MOSCOW, November 7. /TASS/. Projects implemented in the Arctic zone of the Russian Federation represent a fifth of the Russian economy, said Minister of Development of the Far East and Arctic Alexei Chekounkov.

“If we look at the contribution of Arctic projects to Russian GDP and exports, they will represent about a fifth of our exports, a fifth of our economy,” he said at the international Creating the Future symposium.

The global economy cannot exist without the companies Norilsk Nickel, Novatek, Phosagro and Eurochem, he added.

Earlier, the minister said that investments in projects implemented in the Arctic had exceeded 30 trillion rubles ($309 billion).

Russian Prime Minister Mikhail Mishustin said earlier that state incentives in the Arctic had promoted the implementation of 1,000 projects worth 2 trillion rubles ($20 billion) of investments private.