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IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
IV International Economic Forum
FUTURE ECONOMY:
globalisation challenges faced by Europe
and the Baltics in the 21st century
Agenda & Book of Abstracts
Riga 2021
IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
IV International Economic Forum “FUTURE ECONOMY:
globalisation challenges faced by Europe and Baltics in the
21st century”. Book of Abstracts. The Institute of Economics
of the Latvian Academy of Sciences, 2021.
Editor: Nina Linde, Dr. paed., Director at the Institute of
Economics at the Latvian Academy of Sciences
© Latvijas Zinātņu akadēmijas Ekonomikas institūts, 2021
Latvijas Zinātņu akadēmijas Ekonomikas institūts
ISBN 978-9984-774-35-0 / 978-9984-774-36-7 (pdf)
IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
TABLE OF CONTENTS
AGENDA 6
INSTITUTE OF ECONOMICS OF THE LATVIAN ACADEMY OF SCIENCES 9
ORGANISERS AND MODERATORS OF THE FORUM 10
SPEAKERS AT THE OPENING CEREMONY 13
PLENARY SESSION 14
Juris Binde. INDUSTRY 4.0 – ARE WE READY FOR TOMMOROW’S CHALLENGES? 14
Kannan Vishwanatth. IMPACT OF COVID ON INTERNATIONAL BUSINESS, PHARMA 15
& HEALTHCARE INDUSTRY: MEDICINES, VACCINES FOR HUMAN WELL-BEING AND
INVESTMENT OPPORTUNITIES
Janis Vanags. LATVIAN AND THE BALTIC STATES DEVELOPMENT OPPORTUNITIES 19
AND THREATS IN THE 21ST CENTURY
Tarmo Soomere. SCIENCE ADVICE AS THE PILLAR OF FUTURE ECONOMIC 20
DEVELOPMENT
Juras Banys. BASIC RESEARCH TO PRACTICAL APPLICATION: NEW TECHNOLOGIES 21
IMPACT TO ECONOMY – CASE OF LITHUANIA
Aigars Rostovskis. C19: CRISIS MANAGEMENT ANALYSIS 22
Kadambay Sultanov. CONNECTIVITY BETWEEN CENTRAL ASIA, BALTICS AND THE 23
EU: A VIEW FROM UZBEKISTAN
Abdraim Bakytzhan. ASTANA INTERNATIONAL FINANCIAL CENTRE - 24
AMBASSADOR OF INNOVATIVE APPROACHES
Björn Fagerström. MANUFACTURING AND INNOVATION IN NORTH EUROPE 25
SECTION I CHALLENGES OF LATVIAN STATE AND SOCIETY AND ITS
SOLUTIONS IN THE INTERNATIONAL CONTEXT – INTERFRAME-LV 26
Baiba Rivza. NATIONAL RESEARCH PROGRAM PROJECT INTERFRAME-LV FOR THE 26
SUSTAINABILITY OF THE NATIONAL ECONOMY
Sergei Kruk. DEFINING A COMMON GOOD, NEGLECTING THE FEEDBACK: 27
NATIONAL DEVELOPMENT PLAN OF LATVIA FOR 2021-2027
Tatyana Boikova. MAIN ISSUES OF SUSTAINED ECONOMIC GROWTH IN EUROPEAN 28
COUNTRIES
Kristine Casno, Biruta Sloka. SOCIAL ENTERPRISES - A SMART BUT YET 29
UNDERESTIMATED RESPONSE TO CRISIS AND EMERGENCY SITUATIONS
Dace Stefenberga, Biruta Sloka, Baiba Rivza. TRAINING OF EMPLOYEES TO 30
PERFORM BETTER DUTIES AT WORK – COMPARISIONS OF RESULTS IN DIFFERENT
