Investment in Arctic projects will grow to 5.5 trillion rubles by 2024, and is likely to surge to 13.5 trillion by 2050, Minister of Natural Resources and Environment Dmitry Kobylkin said at a meeting chaired by Prime Minister Dmitry Medvedev.

"According to preliminary estimates, the total amount of investment in the Arctic will be 5.5 trillion rubles by 2024 and approximately 13.5 trillion rubles by 2050. Of these, 12.6 trillion rubles will come from private sources," TASS Agency quotes Kobylkin as saying.

In his view, it is necessary to continue incentivizing mineral production in the Arctic and plan measures to upgrade equipment, including equipment used to produce tight oil.

To develop the Arctic, it is of crucial importance to phase out dependence on foreign satellites, he added.