The B5+1 Forum, a public-private business dialogue platform for Central Asia and the United States, held last week in Almaty, Kazakhstan, announced a series of concrete recommendations to accelerate Central Asia’s regional integration and economic development, according to the statement of the Center for International Private Enterprise (CIPE), who led the forum.
In addition to C5+1 countries (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan plus the United States), participants represented 10 countries, 5 international organizations, and over
400 business associations and chambers of commerce in and outside the region. The Forum provided a platform for targeted panel discussions on barriers to doing business and possible solutions, as well as side events that tackled complex issues such as artificial intelligence and the banking sector’s access to the international wire system.
In a new communique, the Forum urges C5+1 governments and businesses “to unite efforts to position Central Asia as an attractive destination, rather than merely a transit zone in global value chains.”
The Forum outlines a number of priority measures for improving trade, transit, and investment facilitation, harmonizing regulations, and fostering economic growth.
Five sectors are identified as likely to be most attractive to international investors and critical for developing regional markets: transport and logistics, e-commerce, tourism, green and renewable energy, and agribusiness.
The Forum also highlights the value of an “umbrella organization” in bringing together businesses and chambers of commerce, as well as the critical role of public-private dialogue in increasing prosperity.
As a continuation of these efforts, Forum participants committed to hold the event annually, with sponsorship rotating among member countries. They also agreed to establish new subgroups to identify ways to improve the financial sector and expand women’s entrepreneurship in the region.
The B5+1 efforts are supported by the U.S. Department of State and align with goals outlined in the New York Declaration issued following the C5+1 summit in September 2023.
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Open in new tab ///nCa, 18 March 2024