The territories contain significant natural resources, including conventional hydrocarbons (natural gas, condensate, and oil), metals, fish, high-value minerals such as diamonds and rare earths, and fresh water. If the regionís waters become more navigable, viable new trans-Arctic shipping routes between the North Atlantic and Bering Strait could emerge.
Even if such routes are available only in the warmer months, they could bring substantial logistics savings over routes through the Suez and Panama Canals, offering cost benefits for industries and consumers, and global environmental benefits from reduced fuel consumption and associated greenhouse gas emissions. Itís no wonder the worldís interest in the Arctic is so keen.
But many of those who wish to develop the region overlook the primary truth about it: It is an emerging market.
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Keywords: transportation management, Arctic inward investment, Arctic mineral exploitation, logistics management, supply chain management