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Abstract

Corporate governance reforms have become a central element in the transformation of state-owned enterprises (SOEs), particularly in transition and emerging economies seeking to enhance efficiency, transparency, and competitiveness. In recent years, Uzbekistan has initiated comprehensive economic reforms aimed at restructuring its SOE sector, improving state asset management, and aligning governance practices with international standards. This paper examines the role of corporate governance reforms in the transformation of SOEs in Uzbekistan, with a focus on achieved outcomes, existing challenges, and emerging development trends. The research is based on a qualitative and comparative analysis of corporate governance reforms implemented in Uzbekistan’s SOE sector. The study draws on national legal and regulatory frameworks, including relevant laws, presidential decrees, and policy documents governing state asset management and corporate governance. In addition, secondary sources such as analytical reports of international organizations (including the World Bank and OECD), as well as publicly available company-level data, are used to assess reform outcomes. The paper also applies institutional and trend analysis to identify key patterns and trajectories in the ongoing transformation process. The paper argues that corporate governance reforms have played a significant role in advancing the transformation of SOEs in Uzbekistan by introducing modern governance mechanisms, strengthening accountability, and promoting performance-oriented management. The findings demonstrate that notable progress has been achieved, particularly in enhancing the role of supervisory boards, improving transparency and disclosure practices, and initiating privatization processes. However, several institutional and operational challenges persist, including limited board independence, gaps in the practical implementation of international governance standards, and inconsistencies across sectors. Furthermore, the study identifies emerging development trends, such as the growing integration of ESG principles, digitalization of state asset management systems, and a gradual shift toward market-based governance models. The relevance of this study lies in its contribution to the broader literature on corporate governance and SOE reform in transition economies. By providing empirical and institutional insights from Uzbekistan, the paper enhances understanding of how governance reforms can support enterprise transformation in emerging markets. The findings also offer policy-relevant recommendations for strengthening governance frameworks and ensuring the sustainable and competitive development of SOEs in line with international best practices.

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Abstract

The Eurasian super continent, the world’s largest contiguous landmass, has been under the world focus as a dynamic economic region in contemporary era. However Eurasian space is least integrated economically while remains fragmented politically. Eurasian continent is divided into three significant regions i.e. Heartland, Island and Rimland by various strategists/geographers. The Heartland consists of Central Russia and Central Asia, Island consists of West Asia while the Rimland comprises of coastal areas from Europe, West Asia, South Asia to South China Sea. The three regions of Eurasia are significant in terms of resource base and geographical location.

The paper attempts to answer the main research question i.e. how the Eurasian integration can be a decisive factor in furthering global economic growth and development? This research work argues that integrating and linking the three regions of Eurasia through cross border hard and soft infrastructure complements connectivity of the entire global markets. Integrating Eurasia means linking trans-continental trade and logistic corridors (Heartland/Island) with trans-oceanic trade and logistic corridors (Rimland).

The approach in this work is explanatory and exploratory, employing qualitative research methodology based on hermeneutics and double hermeneutics research methods. Hermeneutics refer to interpretation and giving meaning to human actions and texts. In social sciences, a phenomenon is usually reinterpreted (double hermeneutics) from multiple perspectives within its own dynamic and ever evolving context. This process involves understanding of various, multiple components of a phenomenon to explain the whole i.e. its broader context. The work attempts to explain the ongoing multiple however complementary processes for Eurasian integration to understand its importance and role in promoting global economic development. Data sources include relevant books, scholarly articles published in peer review journals, published institutional papers and authentic official reports available online regarding the subject matter.

Major Eurasian and European powers, regional countries, organizations and global financial institutions have developed plans to integrate the Eurasian space. These integration plans address important issue regarding the cross border infrastructural investment and promote trans-regional cooperation across Eurasia. As a result trans-continental Eurasian transport and logistics corridors have been developing in east-west direction. A parallel development is to link the trans-continental trade and logistic corridors with the trans-oceanic corridors in a north-south direction. Developed cross border infrastructure will enhance individual countries’ GDP by 2% to 5% across Asia and Eurasia’s share in global GDP by more than 5%.