REGIONS OF LATVIA
IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Biruta Sloka, Ginta Tora, Juris Dzelme, Ilze Buligina. CHALLENGES IN REDUCTION 31
OF INCOME INEQUALITIES IN LATVIA
Zaiga Ozolina, Biruta Sloka. POTENTIAL DEVELOPMENT OF MARINE PRODUCT IN 32
THE BALTIC SEA REGION BY CHANGING CONSUMER AND SOCIAL BEHAVIOUR
Darta Indriksone, Biruta Sloka. EVIDENCE-BASED SOCIAL POLICY MAKING FOR 33
SUSTAINABLE GOVERNANCE
Eduards Lielpeters. DIGITAL TRANSFORMATION IN LATVIA: OPPORTUNITIES FOR 34
THE STAKEHOLDERS' PARTICIPATION
Evija Rusite, Biruta Sloka. ROLE OF RESEARCH IN UNIVERSITY RANKINGS 35
Uldis Plumite. LATVIAN THEME PARK DEVELOPMENT IN LATVIAN REGION 36
Andra Zvirbule, Gunta Grinberga-Zalite, Baiba Rivza. WORK DESIGN AND 37
MANAGEMENT IN A DIGITIZED ECONOMY
Vera Hohlova. COVID-19 PANDEMIC AND LONG - TERM UNEMPLOYMENT 38
Anna Tatarinceva. HUMAN CAPITAL AS A VALUE 39
Lilita Abele. DIGITAL ECONOMY AND SOCIETY INDEX WITHIN EUROPE’S DIGITAL 40
TRANSFORMATION AND REGIONAL DEVELOPMENT
Diana Kalnina, Silva Senkane. OPENNESS TO CHANGE OF EMPLOYEES IN TIMES OF 41
CRISIS
Natalia Konovalova. CHALLENGES AND OPPORTUNITIES IN INTERNATIONAL 42
SCIENTIFIC EVENTS ORGANIZATION: SOME EXPERIENCE IN LATVIA
Peteris Rivza, Laura Jeroscenkova. PROMOTING AND INHIBITING FEATURES OF 43
LATVIAS 'S SUSTAINABLE DEVELOPMENT
Mairita Stepina. USAGE OPTIONS OF DIGITAL TOOLS IN DEGRADED AREAS 44
REVITALIZATION
Andra Zvirbule. Gunta Grinberga-Zalite. Baiba Rivza. IMPACT OF CHANGING 45
CONSUMER HABITS ON BUSINESS: IMPLICATIONS AND TRENDS OF COVID-19
Ieva Licite. EVALUATION OF GREENHOUSE GAS EMISSIONS FROM ORGANIC SOILS 46
FOR BETTER POLICY PLANNING
Mihails Silovs. LATVIAN FISH PROCESSING IN THE GLOBAL DIVISION OF LABOUR 47
SECTION II CIRCULAR ECONOMY AND SOCIAL ENTREPRENEURSHIP 48
Edgars Cerkovskis. TRENDS AND DEVELOPMENT OF CIRCULAR ECONOMY IN 48
LATVIA
Regina Veckalne, Tatjana Tambovceva. CIRCULAR ECONOMY FOR SUSTAINABLE 49
DEVELOPMENT
Dzintra Atstaja. IMPACT OF THE EU GREEN TAXONOMY ON COMPANY LENDING IN 50
LATVIA
Janis Aizbalts. SUSTAINABLE TEXTILE WASTE MANAGEMENT AND OPPORTUNITIES 51
TO PROMOTE RECYCLING IN LATVIA AND EUROPE
Regita Zeila. SOCIAL ENTREPRENEURSHIP ECOSYSTEM IN LATVIA 52
Natalija Cudecka-Purina. CIRCULAR ECONOMY DEVELOPMENT IN LATVIA: 53
IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
CHALLENGES AND OPPORTUNITIES
Aija Sannikova. SOCIAL ENTREPRENEURSHIP IN LATVIA: AREAS OF IMPACT 54
Nadeeshika Silva. DIGITAL EVOLUTION OF WASTE MANAGEMENT IN EU AND 55
BALTIC COUNTRIES
SECTION III STATE COMPETITIVENESS: A SYSTEMIC APPROACH. THEORY 56
