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    Central Asia

    When B5+1 is more than 6: Connecting business for regional and global prosperity

    When B5+1 is more than 6: Connecting business for regional and global prosperity

    Central Asian countries are among the least connected in the region largely due to their predominantly landlocked geography, which limits direct access to the sea. With the exception of a small part of Kazakhstan, the five Central Asian countries—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan—are landlocked, with Uzbekistan being double landlocked, surrounded entirely by other landlocked countries.

    Photo: The B5+1 Forum aims to boost regional cooperation and connectivity
    Source: IBECA

    The region's diverse political systems and limited transport infrastructure have created barriers to effective regional and global cooperation. According to national statistics, intra-regional trade and investments in Central Asia account for only about 30 percent of the total, indicating a predominant orientation towards external markets. Despite some progress, cooperation efforts within Central Asia are struggle to align with the increasing demands of regional and global markets.

    Amid shifts in the global geopolitical landscape and supply chain disruptions, there is a growing interest in utilizing Central Asia as a point of transit, particularly through initiatives like the Trans-Caspian Corridor. Central Asia stands to gain significantly from current opportunities by positioning itself as a single integrated market in relation to international actors. Enhancing regional connectivity will not only attract more foreign direct investment but also improve transport efficiency and trade for both foreign companies and local economies. This could ultimately position Central Asia not merely as a transit point but a destination for foreign investments and business operations.

     The B5+1 Forum as a public private dialogue platform among business, governments and investors is a direct response to this need. 

    Moreover, the establishment of the B5+1 Forum is closely aligned with the political commitments set by the New York Declaration issued during the C5+1 Presidential Summit in September 2023. The Declaration emphasizes strengthening US-Central Asian economic relations through a private sector-led platform and formally launches the Business 5+1 (B5+1) public-private dialogue process. The forum aims to deliver on two key commitments in the declaration: 1) accelerating regional cooperation and connectivity, and 2) improving the business environment for increased U.S. private sector trade and investment.

    The B5+1 Forum serves as a platform for government, business and the expert community to engage in dialogue aimed at fostering an economically vibrant and inclusive Central Asia, connected to global markets. This dialogue emerges from solutions-focused conversations that address issues identified through extensive research and regional thematic sub-forums in 2023. By bringing the private sector on board of major economic policies towards regional economic integration, the B5+1 Forum will provide an opportunity to enact concrete recommendations and accelerate progress towards increased prosperity and economic security of Central Asia.  

    Following extensive consultations and discussions with more than 300 experts and 200 business organizations in Central Asia, facilitated by the Center for International Private Enterprise, an affiliate of the US Chamber of Commerce, as supported  by the US Department of State, five priority industries have been identified that can be attractive for international investors and critical for developing regional markets: Transport and Logistics; E-commerce; Tourism, Green and Renewable Energy; and Agribusiness. The upcoming B5+1 Forum in March 2024 aims to generate practical solutions by addressing the challenges in these priority sectors.

    Regional economic integration within Central Asia is already accelerating growth and job creation by stimulating trade and attracting investment.  The process could be expedited and made more effective if decisions are taken collectively to improve the regional trade and private business environment.

    The B5+1 Forum will take place in Almaty, Kazakhstan, on 14-15 March 2024. It will bring together key stakeholders and policy makers from Central Asia, the United States of America, and other countries. This event marks the culmination of nearly a year’s effort in collaboration with the private sector on national and regional economic agendas. 

    Day One ("Looking within Central Asia") will outline the B5+1 objectives and expected outcomes of the, and provide expert and business perspectives on improving economic integration and the investment climate. policymakers will share the C5+1 governments' vision for private sector engagement in achieving common economic goals, along with feedback from expert and business communities.

    Day Two ("Central Asia's place in the world economy")will offer an international perspective on promoting trade and investment flows in Central Asia. Following a keynote address by Dr. Frederick Starr on Central Asia and the World, panellists from international institutions will reflect on regional achievements, economic development agendas, and emerging partnerships to strengthen economic integration. American companies will share insights on investing in priority sectors in Central Asia, while local business associations will discuss lessons and opportunities for advocacy and public-private dialogue to grow and access new markets, both nationally and regionally. 

    Photo: Greater Central Asia could emerge as a unified marketplace, attracting global economies
    Source: Google Images

     

    The B5+1 Forum is the culmination of extensive work with the private sector on national and regional economic agendas. Over two days, the business community will share its vision for an inclusive and integrated economic future for Central Asia. Governments will have the opportunity to assess the value of private sector recommendations in achieving the C5+1 economic goals. At the end of the event, participants will be invited to commit to working towards a common agenda aimed at enhancing economic integration and resilience through improved access to innovation, foreign investment and international trade flows.

    The concept of "B5+1" goes beyond the five Central Asian countries and the United States. If the Central Asian countries come together, the "Greater Central Asia" will emerge as one region. This integration would allow developed economies, including those in Europe, United States, Japan, Singapore, and others seeking alternative markets in Eurasia, to engage with the B5+1 and access a more integrated and therefore more attractive common marketplace in Central Asia with a population of 77 million, abundant resources, developed human capital. The role of the B5+1 Forum organizer, Center for International Private Enterprise (CIPE), is to bring private sector on board of regional economic integration, and those facilitate and advocate for the positive future prosperity of Greater Central Asia. B5+1 is indeed more than six!

    About the organizer

    B5+1 is initiated as part of a larger program called “Improving the Business Environment in Central Asia” (IBECA), which is administered by the Center for International Private Enterprise (CIPE) - an affiliate of the US Chamber of Commerce (USCC), under the funding from the US Department of State. CIPE will coordinate with the US Chamber of Commerce, drawing on their leadership behind the B7 and B20 platforms.

     

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    11.03.2024, 13:50   Comments (0)   1957
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