Abstract
The study considers economic development of the Arctic region as supported by innovations and sustainable technologies, compliant to environmental regulations and following the trends of the Arctic region sustainable development. The experience shows that only joint efforts of researchers from different countries and the concentration of their research and investment potential can lead to positive results for each country, and ensure a positive effect for all cooperating countries, as well. A model of the International Arctic Consortium has been proposed. The Consortium operates on the basis of coordinated interests of the participating countries and ensures the development of the Arctic territories of the circumpolar countries.
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