AND PRACTICE
Arunas Augustinaitis, Birute Visokaviciene, Adomas Raksnys, Vitalija Gabnyte. 56
MODELLING OF THE UNIVERSAL BASIC INCOME AS METHODOLOGY FOR
UBIQUITOUS SOCIO-ECONOMIC TRANSFORMATIONS
Lubova Svecova. HEALTHCARE SECURITY AS A CHALLENGE TO ECONOMIC 58
SECURITY IN THE DIGITAL AGE
Gunda Reire. DEVELOPMENT AID AS AN ECONOMIC FACTOR IN THE UNITED 59
NATIONS SECURITY COUNCIL ELECTION: LESSONS FOR LATVIA
Giga Abuseridze. THE ROLE OF THE WTO IN THE DEVELOPMENT OF 60
INTERNATIONAL TRADE AND ECONOMIC SUSTAINABILITY
Juan Carlos Martinez Barrio. CROSSBORDER ECONOMIC COOPERATION: OPEN 61
INNOVATION, TRAILBLAZING AND INTRAPRENEURSHIP
Arturs Zipris. INNOVATIONS AS COMPETITIVENESS MOVING FORCE: SIGHT OF 62
INDUSTRIAL ROBOTICS AND AUTOMATION DESIGNER - ENTREPRENEUR
Elina Mikelsone, Tatjana Volkova, Aivars Spilbergs, Elita Liela. IDEA MANAGEMENT 63
SYSTEMS TYPES AND CREATIVITY
Ilze Jankovska. SELF-DEFINITION OF POST COVID-19 CONSUMERIST: 65
DEMOGRAPHICS VS VIRTUAL IDENTITY
Inese Supule. LABOUR MARKET OUTCOMES AND STRATEGIES OF ADAPTATION OF 66
HIGHLY SKILLED LATVIAN MIGRANTS: THE CASE OF LATVIAN MIGRANTS IN THE
UK, GERMANY, SWEDEN, NORWAY AND THE USA
Renars Raubiskis, Ance Petrovica. COMPETITIVENESS OF THE LATVIAN YOUTH IN 67
THE 21ST CENTURY: OBSTACLES AND OPPORTUNITIES
Dmitry Ulanov. ECONOMIC ASPECTS OF THE CONCEPT OF SUSTAINABLE 68
DEVELOPMENT, TAKING INTO ACCOUNT NON-RENEWABLE CRITICAL NATURAL
CAPITAL
Dace Krumina, Ilona Lejniece. RELATIONS BETWEEN THE STATE AND SOCIETY IN 69
THE CONTEXT OF REGULATORY ENACTMENTS: CASE OF LATVIA
Helmuts Lejnieks, Ilona Lejniece. CHALLENGES OF DESIGN THINKING AND 70
INNOVATION IN GOVERNANCE: CASE OF LATVIA
For Notes 71
IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
IV International Economic Forum
“FUTURE ECONOMY:
Globalization Challenges faced by Europe and Baltics in the 21st century”
September 17, 2021
Venue: Latvian Academy of Sciences, Akadēmijas laukums 1, Riga, Latvia
The aim of the IV Economic Forum is to analyse reasons, consequences and challenges that
Baltics and Europe has faced during globalization of 21st century and to discuss possible
science-based and practical solutions in order to reach higher level of welfare in our respective
countries. The successful practice of the I, II and III Economic Forum is continuing, that the
Forum serves as a platform for the exchange of experience and cooperation of scientists,
entrepreneurs and politicians, stimulating the entry of local and foreign investment and the
development of an innovative national economy in the long term.
