Arctic Connect is an initiative to link Europe and Asia. The Arctic Connect Project has three phases: 1) Development Phase; 2) Implementation Phase; and 3) Operational Phase. Estimated investment for the Development Phase is around six (6) million EUR in which the Kolarctic project is 1.5 M€ and for the Implementation Phase around seven-hundred (700) million EUR.
As the first phase of the development the Kolarctic project is to develop regional connectivity, opportunities for data intensive businesses and promotion of the area to attract direct foreign investments.
This Kolarctic project enables the region to become a data hub along the Arctic route and provide different landing stations and interconnect with existing terrestrial fibre-based infrastructure in the region. Furthermore, there is a need to create networks and connectivity with redundant routes. This will bring further additional investments to the area with data intensive businesses, research and development. This project will add value and digitalization process development in the areas in Troms/Finnmark, Murmansk, Norrbotten and Lapland regions. The project will act as a link between growing business potential between Europe and Asia.