Responsible investment practice will be developed in Kazakhstan: TheGlobalChallengesSummit 2018 participants

Today, under the XI Astana Economic Forum, the representatives of “NMH “Baiterek” JSC, the UN anbusiness have discussed the ways to involve the business sector in the sustainable developmentobjects achievement.

Representatives of the international and Kazakhstan business, governmental and non-governmental organizations, expert community have presented their own vision of the business role in achievement of sustainable development and economic transformations at the global, regional levels (CIS) and in Kazakhstan.

This session has become a dialogue platform for the exchange of knowledge and practice of individual sustainability principles incorporating into the work, processes and strategies of business companies and their active involvement in the promotion of the global development agenda until 2030.

According to the Permanent Coordinator of UN in KazakhstanNorimasShimomura, the business sector, taken into accountits unrivaled opportunities for innovation, investment and job creation,has a key role in the process of essential economic state decisions finding. As an example, the US economy was considered. Meanwhile, the positive projects of Kazakhstan were noted which were the beginning of the SDG development in Kazakhstan.

"Here in Kazakhstan, I personally noted and became convinced the way the most innovative measures can be implemented through cooperation between the public and private sectors. For example, we are currently working with “Damu” Entrepreneurship Development Fund, of which “National Managing Holding“Baiterek” is a shareholder, in order to stimulate private small business investment in low-carbon projects. This experience and many other examples show the important role of the state institutions in order to give the private sector the right incentives to work on a sustainable development agenda”- said N. Shimomura.

Much of the discussion was devoted to the existing challenges in the face of the economic realities of Kazakhstan, affecting the opportunities for commercial enterprises participation in SDG implementation. Participants also announced the key reforms in the field of public policy, financial regulation and other macroeconomic issues necessary to activate the participation of business in Global Agenda achievement. In this context, the session speakers called on the business companies for greater openness and interest in investment projects aimed at sustainable development, gender equality and empowering women to participate at the decision-making level, as well as greater responsibility before the society achievement.

"Being the main development institution“Baiterek” Holding makes every effort to promote the sustainable development of Kazakhstan through the implementation of state programs, as well as the development of digital technologies, which are of particular importance for the living standards of the population improvement, labor productivityincreasing and management processesoptimization" - noted Chairman of the Management Board of “NMH “Baiterek” Aidar Arifkhanov.

According to Mr. Arifkhanov, the principles of sustainable development are integrated into the Organization Development Strategy for 2014-2023 and the Corporate Governance Code of the Holding, and are also planned to be appliedunder the investment analysis and investment decisions making. Responsible investment practice will be developed in order to assess the environmental, social and good corporate governance factorsunder the investment analysis and investment decisions making.

Under the session, the participants also paid attention to the regional integration and the potential implementation of SDG in Central Asia, where Kazakhstan has a leading role.

The sustainable development goals (SDG) are a universal call for an action to achieve a just and comprehensive peace. SDG urges governments, private sector and civil society to work together to promote sustainable economic growth, social development and environmental protection for the common benefit of present and future generations.

SDG were accepted by world leaders in 2015. 17 objectives include different issues, fromeradicating of poverty, promoting of education and health, promoting of women's rights, and protection of the environment, to effective public administration. The idea is that no one is left behind, no one is left unattended when we are moving forward in the process of creation and benefiting from a better world.

The report published by the Business and Sustainable Development Commission, said that the SDG can create market opportunities for at least 12 trillion USD, and 380 million new jobs by 2030 in four economic systems: food and agriculture, cities, energy and materials , health and welfare, equal to 60% of the "real economy" at the global level.