4 Things to Invest in as the Arctic Ocean Opens
March 12, 2013
Treadwell spoke on Capitol Hill about new investment opportunities in the Arctic in four major economic drivers: polar transport by air, sea and space; energy and mineral development; fishing; and tourism.
The meeting of the Standing Committee of Parliamentarians of the Arctic Region was hosted by Senator Lisa Murkowski, the ranking member of the Senate Energy and Natural Resources committee. Participants included representatives from the eight Arctic nations plus European Parliament, the Sami Parliamentary Council, the Nordic Council, the West-Nordic Council, and the University of the Arctic.
“In this emerging market, we need to ask ourselves, what economic models are going to help us pay for big ticket items?” Treadwell said. “When it comes to private investment, Alaska is working to have a competitive tax structure, regulatory certainty, and access to our resources.
“We’re on the front lines, so Alaska must think like a nation – and America must think like the Arctic,” Treadwell said.
Treadwell noted Alaska’s investment in marine and aerospace infrastructure, and the recently drafted study on Northwest Arctic deep-water port options. The new Arctic Policy Commission, created by the Alaska Legislature last year meets next week, and Treadwell announced a new study to be done by the Alaska Department of Commerce, Community and Economic Development, in partnership with the University of Alaska Fairbanks, on the economics of Arctic shipping.
Alaska is seeking to attract close to $100 billion for energy projects, Treadwell said. He said that Arctic nations – while competing with each other – can also work together to promote investment.
New air connections to Iceland and Russia are promoting Arctic tourism. Alaska’s fishing industry has a catch value of $4.7 billion, and Arctic fisheries together total more than $20 billion annually. “We have a strong incentive to cooperate on sustainability as our fish come from three common oceans,” he said.
Treadwell also made an appeal for concrete action on marine safety as more ships of many nations use Arctic routes. “Action pending in the Arctic Council for a new oil spill response agreement this May is a great step, but we need contingency planning by the ships themselves,” he said.
Source of News: