By Christina Zander and Alexis Flynn, Of DOW JONES NEWSWIRES
STOCKHOLM -(Dow Jones)- The Arctic region is likely to attract investment of $100 billion or more over the coming decade, according to a report by independent policy institute Chatham House and the Lloyd’s of London insurance market.
Interest in the Arctic region has intensified in recent years as a boom in commodities has seen companies scramble for precious resources to satisfy growing demand from China, among others.
A melting ice cap hasn’t only opened up new shipping routes that significantly cut transport times and distances between Europe and Asia, it has also made the region’s estimated rich deposits of oil, gas and minerals more accessible.
The report, published Thursday, notes that oil and gas, mining and the shipping industries will be the biggest drivers and beneficiaries of Arctic economic development in the coming years, but it says the Arctic’s economic future depends principally on local investment conditions and global commodity prices.