On March 14, 2024, the capital hosted the opening of the long-awaited B5+1 forum, which was an important step in strengthening economic relations between the United States and the countries of Central Asia. This event, organized after the C5+1 Presidential Summit last September, is a response to the commitments of President Biden and the leaders of Central Asia to create a platform for private sector business, DKNews.kz reports.
The speaker at the opening of the forum was Nicholas Berliner, who expressed not only support for this initiative, but also focused on key aspects of cooperation between the regions.
The purpose of the forum is to achieve the key commitments set out in the New York Declaration, in particular, to accelerate regional cooperation and improve the business environment to stimulate trade and investment by the US private sector. This event represents the beginning of a process of dialogue between the public and private sectors aimed at identifying and implementing practical measures to create an economically active and inclusive Central Asia capable of competing in global markets.
The first day of the forum will be devoted to defining the goals and expected results of the B5+1, as well as discussing policies to improve economic integration and the investment environment. Experts and representatives of the business community will express their views on these issues, and the governments of the C5+1 countries will highlight their vision of involving the private sector in achieving common economic goals.
The B5+1 Forum represents an important step in the development of economic relations between the United States and Central Asia, opening up new opportunities for cooperation and the development of regional markets.
U.S. support for the regional economic integration of Central Asia
At the last C5+1 Summit, which took place in September, President Joseph Biden met with the presidents of Central Asia, where an important decision was made to support regional economic integration. The leaders pledged to work together to promote a more favorable business environment for U.S. private sector trade and investment in the region.
In this context, support was expressed for the establishment of a private sector business platform, which will strengthen economic ties between the United States and Central Asian countries.
The opening of the 5+1 Business Forum, also known as B5+1, took place today. This important platform examines the possibilities of accelerating regional economic integration and deepening ties between the United States and Central Asian countries.
In his speech at the opening of the forum, Deputy Prime Minister Baibazarov noted that the current time is characterized by significant changes in geopolitical terms. He stressed that these changes open up new opportunities for the countries of Central Asia in the field of partnership development, and expressed gratitude to the United States for supporting the strengthening of the economic strength of the region.
It is during a period of global shifts and uncertainty that the development of partnerships and support for economic growth becomes especially important. The support of the United States will contribute to strengthening the sustainability and development of the Central Asian economy, which is a mutual interest of all parties.
The 5+1 Business Forum will become a platform for discussing and implementing practical measures aimed at deepening economic ties and creating a favorable investment environment. It will bring together leading representatives of the business community and government structures to discuss key issues of economic development in the region.
The opening of the 5+1 Business Forum was an important step towards strengthening economic ties between the United States and Central Asia and creating a favorable environment for mutually beneficial cooperation.
Central Asia: New horizons of cooperation
There is significant potential for economic development in Central Asia, which can be realized through strengthening ties and cooperation between the countries of the region. B5+1 is becoming a key element in this process, serving as a catalyst for regional economic integration.
As noted in the speech, the more ties and cooperation between the countries of Central Asia, the stronger the market of this region will be. Strengthening economic ties will attract more investment from the United States and other countries, which contributes to the sustainability and prosperity of the region.
It is important to emphasize that regional integration will transcend the boundaries of the geography of Central Asia. Closer ties between countries will allow the region to better define the future of each country and meet the needs of its citizens.
Investments made within the framework of these partnerships benefit not only partners, but also investors. They create new markets for American companies and open up new opportunities to solve global problems.
President Biden's support on this issue clearly shows the willingness of the United States to work with partners to create capital, sustainability and inclusivity both at home and abroad.
The joint efforts of the Central Asian countries and the support of the United States open up new horizons of cooperation and development for the region, contributing to its stability and prosperity.
The path to sustainable development
President Biden's economic plan is based on the belief that economic development should be based on the principles of "from the middle out and from the bottom up." This vision is aimed at strengthening and training workers, stimulating competition to reduce costs, and supporting the development of entrepreneurs and small businesses.
One of the key principles of this economic philosophy is the recognition that public investments aimed at specific goals have a multiplier effect on private investment. This means that government investments in various sectors of the economy contribute to stimulating private investment and creating a favorable environment for business prosperity.
This concept is particularly important in the context of the mutual long-term economic and national interests of the United States and Central Asia. Investments in infrastructure improvement, clean energy development and climate security not only contribute to economic growth, but also benefit both regions by contributing to sustainable development and contributing to the achievement of common goals.
