Development of the Arctic is a priority for Russia, as Vladimir Putin said at a meeting on the development of Arctic towns. This was reported by RIA Novosti.

"Further comprehensive development and organization of these territories is an undeniable priority for us," noted the President.

He stressed that the Arctic is a region with enormous economic potential. This is largely tied to strengthening Russia's energy potential, expanding logistics capabilities, and ensuring national security.

He recalled that it is there that major investment projects, such as Novatek's Centre for the construction of large-capacity offshore facilities, are actively being implemented.

Mr. Putin added that the state's task, apart from large industrial and energy projects, is to lay the groundwork for the development of a service economy and small/medium-sized businesses to avoid the issue of single-industry towns where everything is tied to one enterprise.