AGENDA
Friday, September 17
09.00 - 10.00 Registration & Early Morning Coffee
10.00 - 11.00 OPENING CEREMONY
• Musical Performance
• Address of the Prime Minister of the Republic of Latvia Dr. ARTURS KRISJANIS
KARINS
• Address of the Member of the European Parliament, Member of the Committee
on Economic and Monetary Affairs, prof., Dr. INESE VAIDERE
• Address of the Minister of Education and Sciences of the Republic of Latvia,
Mg. paed. ANITA MUIZNIECE
• Address of the President of the Latvian Academy of Sciences prof., Dr. IVARS
KALVINS
• Address of the Deputy State Secretary for Economic Affairs of the Ministry
of Economics of the Republic of Latvia Mr. RAIMONDS ALEKSEJENKO
Host Moderator: Director of the Institute of Economics of the Latvian Academy
of Sciences, assoc. prof., Dr. NINA LINDE
10.40 - 10.50 Signing of cooperation memoranda for the development
of science and innovative technologies in Latvia and the
Baltic States
• Signing of a Memorandum of Cooperation between the Latvian Academy of
Sciences, the Estonian Academy of Sciences and the Lithuanian Academy of
Sciences (prof., Dr. IVARS KALVINS, prof., Dr. TARMO SOOMERE, prof., Dr. JURAS
BANYS)
6
IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
• Signing of a Cooperation Agreement between the Latvian Academy of Sciences
and the Latvian Telecommunications Association (prof., Dr. IVARS KALVINS, LTA
President PETERIS SMIDRE)
10.50 - 12.30 PLENARY SESSION I
• INDUSTRY 4.0 - ARE WE READY FOR TOMORROW'S CHALLENGES? (Speaker: prof.,
Dr. JURIS BINDE, President of the “Latvijas Mobilais Telefons”, Vice-President of
the Latvian Association of Information and Communication Technologies, Latvia)
• IMPACT OF COVID ON INTERNATIONAL BUSINESS, PHARMA & HEALTHCARE
INDUSTRY: MEDICINES, VACCINES FOR HUMAN WELL-BEING AND INVESTMENT
OPPORTUNITIES (Speaker: Dr. KANNAN VISHWANATTH, Entrepreneur,
International Trade Specialist in Pharmaceuticals, Chemical Engineer, Corporate
Research Scientist, India)
• LATVIAN AND THE BALTIC STATES DEVELOPMENT OPPORTUNITIES AND THREATS IN
THE 21ST CENTURY (Speaker: Dr.oec. JANIS VANAGS, professor at the Riga
Technical University, lead researcher at the Institute of Economics of the Latvian
Academy of Sciences, Latvia)
• SCIENCE ADVICE AS THE PILLAR OF FUTURE ECONOMIC DEVELOPMENT (Speaker:
prof., Dr. TARMO SOOMERE, President of the Estonian Academy of Sciences,
Estonia)
• NEW TECHNOLOGIES IMPACT TO ECONOMY – CASE OF LITHUANIA (Speaker: prof.,
Dr. JURAS BANYS, President of the Lithuanian Academy of Sciences, Lithuania)
• C19: CRISIS MANAGEMENT ANALYSIS (Speaker: Dr. AIGARS ROSTOVSKIS,
President of the Latvian Chamber of Commerce and Industry)
12.30 - 13.30 Lunch Break, B2B1, B2S2 and S2S3 meetings
13.30 - 15.00 PLENARY SESSION II
• CONNECTIVITY BETWEEN CENTRAL ASIA, BALTICS AND THE EU: A VIEW FROM
UZBEKISTAN (Speaker: H.E. KADAMBAY SULTANOV, Ambassador Extraordinary
and Plenipotentiary of the Republic of Uzbekistan to the Baltic States and Finland,
Uzbekistan)
• ASTANA INTERNATIONAL FINANCIAL CENTRE - AMBASSADOR OF INNOVATIVE
APPROACHES (Speaker: prof., Dr. ABDRAIM BAKYTZHAN, Academician of the
National Academy of Sciences of the Republic of Kazakhstan)
• MANUFACTURING AND INNOVATION IN NORTH EUROPE (Speaker: Dr. BJORN
FAGERSTROM, Head of Division Research, Collaboration, and Innovation at Lund
University, Sweden)
• PLENARY DISCUSSION: VISION, ASSESSMENT AND PROPOSALS OF
ENTREPRENEURS, SCIENTISTS AND POLITICIANS FOR FUTURE ECONOMY (Q&A:
Speakers of the Plenary Session are participating)
Moderator: entrepreneur GERALD HOPPSTAEDTER, Latvia/Austria
• INSIGHT OF SESSIONS MODERATORS INTO THE WORK OF PARALLEL SESSIONS
(Speakers: prof., Dr. habil. oec. BAIBA RIVZA, Academician of the Latvian
1
B2B – Business to Business
2
B2S – Business to Science
3
S2S – Science to Science
7
IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Academy of Sciences, the Head of the State Research Program’s project
INTERFRAME-LV; prof., Dr. oec. JELENA TITKO, Researcher at the Institute of
Economics of the Latvian Academy of Sciences; assoc. prof., Dr. NINA LINDE,
Director of the Institute of Economics of the Latvian Academy of Sciences)
15.00 - 15.30 Coffee Break, B2B, B2S and S2S meetings
15.30 - 17.30 WORK IN PARALLEL SESSIONS
1. CHALLENGES OF LATVIAN STATE AND SOCIETY AND ITS SOLUTIONS IN THE
INTERNATIONAL CONTEXT -– INTERFRAME-LV (moderators: prof., Dr. habil. oec.
