The inaugural B5+1 Forum kicked off on 14 March 2024 in Almaty, bringing together representatives from the public and private sectors of the United States and Central Asia.
Over 200 experts and investors from Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, Turkmenistan, and the U.S. are participating in the forum.
The goal is to foster stronger collaboration and improve the business environment through partnerships that will drive economic prosperity in the region.
Serdar Joraev, Minister of Economy and Finance, heads the Turkmen delegation at the forum.
The B5+1 Forum is organized by the Ministry of National Economy of the Republic of Kazakhstan with the support of the Center for International Private Entrepreneurship (CIPE) from the United States.
Representatives of American companies will share their views on investing in Central Asia in priority sectors of the economy. Local business associations will discuss the possibilities of using assistance and dialogue between the public and private sectors for development and access to new markets, both regionally and internationally.
The result of the B5+1 Forum should be active work with the private sector on national and regional business agendas. The two-day event will allow the business community to present their vision of an inclusive and integrated economic future for Central Asia and give governments the opportunity to assess the value of private sector recommendations to achieve the C5+1 economic goals.
At the end of the event, participants will be invited to commit to developing a meaningful common agenda to improve economic integration and enhance sustainability by increasing access to innovation, foreign investment and international trade flows.
U.S. Seeks Constructive Partnership with Central Asia at B5+1 Forum
Nicholas Berliner, Special Assistant to the U.S. President and Senior Director for Russia and Central Asia at the National Security Council, emphasized the importance of the B5+1 forum as a catalyst for regional economic integration that extends beyond Central Asia.
He highlighted the benefits of a U.S.-Central Asia partnership, including creating new markets and companies to address global challenges. Berliner reiterated the U.S. commitment to being a constructive partner for the Central Asian states, aiming to strengthen the region’s economic power in the current geopolitical landscape.
According to Berliner, collaboration and increased connectivity between Central Asian countries offer significant opportunities. This includes strengthening markets and attracting investment from the U.S. and other countries, ultimately enhancing the region’s long-term sustainability. [TASS, 14 Mar]
U.S. invested $1 billion to the economy of Central Asia
The United States will continue to work to mitigate the consequences of sanctions against Russia for Central Asia, and is ready to increase trade with the region and increase the flow of investments there, Nicholas Berliner said.
According to Berliner, the volume of American investments in Central Asia is quite significant — in 2023, investments worth US $ 1 billion were allocated in the region – in Uzbekistan and Kazakhstan. [TASS, 14 Mar]
Trade between the countries of Central Asia exceeds US $11 billion – the lion’s share of trade belongs to Kazakhstan
The trade volume between the Central Asian countries has exceeded US $ 11 billion, first deputy national economy minister of Kazakhstan Timur Zhakssylykov said during the forum.
As for the mutual trade between our countries, it has been actively developing in the past 10 years and increased 2.5 times, Zhakssylykov said, noting that by trading the countries create more jobs and contribute to the social and economic prosperity.
In general, the mutual trade of all the countries hit US $ 11 billion and Kazakhstan accounts for around 70% of it. The country’s export alone stands at US $ 5.5 billion to our neighboring countries, he added. [Kazinform, 14 Mar]
The First Vice Minister also drew attention to investment projects and the development of transport infrastructure. According to him, Kazakhstan invests in the creation of road crossings with partner countries.
“You know that we are constantly hearing problems with large traffic jams, which, among other things, arise due to a certain narrow neck. Right now we are actively working on this with our neighbors and partner countries. Over the past years, Kazakhstan has invested tens of billions of dollars in the development of thousands of kilometers of railways, thousands of kilometers of autobahn in order to ensure transit and export routes,” he noted. ///nCa, 15 March 2024