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The Northern Sea Route development project offers enormous economic potential, said Sultan Ahmed Bin Sulayem, Group Chairman and CEO of UAE-based DP World.
Speaking at the St. Petersburg International Economic Forum (SPIEF) 2023 last week, he emphasised the importance of determining what exactly needs to be done to make the route a success.
He added that the main measures to be taken are ensuring customer support for the project, developing infrastructure and informing customers about the environmental studies.
“NSR will soon become an alternative to the existing popular routes between Europe and Asia,” said Bin Sulayem.
NSR is experiencing development due to mining, infrastructure and logistics projects, speakers at SPIEF said.
Russia’s state-owned Rosatom has been appointed the infrastructure operator of the NSR since 2018 and is responsible for organising navigation on the route, construction of infrastructure facilities, navigation and hydrographic support and the system of navigation safety in harsh Arctic conditions.
The company supervises two federal projects: “Development of the Northern Sea Route” and “The Northern Sea Route – 2030”, and participates in the Northern Sea Route development plan until 2025.
(Writing by P Deol; Editing by Anoop Menon)
