Arctic commerce: an emerging new economic opportunity.

• Author: Wolf, Greg
• Position: SPECIAL SECTION: International Trade

Alaska's unique geographic position on the globe may once again prove to be an advantage.

For decades Alaska's vast store of natural resources, combined with its strategic location on the Pacific Rim, has resulted in significant export opportunities, primarily to major Asian markets, that now amount to some $5 billion annually. Likewise, situated as it is nearly equidistance between Asia, Europe, and the United States, Alaska has become a key player in the international air cargo industry with dozens of airlines making use of the Ted Stevens Anchorage International Airport as a stop to refuel, change crews, and pick-up or transfer cargo. The airport is among the top five in the world for cargo throughput.

Now, it is the state's location in the Arctic that portends an emerging new economic opportunity.

Best Positioned

More so than any other American state, Alaska is best positioned to take a leading role and prosper from economic activity that will flow from commercial development in the Arctic region. And it's not just the blessing of geography that presents Alaska with this opportunity. Alaska is home to a wide range of companies with world class capabilities in conducting business and carrying out projects in the Far North. In addition to the business experience and expertise present in the state, Alaska is also home to a number of important Arctic policy agencies and organizations, as well as scientific research centers and cultural institutions.

One further advantage for Alaska is the state's Native peoples who have lived in the Arctic for thousands of years. They possess traditional knowledge of the lands, waters, and wildlife, passed down through the generations. When joined with modern technologies and methodologies, this local expertise can help to ensure the success of projects.

Companies operating in Alaska, whether they are local, national, or multi-national, have demonstrated their abilities to do business in a very challenging part of the world. They've learned to deal with extreme weather conditions, isolated job sites, extended supply chains, and a host of other conditions that require high levels of technical expertise and management. They've accomplished this under what are arguably some of the most rigorous environmental standards.

Particularly in natural resource development, such as oil, gas, and mining, companies operating in Alaska have the credentials to seek out and win business in other parts of the world, including...