ST. PETERSBURG, April 9 (Xinhua) -- China's government and business are involved in the development of the Arctic region, where a new transport corridor is being formed, the President of Iceland Gudni Johannesson said at the International Arctic Forum in St. Petersburg on Tuesday.

According to Johannesson, the transport corridor begins with the countries of Southeast Asia and ends with Europe. There is nothing wrong with the approach and initiatives of China in the Arctic region.

Russia is hosting the "Territory of Dialogue" 5th International Arctic Forum in St. Petersburg, which is a platform for discussing topical issues of the socio-economic development of the Arctic territories.