BAIBA RIVZA, Academician of the Latvian Academy of Sciences, the Head of the
state research program’s project INTERFRAME-LV; assoc. prof., Dr. oec. TATYANA
BOIKOVA, Researcher at the Institute of Economics of Latvian Academy of
Sciences)
2. CIRCULAR ECONOMY AND SOCIAL ENTREPRENEURSHIP (moderators: prof., Dr.
oec. JELENA TITKO, Researcher at the Institute of Economics of the Latvian
Academy of Sciences, Vice-Rector for Science and International Relations of the
University of Applied Sciences (EKA); PhD cand., Mg.oec. EDGARS CERKOVSKIS,
Director of the EKA study program "Circular Economics and Social
Entrepreneurship", European Commission expert on macro and regional
economics)
3. STATE COMPETITIVENESS: A SYSTEMIC APPROACH. THEORY AND PRACTICE
(moderators: prof., Dr. JANIS VANAGS, researcher at the Institute of Economics of
the Latvian Academy of Sciences, assoc. prof., Dr. NINA LINDE, Director of the
Institute of Economics of the Latvian Academy of Sciences)
17.30 - 18.00 Conclusion and final musical performance, informal conversations
Venue of the Forum: Latvian Academy of Sciences, the Portrait hall on the 3rd floor, Akadēmijas
laukums 1, Riga
! To participate in the event in person, you must present a valid EU COVID-19 digital
vaccination certificate or the results of a COVID-19 test performed no later than 48 hours
before the event.
Working languages: English (main language) / Latvian (simultaneous translation will be
provided at the plenary sessions)
Target audience: scientists, entrepreneurs and potential investors, politicians, representatives of
local governments and ministries, representatives of embassies, journalists
Information and registration: Institute of Economics of the Latvian Academy of Sciences; e-mail:
info@economicforum.lv, phone: +371-20207092, www.economicforum.lv
8IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
INSTITUTE OF ECONOMICS
OF THE LATVIAN ACADEMY OF SCIENCES
Institute of Economics of the Latvian Academy of Sciences (Latvijas Zinātņu akadēmijas
Ekonomikas institūts – LZA EI) is registered in the Register of Scientific institutes of the Ministry
for Education and Science of the Republic of Latvia as a scientific and research institute. The
main activities of the Institute are oriented to studying economic problems significant for
Latvia and the Baltic states, seeking and creating innovative and scientifically-based solutions,
as well as elaborating recommendations related to development opportunities of economy.
At present, the Institute is one of the leading research centres for economy with wide
partnership links in European and other countries of the World and being able to provide a
research-based, competent opinion about ongoing processes in the economy of Latvia, Baltics
and Europe, as well as to note the future progression.
The activities done by the Institute are the following:
• creation of scientific research methods in social sciences;
• financial market analysis;
• scientific consultations on the development of research works, publications and
dissertation theses;
• EU projects development and implementation;
• development of policy recommendations to policy-makers;
• round-table discussions and expert meetings organization;
• annual International Economic Forum organization.
Areas of studies of the Institute include:
• investment attraction and entrepreneurship development;
• reduction of differences in the entrepreneurial environment for improving the
investment climate;
• priority sectors of Latvian export;
• interaction of economics and culture to create knowledge-based society;
• opportunities for the development of tourism;
• regional development;
• social entrepreneurship;
• human resources development;
• gender equility in academia and research;
• study of the entrepreneurial environment in the Baltic States;
• increases in energy efficiency of different industrial processes;
• studies on national economic development, etc.
Contact us:
Phone No.: +371 20207092
E-mail address: ei@lza.lv
Web address: https://www.eilza.lv; https://www.economicforum.lv
9IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
ORGANISERS AND MODERATORS OF THE FORUM
NINA LINDE (Dr.paed). Director of the Institute of Economics of the Latvian
Academy of Sciences since 2014. She is an associated professor in
economics (sub-sector – national economy), and specializes in
interdisciplinary research, since she is convinced that it is at the junction
and interconnection of sciences that innovations and a breakthrough
scientific contribution to the development of society are born. She has a
Bachelor of Engineering (Riga Technical University), PhD in Education
(State University of Latvia), Business Education, as well as a Psychologist
qualification (St. Petersburg University). Currently she is developing her
second dissertation in Economics, exploring the influence of contemporary
discoveries of psychological science on economic processes, on the
development of entrepreneurship and society as a whole.
