Budget financing of the Russian Arctic zone can increase only after the volume of private investment grows, Deputy Minister for the Development of the Russian Far East and Arctic Alexander Krutikov said at Rossiya Segodnya's news conference.

This was his answer to the question of how the region will be financed in line with the Russian Arctic zone development strategy until 2035, which is being discussed by the expert community.

"Last year the share of investment in the Arctic was about five percent of the total volume of investment, which is lower than the average in Russia: 15 percent, which means that today the Arctic is developing mainly due to private investment. The strategy is based on the approach that we must increase private investment in the Arctic," Krutikov said.

First of all, highly paid and highly efficient jobs must be created in the Russian Arctic. "We must ensure that the people who live there and those who arrive there have higher incomes than the average in Russia. We must make jobs in the Russian Arctic attractive again," Krutikov added. According to him, today jobs in the Russian Arctic are being created through private investment. Only after this should budget investment, aimed at creating a comfortable living environment, be allocated to the region."

"We will not increase budget investment thoughtlessly," the deputy minister added.