Features of socio-economic development of the territories of the Far North

This paper raises the issues of socio-economic development of Russia's northern regions. Special attention is paid to two Far Eastern regions - Magadan Region and Kamchatka Krai, which are included in the List of Far North regions and are characterized by limited opportunities for residential development. Limitations of the regions' development are associated with harsh climatic conditions, insufficient development of engineering, transport, energy infrastructure, the need for labor force due to high migration outflow of population. The authors' analysis of socio-economic development of the selected territories allowed to identify the conditions that can improve the quality of life of the living population: minimizing the migration outflow of population; advanced development of transport infrastructure; optimizing the costs of production and delivery of electricity and mining; overcoming the mono-profile of the economy; stimulating the development of small and medium-sized businesses, etc. Perspective directions of further socio-economic development of two neighboring regions are formulated. For Magadan Region it is: development of gold mining (preservation of the raw material base of the gold mining industry), reconstruction of the seaport, use of the advantages of the Northern Sea Route, further work to expand the use of aquatic biological resources, creation of a regional educational space with new qualities, development of tourism. For Kamchatka Krai it is: development of tourism with maximum use of geothermal and balneological resources and creation of a tourist product based on the culture of indigenous peoples of Kamchatka; increasing supplies of aquatic biological resources to the markets of Russia and Asia-Pacific countries; increasing the potential of the Krai in the development of commercial aquaculture; contribution to the development of the Northern Sea Route by creating a reference point on the Pacific Ocean for deposition and transshipment of cargoes from non-ice-class vessels to icebreaker-class vessels; utilization of thermal energy waters for the development of greenhouse farming in the Krai.