The AEC’s Finnish Vice Chair Tero Vauraste attended the second Far Eastern Media Forum in Russia in June 2019. The forum was organized by the government of Yakutia, the Sakhamedia company, as well as the Fund for Information Support for Socio-Economic Development of the Far East. News agency TASS serves as a partner of the media forum.

At the event, Mr. Vauraste was interviewed by TASS News Agency. He called for more open international cooperation on Arctic projects. Further, Mr. Vauraste stated that on the global level, there is a general lack of knowledge regarding the Russian industrial projects in the Arctic. As about a fourth of the estimated Arctic investment potential is in Russia, Vauraste called for more international media attention.

Energy (including renewables) and infrastructure projects attract most foreign investors in the Arctic. In addition, blue economy and connectivity are promising future investment areas in the Russian Arctic. Vauraste highlighted the potential for joint development of Arctic transport infrastructure. Climate related research activities form another potential area for cooperation for the EU and Russia.

Mr. Vauraste also underlined the need for improved access to financing, especially for small and medium-sized businesses. Therefore the AEC has started to investigate whether there is a need to create a pan-Arctic financial instrument or a fund.

TASS News Agency’s articles (in Russian):

Энергетика и инфраструктурные проекты наиболее привлекают иностранных инвесторов в Арктику

Эксперт: РФ и ЕС имеют потенциал для совместного развития транспортных проектов в Арктике

Арктический европейский совет намерен создать фонд для поддержки бизнеса в Арктике