In 2015 Dr. Linde was awarded by the Antonio Meneghetti Scientific and Humanistic Research
Foundation in Switzerland for the scientific project “Formation and Impact of the Image on
Economy and Development of Entrepreneurship in knowledge-based society”.
Main research areas of Dr. Nina Linde are national economy, entrepreneurship support and
business economy, management psychology, social entrepreneurship. Being the initiator and
developer of the EU Pilot Project for Identification of Social Enterprises and Estimation of Their
Economic Impact in Latvia (European Commission: Internal Market, Industry, Entrepreneurship
and SMEs; Economic impact of social enterprises), N. Linde provided elaboration of common
research methodology of social enterprises. The study became one of the basic documents in
the preparation of the concept of the Ministry of Welfare “On the Possibilities of Implementing
Social Entrepreneurship in Latvia” and related legislation.
N. Linde also has more than 10-year of entrepreneurial experience and more than 15 years of
experience as a research leader of international projects. At the moment, N. Linde is involved
in EU Horizon 2020 project “EQUALS-EU: Europe’s Regional Partnership for Gender Equality in
the Digital Age (Horizon2020 Science with and for Society), where she is national expert,
researcher and moderator on the implementation of gender equity in social innovation,
academic cooperation and entrepreneurship.
Dr. Nina Linde is main organiser and host moderator of the annual International Economic
Forum in the Latvian Academy of Sciences.
“The choice of the topic of the 2021 Forum was prompted by the fact that experts from various fields
admit that the next 50–70 years may be decisive for the Latvian state and its national identity - to be
or not to be. In the face of the growing threat of globalization, the solution of issues important for the
country's development must be radically changed. The rapid decline of the population over the last
25-30 years is related to the insufficient level of socio-economic development of the Latvian state in
comparison with the European Union countries, which use their competitive advantages to attract
labor from countries with a lower level of development. The complexity of the situation is exacerbated
by the pandemic caused by Covid-19 and its negative impact on people's incomes, employment and
living standards, leading to a global economic recession. Therefore, it is now important to focus
scientists, politicians, economic practitioners and intellectual potential on overcoming the
consequences of the pandemic and intensifying the development of the national economy.”
/Dr. Nina Linde/
10IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
JANIS VANAGS (Dr.oec.). Professor, Dr. Janis Vanags has been working at
Riga Technical University (RTU) since 2004. He is a leading resercher at
the Institute of Economics of the Latvian Academy of Sciences. His
specialization is Real Estate economics, Investments and Finance market,
as well as Civil Construction. Dr. Vanags is an author of more than 40
scientific articles and monographs. Areas of his scientific research -
sustainable development, its socio-economic and biological aspects, the
economic growth of different countries and its drivers in the face of
increasing resource scarcity and the negative effects of climate change,
regional development, EU socio-economic policy, its positive and
negative effects.
BAIBA RIVZA (Dr. habil. oec.). Professor, Academician of the Latvian
Academy of Sciences, the Head of the State Research Program’s project
INTERFRAME-LV (LATVIA).
Professor of Economics of Latvia University of Life Sciences and
Technologies; ex-minister of Ministry of Education and Science of Latvia,
President of the Academy of Agricultural and Forestry Sciences of Latvia,
Member of the Presidium of the Academy of Sciences of Latvia; Foreign
member of the Swedish Royal Academy of Agricultural and Forestry
Science, of the Academia dei Georgofili and of the Lithuania Academy of
Sciences.
Directions of scientific activity: the digital economy, support politics and
good practice of entrepreneurship in rural areas, market research.
B.Rivza has taken several assignments for the European Council in the
capacity of expert. She has experience in project identification,
formulation, monitoring and evolution, troubleshooting, training and
other types of services.
TATYANA BOIKOVA (Dr. oec.) is an Associate Professor, a Researcher at
the Institute of Economics of Latvian Academy of Sciences.
