28. 6. 2021  |  News

With the Chamber of Commerce to the Arctic

Throughout its 20 years of activity, the CSOK Chamber of Commerce has always tried to set the direction and look for current opportunities for Czech industry and Czech exports far in advance. One of such business-export initiatives is the Arctic region, which is becoming more and more accessible and thus more attractive due to warming

Shrinking ice sheets and technological advances are opening up access to vast oil and gas deposits - it is estimated that the Arctic holds a fifth of all the world's oil and gas. In addition to oil and gas, there are also attractive deposits of various minerals, widespread fishing grounds and timber reserves. Experts estimate that coal reserves in Alaska alone account for a full 10% of the world's reserves of this fossil fuel. The Arctic Ocean also contains significant deposits of chromium, cobalt, copper, gold, iron, lead, magnesium, manganese, nickel, platinum, silver, tin, titanium, tungsten and zinc, as well as diamonds.

In the context of the dynamic development in the Arctic, opportunities are undoubtedly opening up for Czech companies, which should try to use their expertise and capabilities to take advantage of the opportunities opening up in building Arctic infrastructure. These efforts should be clearly supported by Czech trade diplomacy. Opportunities also exist for Czech scientists, whose participation in various scientific projects relevant to the Arctic is also desirable for Czech science and higher education.

Since 2019, the CSOC Chamber of Commerce has been very intensively engaged in building contacts and relationships that would help Czech industry and exports get into the Arctic and related projects. We will now often all come across names and terms such as the Arctic Council or the Northern Dimension Project etc.
The Arctic Council, which to date is probably the most important international forum bringing together the states of the Arctic region.

Thus, in the post-pandemic era, which is beginning to negatively affect the business environment and threaten established supplier-customer relations, the Arctic is becoming one of the attractive opportunities for Czech industry and the scientific and educational spheres. Certainly, there are opportunities for companies and universities involved in modern technologies, renewable energy sources, water and water purification, telecommunications, modular buildings, sophisticated materials that can withstand high temperature differences, food production and processing in harsh conditions, but there are also opportunities for specialist geological exploration companies