President Biden's economic vision not only takes into account the domestic needs of the country, but also seeks to strengthen international partnerships and economic cooperation, reflecting his desire to create a favorable global economic environment.
Attracting foreign investment: a key factor in the development of Central Asia
In a changing global economic environment, it is especially important to promote an enabling environment where foreign investment can flourish. Central Asia is becoming an attractive destination for international investors, and American companies are playing a significant role in this process.
One of the striking examples of successful cooperation is the Anzob ore processing enterprise in Tajikistan, which has been extracting mercury and antimony from ore since the 1970s. During this time, Comsup Commodities has invested more than $ 300 million in the modernization of this enterprise, which is an important contribution to the development of the region's economy.
Another example of successful cooperation was Air Products, which last June announced the largest U.S. investment in Uzbekistan in history. Their investments in the purchase of a gas processing plant in Kashkadarya province exceeded one billion dollars. In addition, in September, the implementation of a new investment program worth more than $ 10 billion in Uzbekistan was announced.
Oxbow Group also plays an important role in the region's economy by refining oil and natural gas products in Turkmenistan. Its products, such as petroleum coke, are used in the production of aluminum, steel, electricity, cement and other critical industries.
These examples demonstrate not only the success of American companies in Central Asia, but also their contribution to the development of the regional economy. Attracting foreign investment stimulates the growth of industries, promotes modern technologies and creates new jobs, which ultimately benefits all parties.
Continued cooperation between American companies and Central Asian countries is an important factor for the further development of the region and the achievement of its economic potential.
American investments in the economy of Central Asia
In a changing global economy, it is increasingly important to promote an enabling environment for foreign investment. The United States is actively involved in the development of the economy of Central Asia, which contributes to strengthening economic ties and cooperation in the region.
One example of successful cooperation is the investment intention of Westinghouse Air Brake Technologies Corporation (Wabtec) in Kazakhstan. In September, the company announced plans to invest $1 billion in the development of railway logistics and start production of hydrogen-fueled locomotives. This step not only contributes to the modernization of the country's transport infrastructure, but also underlines the desire for sustainable development and environmental safety.
In addition, the National Railway Company of Kazakhstan plans to upgrade its fleet of locomotives using a $900 million loan from the American Citibank to purchase 240 Wabtec locomotives. This will improve the quality and efficiency of transportation, as well as strengthen partnerships between the two countries.
Another successful example is the UzCaseMash joint venture in Uzbekistan, which has been assembling agricultural machinery for 25 years. Thanks to the cooperation between UzAgroHolding and CNH Industrial, agriculture is developing in the region, contributing to economic growth and improving the living conditions of the local population.
It is also worth noting the rapid growth of the IT sector in Kyrgyzstan, where almost 38% of software and other information technology exports are shipped to the United States. This indicates the potential for further development of technological cooperation and exchange of experience between the two countries.
American investments play a key role in the development of the Central Asian economy, contributing to sustainable growth, modernization of industries and improvement of the lives of the local population. It also underscores the importance of partnership and cooperation between the United States and the countries of the region in achieving common goals of development and prosperity.
Transparency of investments in Central Asia
The United States continues its open and transparent policy of investing in the Central Asian economy, giving citizens the opportunity to shape their own future. The dedication of American companies to investing in this region stimulates economic growth and contributes to the well-being of all Central Asians.
In September, Westinghouse Air Brake Technologies Corporation (Wabtec) announced its intention to invest $1 billion in railway logistics in Kazakhstan and begin production of hydrogen-fueled locomotives. The partnership with such a leading American company confirms the desire to modernize the region's transport system and promote sustainable development.
In addition, UzCaseMash Corporation in Uzbekistan has been successfully assembling agricultural machinery for 25 years. Thanks to the joint venture between UzAgroHolding and CNH Industrial, agriculture is developing in the region, which contributes to improving the economic conditions and the lives of the local population.
The IT sector is also a key area of development in Kyrgyzstan. Almost 38% of the export products in the field of information technology from this country are supplied to the United States. This indicates the potential for further cooperation and the development of technological innovations.
The United States would like to thank the Government of Kazakhstan for organizing the first Forum, the sponsors of the event Chevron and Atameken, as well as CIPE and its speakers for providing experience. They are looking forward to discussing the dynamic and exciting opportunities available with B5+1. This forum opens up new prospects for deepening economic ties and mutually beneficial cooperation between the United States and the countries of Central Asia, which will certainly lead to further development of the region and improvement of the quality of life of its inhabitants.