She teaches academic courses Applied Microeconomics,
Macroeconomics, World Economics, EU and Global Economy, Global
Business Environment. Her research interests include long-run growth of
European economies, foreign direct investment, sustainable and
knowledge-driven development, competitiveness, business cycles,
monetary and fiscal adjustment. She participated as a speaker at
high-impact international conferences in Slovakia, the United Kingdom,
Portugal, Austria, and Morocco. She delivered visiting lectures in
Germany, France, Spain, and Belgium for the courses Macroeconomics,
International Economics, Economic Growth and International Economic
Relations, European Institutions and Public Policies. She is also a reviewer
of many international economic journals.
11IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
JELENA TITKO (Dr. oec.). Graduated from Riga Technical University (2005)
and defended her dissertation in 2012. In 2008-2015 worked at Riga
Technical University as an academic staff member and a researcher.
Currently, holds the positions of the Vice-Rector for Science and
International Cooperation and the Professor at EKA University of Applied
Sciences, as well as a researcher at the Institute of Economics of the Latvian
Academy of Sciences (LATVIA).
She is an expert in the field of Economics and Entrepreneurship of the
Latvian Council of Science. The author of more than 60 scientific papers in
the field of economics, business, management and education. J.Titko is a
Chief Editor of the journal “Economics and Culture”, a member of a scientific
committee of the International scientific conferences “Emerging Trends in
Economics, Culture and Humanities (etECH)” (Latvia) and "Contemporary
Issues in Business, Management and Economics Engineering" (Lithuania).
EDGARS CERKOVSKIS (Mg.sc.soc., Dr.oec.cand.) lecturer, director of the
circular economy and social entrepreneurship program at the EKA University
of Applied Sciences; is also active in the EKA Alumni Association and Science
Club. He has created and runs more than 10 innovative study courses at
several Latvian universities - modern economic theory, circular economics,
green thinking, digital economy, digital technologies, artificial intelligence,
digital tools and their applications, and many others. Edgars Čerkovskis has
led courses for several Latvian-scale companies, including the joint-stock
company "Latvijas Dzelzceļš", the State Employment Agency, the Ministry of
Finance, etc. Edgars has also given lectures in almost all Latvian
municipalities. In the last two years, he has trained more than 200 company
managers throughout Latvia and educated about 3,000 employees. He has
published articles on the economy and its role in education and the national
economy in the most popular Latvian media and has regularly spoken as an
expert on Latvian television and radio. He worked as a guest lecturer at
RISEBA, Riga Distance Learning High School, European Distance Learning
Secondary School, European Distance Learning Centre and the Latvian
Distance Learning Professional Centre. One of the most important works is
the development and approbation of the Education Quality Index in Latvian
schools, as well as the introduction of Virtual Reality in three Latvian schools.
GERALD HOPPSTAEDTER. Entrepreneur and investor from Austria, is
realizing many business projects in Latvia. Great experience in attracting
investments from Asia and far East to Latvia. Owner and Managing
Director of Ltd. “S-Baltic LV” and other companies. Chairman of the
Chamber of Commerce of Pakistan in Latvia, as well as a member of the
Chamber of Commerce of India in Latvia.
12IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
SPEAKERS AT THE OPENING CEREMONY
Dr. ARTURS KRISJANIS KARINS, Prime Minister of the Republic of Latvia
Dr. INESE VAIDERE, Member of the European Parliament, Member of the
Committee on Economic and Monetary Affairs
Mg. paed. ANITA MUIZNIECE, Minister of Education and Sciences of the
Republic of Latvia
Dr. IVARS KALVINS, President of the Latvian Academy of Sciences
RAIMONDS ALEKSEJENKO, Deputy State Secretary for Economic Affairs of
the Ministry of Economics of the Republic of Latvia
13IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
PLENARY SESSION
Juris Binde. INDUSTRY 4.0 – ARE WE READY FOR TOMMOROW’S
CHALLENGES?
The world has changed significantly in recent years. The line between the digital and physical
worlds has become blurred and often not even clearly defined. The Fourth Industrial
Revolution, or Industry 4.0, has begun to change businesses, economies, jobs and even society.
This new era, characterized by the integration of smart, connected and autonomous digital
and physical technologies such as IoT and robotics, offers great opportunities for new business
models and increased competitiveness.
