Assessing the Impact of New Silk Road Initiatives on Kazakhstan's Business Environment

Abstract

This study conducts a comprehensive evaluation of four major regional economic integration initiatives along the New Silk Road in Eurasia: The Eurasian Economic Union (EAEU), the Silk Road Economic Belt (SREB), the New Silk Road (NSR), and the Central Asia Regional Economic Cooperation (CAREC) program. By employing an expert-based analysis method, the research assesses the initiatives from the perspective of the Kazakhstani business environment, identifying critical criteria for successful economic integration, including intra-union trade, market expansion, supply chain optimization, regulatory harmonization, and access to financing. Drawing parallels with the historical Silk Road's focus on trade and economic prosperity, this research employs an expert-based analysis method to assess these modern initiatives from the perspective of the Kazakhstani business environment. Through structured expert panel assessments and statistical analysis, the study determines which initiatives offer the most tangible benefits to businesses in Kazakhstan and the broader region. The findings indicate that the SREB initiative scored highest overall, particularly in fostering regional economic development and business growth, with a total score of 197, followed by the EAEU with 181. The findings reveal that the SREB initiative scored highest overall, followed by the EAEU, indicating their strong potential for fostering regional economic development and business growth. This study provides valuable insights for policymakers and businesses navigating the complex landscape of Eurasian economic integration. It offers a framework for evaluating the effectiveness of new Silk Road initiatives in promoting regional prosperity and cooperation, with particular relevance to Kazakhstan's position in Central Asia.