MOSCOW, October 23. /TASS/. The total cost of investment projects, being implemented in the Arctic, exceeds 30 trillion rubles ($311 billion), Minister for Development of the Far East and Arctic Alexey Chekunkov told the government's strategic session on the Arctic's development.

"The main challenge that we answered at the first stage was to raise the Arctic's business attractiveness. Since 2020, we have managed to offer unique conditions for doing business there. The total cost of investment projects implemented in the Arctic has exceeded 30 trillion rubles," the ministry's press service quoted him as saying.

The work on the Arctic's infrastructures and social development is aimed at having those investments effective, thus creating new revenue base for the Russian economy for decades to come, he added.

Russia's Deputy Prime Minister, the president's envoy to the Far Eastern Federal District, Yury Trutnev, stressed 568 billion rubles ($5.9 billion) of private funds had been invested in the Arctic, 242 enterprises had been put into operation, and 16,000 jobs had been created.

Earlier, Prime Minister Mikhail Mishustin said the state support in the Russian Federation's Arctic Zone had favored implementation of 1,000 projects worth 2 trillion rubles ($20.7 billion) of private funds.