The inaugural U.S.-Kazakhstan Business Forum advances economic relations

ASTANA – The first-ever United States (US)-Kazakhstan Business Forum, held on June 5 at the World Bank headquarters in Washington, D.C., brought together distinguished speakers and key stakeholders to explore opportunities for enhanced economic cooperation between the two countries, the Kazakh Cultural and Cultural Association said. Business North America (KCBANA).

This important event, titled Expanding Horizons: The Future of US-Kazakhstan Economic Cooperative, aimed to provide an overview of cooperation in key sectors of the bilateral economic relationship, while delving into new partnership opportunities in areas such as creative industries, human capital, innovation and strengthening the position of women in business.

Participants addressed regulatory, logistical and financial barriers to regional integration and discussed action plans to accelerate economic development in Central Asia.

Discovering new frontiers in economic cooperation

The forum was organized by KCBANA, an independent, non-governmental and apolitical non-profit organization based in Washington, D.C., which aims to promote cultural, social and business cooperation between the people of Kazakhstan and North America, in cooperation with Parasat Business Club, a leading non-governmental platform in Kazakhstan, whose aim is to unite entrepreneurs from various sectors of the economy for effective cooperation.

According to the Kazinform news agency, during the event, Patryk Łoszewski, Deputy Executive Director of the International Monetary Fund, positively assessed the reforms carried out in Kazakhstan, which aim to create a strong and diversified economy and improve the business climate. Last year, approximately 10,000 unnecessary business requirements were excluded from Kazakhstan’s legislation.

USAID involvement and cultural and entrepreneurial exchanges

Peter Young, director of the Asia Office for South and Central Asia at the United States Agency for International Development (USAID), spoke about USAID’s efforts to support economic opportunities in Central Asia and Kazakhstan. After last year’s meeting of the US President with the leaders of Central Asian countries in New York, the parties committed to maintaining and developing economic ties, with Kazakhstan becoming a priority. The focus is on small and medium-sized enterprises, the innovative economy and growing trade and investment.

Director of KCBANA and co-founder of the Global Music Partnership, Vladimir Dio, emphasized that Kazakhstan is rich not only in natural resources, but also in creative talents in the performing arts of classical and contemporary music, as well as feature films.

“This creative spirit is manifested not only in music or art, but also, as you can see, in mutual entrepreneurship. I am very happy to see this today in modern Kazakhstan, because there are so many young entrepreneurs who are opening up a great future for the country, he said.

KCBANA founder Gulnara Febres noted that it was a historic day for the first Kazakh-American business forum. The guest list was impressive, including diplomats, experts and representatives of the business world of both countries. Business representatives from the USA and Kazakhstan show mutual interest, therefore similar events will be continued in the future.

KCBANA organized the first US business trip for Parasat Business Club members, enabling Kazakh businessmen to visit leading technology companies such as Google, META and Tesla.

Strategic discussions on building bridges

Representatives of the Parasat Business Club held a separate meeting with the Ambassador of Kazakhstan to the USA Yerzhan Ashikbayev and the director of KCBANA Ainur Rodgers. The prospects for the development of Kazakh business in the USA and on the American market were discussed as part of the “B5+1” initiative – the business equivalent of C5+1, a diplomatic platform for Central Asian countries and the USA – which took place in Almaty in March.

“Our mission is to provide Kazakh entrepreneurs with knowledge and connections in the U.S., stimulate investment opportunities and strengthen partnerships across sectors,” Rodgers said.

KCBANA also organizes cultural events to improve the image of Kazakhstan in the US. In October 2023, as part of the first Central Asian Film Festival, dedicated to the Republic Day of Kazakhstan, a week of Kazakh cinema was held. Future projects focus on the social sphere, including support for children, orphans, women entrepreneurs and people with special needs. KCBANA plans to facilitate the exchange of doctors from the U.S. and Kazakhstan, including conducting several free maxillofacial surgeries in Kazakhstan by American surgeons.

Marat Birimzhan, foreign representative of the Kazakh national company Invest in North America, emphasized that the forum discussed projects aimed at attracting investments in the Kazakh non-oil sector, covering areas such as mechanical engineering, agriculture, transport and logistics, tourism, health care, education , and others.