in 2019.

"Creating a transport route will reduce the timing and cost of delivering goods from the Asia-Pacific Region to the European part of the continent," he said.

The North-Yakutian core zone will be developed as a result of the implementation of investment projects to develop hydrocarbon fields both offshore and on the Artic zone mainland and anchor projects of solid mineral deposits on land.

"The implementation of the above-mentioned projects will serve as an impetus for the large-scale development of the Arctic, in particular, the establishment of new industries and the formation of an optimal energy and transport infrastructure," Struchkov said. Thus, 1,500 jobs in the mining industry and about 3,000 jobs in related industries will be created by 2025.

He added that in order to minimize risks, the local authorities hope for essential state support and tax discounts at the initial stage of the project's implementation. 

The VI International Forum «Arctic: Today and the Future», organized by the Association of Polar Explorers, is being held in St. Petersburg from December 5-7.  Rossiya Segodnya is its general information partner, and the Arctic information resource is its official information partner.