Analysis of the economy of the Arctic regions revealed that the development of tourism can become a factor of local development. The development of the tourism industry is set to create a positive image of the Arctic, which will make the region attractive not only for tourism but also for investment in other sectors of the economy. The development of local government is the potential development of indigenous territories. The development of institutions in the North (the periphery) contributes to the creation of incentives to work in partnership with indigenous peoples, businesses, and authorities (public private partnership). Currently, tourism is one of the directions of development of the economy of the North, where the local population is not only working in this field, but also continues to engage in traditional farming. As a result, the development of tourism is considered a point of local economic growth and a type of economic diversification.