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Arctic investment projects to strengthen macro-region's role in economy — minister

The Russian Federation's Arctic Zone accounts for more than 6% of the gross domestic product and about 10% of Russian exports, Alexey Chekunkov said

MOSCOW, November 25. /TASS/. The implementation of investment projects in the Russian Federation's Arctic Zone will strengthen the macro-region's role both in the Russian and global economies, Minister for Development of the Far East and Arctic Alexey Chekunkov said.

"Our leading companies have already invested 35 trillion rubles ($443 billion) in the Arctic. Clearly, as those projects are implemented, the Arctic's importance both for the Russian and global economies will be only growing," the minister said at the Federation Council's round table on new geopolitics in the Arctic.

The Russian Federation's Arctic Zone accounts for more than 6% of the gross domestic product and about 10% of Russian exports, he continued. "Those are valuable resources - gas, oil, valuable metals, fertilizers, fish and other goods on which depend Russian and global economies, including their most advanced niches like electrification, renewable energy sources, logistics," he explained.

The Russian Federation's Arctic Zone is the world's biggest special economic zone, where investors enjoy special tax and administrative incentives.

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