Assessment of the Production Potential of the Arctic Mining Sector

Abstract

Abstract It is defined that the development of the world economic system in modern conditions is largely determined by the consumption of natural and, first of all, mineral resources. The process of exploiting Arctic mineral resources is complicated by specific features associated with taking into account climatic features, increased costs and conditions of economic activity. It is shown that in recent years experts showed increased interest in assessing industrial potential which is determined by the need to increase the pace of territorial innovation and industrial development. In this regard the aim of the work is to assess the production potential of the mining sector of the Arctic economy which determines the possibilities of using the entire set of resources for effective growth. The performed analysis of the production potential of the Arctic mining sector showed significant differences in the functioning of industrial enterprises in the Arctic regions. It is determined that the Arctic regions are characterized by raw materials specialization. The extraction and processing of minerals in the Arctic regions accounts for more than 50% of the added value and about 60% of tax revenues to the budgetary system of the Russian Federation. It is concluded that the most significant production potential of the Arctic mining sector is typical for the Nenets Autonomous Okrug and the minimum - for the Murmansk Region and the Chukotka Autonomous Okrug. It is shown that in terms of production potential the Arctic regions are ahead of the average Russian values but at the same time they are characterized by a low level of innovation activity. To increase the production potential of the Arctic mining sector it is necessary to conduct scientific research in the direction of ensuring the competitiveness of industry sectors and greening production primarily through the development and implementation of modern innovation technologies.