Speaking at the meeting, Mr Ivanov reminded his audience that the country's arctic regions account for "about 20% of GDP and 22% of Russia's total exports, mainly commodities." 

"Conversely, the area's population is a mere 1% of all Russians," the official emphasised.

He said the Arctic regions ensure the production of apatite concentrate, most of the strategic non-ferrous and precious metals (nickel), copper, cobalt, tungsten, mercury, gold, and diamonds.

"The area holds about a quarter of all global oil and gas reserves, as well as over 70% of the oil and over 88% of the gas in Russia's offshore zones," he said.

Experts estimate the total worth of the area's proven, probable and possible energy and mineral resources to exceed $15 trillion, the official said.

In his words, "no country alone can shoulder such complex offshore projects in a global economy."

"It is highly important to safeguard Russia's interests here - to attract the required technology, to create as many jobs as possible, and to plan development projects efficiently, to improve the living standards in Russia's north," he added.

Mr Ivanov emphasised that there was a lot of work ahead in Russia's Arctic regions.

"The problem is the work has to be done at a time of tight financing, but we are also pressed for time. If we do not begin development of the Arctic soon, someone else will do it," he said.