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Abstract

While the studies researching social innovation are growing internationally and already cover numerous countries across Asia, Africa, Europe, Latin and North America, social innovation projects (SIPs) in Central Asia left apart from the mainstream research. Meanwhile, SIPs in Central Asia, namely Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, supported by different actors including governments, private companies, civil society organizations (CSOs), media, individuals and international organizations (e.g. UNDP, UNICEF, former USAID, etc.) are embedded into the national innovation systems emerging in Central Asian republics. Mostly driven by developmental purposes SIPs have demonstrated different degrees of progress towards true social innovation in Central Asian societies. In this context, it is rewarding research on SIPs enabling scholars to understand societal, economic, legal, cultural, entrepreneurial constellations of factors shaping social innovation in this region.

Thus, the aim of this research is to analyze SIPs in Central Asia and assess their progress towards being true social innovation. To do so, SIPs are scrutinized and compared within the areas/sectors they have been introduced in Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. To apply the social innovation concept, in the research, social practice theory serves as the theoretical framework. Also, social innovation criteria and human development approach as additional theoretical pillars are used to set normative standards and conduct qualitative evaluation and comparison of SIPs in the abovementioned republics. The evaluation will shed light on eventual inconsistencies in the application of SIPs and assist in understanding whether a new type of social innovation – developmental, is evolving in Central Asia. It is going to help inform policies aimed at SIPs addressing developmental issues such as poverty, environmental problems, and democratic governance in Central Asia revealing eventual heterodox design and application of SIPs.

Consequently, current research has potential to contribute to the existing research gap on social innovation in Central Asia, contribute to the better theoretical and practical understanding of social innovation developments in the region, provide solid information for policy makers and public.

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Abstract

The purpose of the study is to review the state policies of the EAEU countries aimed at improving the financial literacy of the population in order to identify the prerequisites for creating unified approaches to the implementation of state policies in the field of improving financial literacy.

Methodology. The research methods used were content analysis aimed at studying state policy in the field of financial literacy. A systemic and comparative analysis of documents and legislative acts in the field of state policy to improve the financial literacy of the country's population was used.

Originality / value of the study. In 2025, it is planned to complete the process of creating a single financial market of the EAEU. The creation of a single market for financial services entails the need to ensure not only equal access for EAEU members, but also the protection of the rights of consumers of financial services and their adaptation to the new rules. The convergence of financial policies and the creation of a single financial market of the EAEU countries, the expansion of the range of financial services, the use of new technologies, the growth of financial fraudulent transactions necessitate the protection of the interests of consumers. To solve these problems, it is necessary not only to use the experience of the EAEU countries in improving the financial literacy of the population, but also to strengthen cooperation and coordination of information exchange at the intercountry level. In this regard, a review of financial literacy policies in the EAEU countries was conducted. General trends were identified and the prerequisites for creating unified approaches to the implementation of state policies to improve financial literacy were considered. A comparative analysis of state policies in the EAEU countries has not been extensively analyzed, which makes this study relevant.

Research results. Based on the results of the study, the authors analyzed state policies in the field of financial literacy of the population of the EAEU countries, conducted a comparative analysis of the models for managing financial literacy programs in the EAEU countries, and identified the advantages and disadvantages of each model. A comparison of the indicators of the level of financial literacy in the EAEU countries was carried out, and the prerequisites for creating unified approaches to the implementation of state policies in the EAEU countries were considered.

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The EU Carbon Border Adjustment Mechanism (CBAM) is designed to prevent carbon leakage, yet its effects may extend beyond the relationship between the European Union and its trading partners. In Central Asia the CBAM may create a new regulatory context, in which reduction of greenhouse gas emissions (GHG emissions) depends not only on state climate policies, but also on strategic decisions made by companies. These decisions include whether companies invest in carbon accounting, disclosure, risk management and decarbonization, or whether they redirect trade, production or investment flows toward less regulated markets.

This paper examines the CBAM through the lens of regulatory asymmetry in Central Asia. It argues that differences in climate regulation, emissions monitoring and corporate disclosure may create uneven incentives for companies operating under new carbon-related market access requirements. The paper focuses on Kazakhstan and Uzbekistan as two Central Asian economies where climate regulation, corporate reporting and responses to external carbon requirements are developing under different institutional conditions. The analysis combines regulatory mapping with a review of publicly available corporate reports to assess how companies disclose emissions, climate-related risks and adaptation strategies. The paper does not claim to establish actual carbon leakage. Rather, it examines the conditions under which the CBAM may generate regional spillover risks by influencing corporate choices between compliance, decarbonization and market redirection. By linking the CBAM with corporate governance and decision-making at the company level, the paper contributes to the debates on sustainable development in Central Asia and highlights the role of companies in shaping low-carbon transition outcomes.