The countries of Central Asia and the USA are strengthening economic ties

How did went the International B5+1 Forum in Almaty?

The International B5+1 Forum, held in Almaty from March 13th to 15th, 2024, proved to be a significant event, bringing together leading experts, government representatives, and business figures from Central Asian countries and the USA, symbolizing a new step in accelerating the economic integration of the region.

The event served as a platform for discussing a range of critical issues among 250 business leaders, investors, politicians, and experts, aimed at strengthening economic ties and regional development.

Reunico company gladly attended the forum as a listener on the second day, reflecting our interest in the region's development and broad opportunities.

The forum highlighted five priority sectors most attractive to international investors and critical for the development of regional markets: transportation and logistics, e-commerce, tourism, agribusiness, and renewable energy. Participants emphasized the importance of involving the private sector in achieving the economic and energy goals of C5+1, including the commitments outlined in the New York Declaration of September 2023.

The second day of the forum focused on the international perspective on promoting trade and investment flows in Central Asia, including keynote speeches and panel discussions with international financial and development institutions. Significant investments in developing key transportation routes, transitioning to green energy, supporting women entrepreneurship, and developing SMEs were discussed. The importance of creating Central Asian brands was also considered.

Key themes of the second day of the forum:

• Regional development of Central Asia emerged as a key theme of the forum, aiming to deepen economic integration and cooperation in the region. This underscores the growing role of Central Asia on the world stage and the importance of creating favorable conditions for business.

  
  

• Central Asia was presented not only as a geopolitical but also as an economic region where cooperation and business go hand in hand, extending beyond traditional approaches to international relations.

  
  

• Market accessibility for business leaders was discussed in terms of improving the investment climate and simplifying trade procedures, which will undoubtedly attract more foreign investments to the region.

  
  

• The discussion on the business climate emphasized the need to create favorable regional conditions, as well as the importance of transparency and openness to strengthen trust between countries and investors.

  
  

Supply chains were at the center of attention in the context of seeking ways to optimize them and enhance resilience, which is particularly relevant in the face of global challenges and underscores the need to create reliable and efficient logistics networks.

Ideas such as "Spend time correctly and be right tetris" drew attention to the importance of efficiently using time and resources in business, as well as adapting to changing conditions to achieve success.

Digital and AI capabilities were another hot topic at the forum, with a particular focus on innovation, digitalization of the economy, and the impact of artificial intelligence on changing life and business. In this context, Astana Hub (Silkway Accelerator) was highlighted as a successful incubator for tech startups, supporting the development of the digital economy in the region.

Special attention was paid to youth, perceived as key to the future development of AI and digital technologies, thanks to their skills and openness to new technologies.

Cooperation in Central Asia was highlighted as a critical factor in achieving sustainable economic growth and development, emphasizing the importance of collective efforts and knowledge exchange between countries. The forum revealed the region's potential as an important player in the global economic arena. The discussions and highlighted ideas underscore the promising potential of Central Asia as a region ready for innovation, growth, and integration into the global economy, opening new horizons for companies and contributing to the overall success of the regional and global business community.

We are pleased that our company is making its, albeit small, contribution to the development of the region and strengthening business ties with other countries, especially as an official partner of the global company Camunda. By developing the local IT community and providing high-quality services, we are gradually expanding the geography of our presence.

Author: Daniela Grosheva