Russia sees opportunities for international investors, including from the Global South, to help develop its Arctic region. This was stated by Kirill Dmitriev, head of the Russian Direct Investment Fund, which works with foreign investors, Reuters reports.
President Vladimir Putin is keen to boost trade via the Northern Sea Route through Arctic waters as Russia shifts trade towards Asia and away from Europe due to Western sanctions.
Focus on the strategic importance of the Arctic for mining, shipping and international security has increased sharply due to repeated statements by US President Donald Trump that he wants to acquire Greenland.
"We believe that concessions on the Northern Sea Route and various infrastructure facilities, with our investment support, can attract significant financing," Dmitriev stressed.
"We see the opportunity to attract our partners from the countries of the Global South, their investment opportunities, their companies," he said in a speech via video link at a conference on the Arctic, attended by Russian government officials and regional authorities.
The event took place in Murmansk near Russia's border with Norway. The northern port marks the beginning of the Northern Sea Route, which runs east to the Bering Strait near Alaska.
The route, while significantly shorter for Russia than the Suez Canal for shipping cargo to Asia, is challenging and requires the help of icebreakers to help ships pass along Russia's northern coast.
However, it has become crucial due to global warming, which Dmitriev said brings "interesting" prospects for development.