Innovative Economic Modernization of the Arctic Territory in Eastern Yakutia: Problems and Solutions

The analysis carried out in the paper has identified what major social and economic development problems are faced by the Arctic territory in Eastern Yakutia. The article defines the ways of how to draw the settlements of this area out of a major economic depression within the context of the state strategy of social and economic development for the Russia’s Arctic territories till 2020. We suggest a comprehensive territorial megaproject as an approach of how to work out a strategy to modernize the economy of a region. This paper illustrates the fact that a megaproject of this kind could be used as a tool in strategic analysis of resource limitations, as well as for time and space coordination of social and regional projects concerning transport and energy infrastructure with investment projects and plans of mining companies