Press release Agreement on Arctic railway planning and implementation

Press release Agreement on Arctic railway planning and implementation



Finest Bay Area Development Oy has signed memorandum of understanding with Norwegian Sør-Varanger Utvikling development company on Arctic railway planning and implementation.

Parties commit to examine ways to implement Arctic railway. Specially, wider impacts on environment, society and economy are considered. Parties aim to take views of all stakeholders into account and establish project holding companies to both Finland and Norway.

Moreover, parties will establish a program to promote entrepreneurship, education and industrial development in North Finland and Sør-Varanger, Norway.

Finest Bay Area Development Oy and Sør-Varanger Utvikling development company will enable and accelerate Northeast Passage related infrastructure development by providing modern railway connection from Finland to Kirkenes harbour.

”We are very pleased about negotiations and co-operation. Sør-Varanger Utvikling invests significantly on development of North Norway and Northeast Passage”, says Kustaa Valtonen from Finest Bay Area Development.

”Our objective is to plan a project and an operative model which enables international finance for Arctic railway. Arctic railway connects Finland to Northeast Passage. We will provide faster trade route between Asian and European markets”, Valtonen tells.

”This is an important initiative. We will proceed like we do with the Tallinn tunnel project. We will examine all alternatives together with all stakeholders. Collaboration with Sør-Varanger has already started. A good example is ICE entrepreneur event in Kirkenes in the end of May. A delegation of Finnish start-ups will join the event” says Peter Vesterbacka.

Finest Bay Are Development Oy is a development company to construct significant infrastructure. The largest project currently being planned and designed are the Tallinn tunnel

and the four station areas in connection to the tunnel. The project was started in the summer of 2016 with the firm intention to create economic growth for the region.

”It is natural to partner up with Finestbay Area Development Oy, given their capacity, and their ability to involve and being agile. They show "sisu" and implementation force, and we will be able to build a lot of momentum in this project! This is a great day for both Norway and Finland, including the towns of Helsinki, Rovaniemi and Kirkenes.”, Sør-Varanger Utvikling operative leader Kenneth Stålsett says.

Norwegian Sør-Varanger Utvikling development company promotes innovation, entrepreneurship, employment and economic development of Kirkenes area.

More information:

Peter Vesterbacka Kustaa Valtonen

Finest Bay Area Development Oy Tallberginkatu 1 C 135, 00180 Helsinki Email
Tel. +358 50 4155300

Website: Kenneth Stålsett, CEO

Sør-Varanger Utvikling AS
Kielland Torkildsens gate 1, 9900 Kirkenes Email
tel. + 47 95822236