The role of consulting in the implementation of investment projects in the Arctic region

• Published in: Sever i rynok : formirovanie ėkonomicheskogo pori͡a︡dka Vol. 25; no. 4/2022; pp. 112 - 121
• Main Authors: Spiridonov, Andrei A., Gladkiy, Yuriy N., Eidemiller, Konstantin Yu, Biktimirova, Regina R., Fadeeva, Marina L.
• Format: Journal Article
• Language: English
• Published: The Russian Academy of Sciences, Federal Research Centre Kola Science Centre 20-12-2022
• Subjects: consulting; consulting company; experts; investment projects; risk; the arctic region
• ISSN: 2220-802X
• DOI: 10.37614/2220-802X.4.2022.78.008

The purpose of this article is to consider the geopolitical significance of the Arctic region, as well as the role of consulting in the implementation of strategic investment projects in the development of Arctic territories. The novelty of the work consists in updating data on the specifics of activities in the Arctic region, analyzing current associated risks and assessing the feasibility of attracting external experts to provide consulting services within the framework of project implementation. The implementation of strategic investment projects in the Arctic region has several specific aspects that lead to the emergence of various risks. For example, only Russian oil companies transport liquefied gas and oil in ice, which is an extremely complex process. Therefore, for timely identification, as well as elimination / minimization of associated risks, it is necessary to involve appropriate experts. In particular, when implementing projects in the Arctic zone, it is advisable to involve specialized consultants. The practical significance of the work is to analyze the activities of leading consulting companies and identify current trends in the development of the consulting services market in the Arctic region. During the study, the authors concluded that it is impossible to attract foreign consulting companies to implement strategic projects in the Arctic region due to the presence of political and economic risks. The article notes the need to create domestic consulting companies that have broad competencies in solving problems related to the implementation of strategic projects in the Arctic region. These prerequisites can be used to conduct further research on the topic under consideration. Thus, it is necessary to create a separate training area in Russian universities, which will be aimed at training experts with knowledge of the specifics of working in the Arctic region. For the successful implementation of long-term projects in the Arctic region, it is necessary to train highly qualified experts with a wide range of knowledge about the geopolitical, economic and natural conditions of the Arctic region, who are able to participate as external consultants in the implementation of the national strategy for the development of the Arctic and projects of various levels of complexity.