Abstract

The concept of corporate social responsibility (CSR) has become a vital topic for the most researches and scientific controversies, as CSR is a key component of sustainable development of not only industrialized but also of most of the developing countries. The Central Asian countries, as emerging markets, have just begun to take first steps towards perceiving the significance of and implementing the CSR concept. This paper focuses on investigation and identification of specificities of CSR implementation and development in five Central Asian countries: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The main research method used in the paper relies on a comparative analysis of CSR practices in these counties by studying their legal requirements and/or non-binding guidance on CSR as well as finding evidence of CSR implementation by local companies. Besides, the policies of the Central Asian governments on implementation of ESG and SDG principles by the local companies are investigated to evaluate their commitment to the sustainable development issues. We argue whether the governments of the Central Asian countries pursue a policy for CSR development, legally and institutionally, and the businesses follow any CSR best practices. The research findings show that despite the growing interest, the concept of CSR in Central Asia is still developing: only Kazakhstan is leading, but other countries of the region have poor CSR legal and institutional framework. Moreover, the CSR is mostly interpreted ambiguously, particularly it is associated with charity activity of the business. It demonstrates the weak perception of CSR principles among companies operating in Central Asia. The relevance of the findings lays on working out and presenting some policy recommendations as measures that should be undertaken for improvement of CSR practices in all the Central Asian countries.

Abstract

The main goal set up for industry of Kazakhstan is to develop and promote local content, which is in its turn, subject to scientific and technological research and projects. There are approximately 22K registered scientists in the country, but bulk of them are working in fundamental sciences while minority devote their research to practical implications.

Government has significantly increased financing of the science: from 56 billion tenge in 2022, to 156 in 2023, and 256 in 2024, meaning 5-fold growth that was observed for the first time in modern history.

My paper will be presenting reasons and factors as well as solutions to increase efficiency of kazakhstani science and technology in order to contribute to ensuring sustainable growth of the whole country.

I have presented my first paper @ CESS annual conference back in 2002 at Harvard U with topic devoted to the development of oil&gas industry. Now, after 22 years, I am ready to present my second paper on science and tech of Kazakhstan.

Best regards,

Arman Kashkinbekov

Chairman

National Center of Science and Technology Evaluation (KZ Government)

Abstract

In the current environment of heightened economic volatility and uncertainty, the challenges facing money management are complex. Managers and industry leaders must make the right predictions quickly, otherwise a wrong move could have disastrous consequences for the organization because of the enormous amounts of money involved. One of the most fundamental responsibilities of financial professionals is to measure and quantify the risks associated with the creation of financial derivatives. An option is a financial derivative that represents a contract sold by a seller (writer) to a buyer (holder). The contract gives the holder with the right, but not the obligation, to buy (call) or sell (put) a particular financial asset (underlying asset) at an agreed price (strike price) on a specific date (exercise date). If the holder chooses to exercise the right, the writer is obligated to sell or buy the underlying asset at the strike price on the exercise date. The holder may elect not to exercise this right and have it lapse. There are two main reasons why investors buy options: (1) speculators, as investors, can speculate on the future direction of asset prices and use options as leverage to increase returns; (2) portfolio managers, as investors, can use options to hedge their positions to protect their portfolio from adverse price movements. Options provide investors with a way to predict the future before acting. Although options are redeemed as a form of insurance to reduce the risk of the underlying asset, holding options is still risky, especially for speculators. For portfolio managers, they would be better off not wasting money on hedging. How about introducing “option insurance”? Any option holder may claim partial compensation by paying a premium before the expiration date to cover the cost of the unexercised option. Two distinct concepts, insurance and financial option, come together to create insurance for option speculators and portfolio managers, transferring the risk of potential loss from one entity to an average over a group of entities.

Abstract

This paper examines the legal frameworks governing digital contracts in the Kyrgyz Republic, with a focus on their implications for economic integration, particularly within the banking sector. Drawing upon doctrinal legal analysis and empirical research, this study investigates the regulatory landscape governing digital contracting and remote banking services for foreign entities operating in Kyrgyzstan. The research methodology involves a comprehensive review of statutes, regulations, case law, and policy documents related to digital contracts and banking services, with a focus on European Union regulation. Particularly e-IDAS Regulation, Digital Services Act, and Digital Markets Act.

Central to this paper's argument is the assertion that the adoption of digital contracting mechanisms and remote banking services presents significant opportunities for advancing economic integration in Kyrgyzstan on the global stage. By embracing digital technologies, foreign individuals and companies can access banking services remotely, facilitating cross-border transactions and fostering international business partnerships. The analysis reveals that the legal framework surrounding digital contracting in Kyrgyzstan provides a conducive environment for foreign investment and promotes financial inclusion by enhancing access to banking services for foreign entities.

Moreover, the findings of this study contribute to the broader scholarly studies on digitalization in emerging economies and its impact on economic development. By offering insights into the legal frameworks governing digital contracts and remote banking services in Kyrgyzstan, this paper fills a gap in existing literature and provides a nuanced understanding of the opportunities and challenges associated with digitalization in the banking sector. Furthermore, the research sheds light on the role of legal frameworks in facilitating economic integration and promoting foreign investment in transitioning economies, thereby enriching discussions on the intersection of law, technology, and economic development.

In conclusion, this paper underscores the importance of robust legal frameworks for digital contracting in enhancing economic integration and facilitating business transactions. It advocates for continued regulatory reforms to support the growth of digital banking services and promote foreign investment, thereby positioning Kyrgyzstan as a dynamic player in the global marketplace.