The emerging Industry 4.0 technologies will completely transform the business value chain.
From increased productivity to innovative product deployment, more efficient
decision-making based on real-time information and direct communication between
customers and organizations, the benefits of digitization are substantial. Deploying Industry
4.0 in the short term will pose significant challenges for any business, but the advantages &
benefits outweigh the challenges it will pose.
The question ‘Are we ready for industry 4.0?’ is less based around technology and more based
around fundamental attitudes. The attitude of business owners and managers towards the
digital transformation will pave the way for the success of the Industry 4.0. To ensure the
success of the Fourth Industrial Revolution in Latvia, we need to ensure that, at its core, positive
tension between innovation, digitalization and competitiveness is in place.
Key words: Industry 4.0, Digitalization, Digital Ecosystem.
JURIS BINDE (Dr.oec.). President and CEO of Latvijas Mobilais Telefons
SIA since 1992, Chairman of Management Board since 2004, Professor of
Vidzeme University of Applied Sciences. From 1987 to 1992 was Chief
Technologist and Head of Technology Department in the Scientific
Research Institute VEF. From 1978 - Industrial Association VEF as Engineer
– Designer. On 1978 graduated Riga Polytechnic Institute in the specialty
of Engineer Designer-Technologist of Radio Electronic Equipment
(Mg.sc.ing, Dipl.ing). Improved his knowledge in University of Columbia in
USA (2000). In 2007 completed doctoral program in the University of
Latvia with degree of Doctor of Economics (Dr.oec.). Author of more than
40 scientific publications. Vice-President of Latvia Information and
Telecommunication Association (LIKTA) and Latvian Employers
Confederation (LDDK).
14IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Kannan Vishwanatth. IMPACT OF COVID ON INTERNATIONAL BUSINESS,
PHARMA & HEALTHCARE INDUSTRY: MEDICINES,
VACCINES FOR HUMAN WELL-BEING AND
INVESTMENT OPPORTUNITIES
1. Global pharma and healthcare industry – prospects and challenges
The global pharmaceutical landscape is undergoing a massive overhaul with the advent of
new technologies and cheaper and more efficient manufacturing techniques. This is paving the
way for a whole new world of user-conscious drugs of the future. With big data, artificial
intelligence, and a deeper understanding of the human body, the medical industry is on the
verge of creating a deeper symbiotic relationship with modern tech unlike ever before.
The cost of drug development is rising by 10% every year, hence the rising prices of newer
medicines.
Expensive medicines are beyond the reach of many low and middle-income households. On
the other hand, healthcare systems and low-cost technologies are becoming more accessible
to the general public. Pharmaceutical companies have to become more cost-conscious and
focus on bringing prices down to support the demand.
2. Impact of COVID on the pharma & healthcare industry
Severe acute respiratory syndrome novel coronavirus 2 (SARS-CoV-2) was emerged from
Wuhan, China in December 2019 and declared as a global pandemic by the World Health
Organization (WHO) which designates this SARS-CoV-2 infection as novel coronavirus disease
(COVID-19). COVID-19 has spread across the globe infecting more than 150 million population
leading to more than 3 lakh deaths.
The impact of COVID-19 on the healthcare domain is huge and it has seriously disrupted the
healthcare industry’s entire supply chain, from raw materials to manufacturing and delivery.
The demand for medical ventilators has forced the producers to boost demand by up to 40 to
50% at the global level. In order to meet the increasing demand, producers have also
cooperated with automakers. Governments and numerous organizations are deeply engaged
in meeting the global situation, along with other industry personals.
In order to address the consumer demands of medications, vaccines, diagnostics, and medical
equipments such as ventilators, the leading personals are involved in research and
development operations, strategic alliances and partnerships, and innovative product releases.
No doubt, this is the first time in modern history that the diagnostics oriented industry has been
in the absolute limelight. Suddenly, healthcare industry participants have switched from under
the carpet to above the requirement of the carpet. The world has recognized the need for
healthcare segment early warning systems, currently for COVID-19, but in the future, this
pattern will continue for all types of diagnostics. Immense growth can be foreseen with respect
to the diagnostics industry.
The healthcare industry was not well prepared to tackle a public health crisis to this extent. In
terms of regulations, risk control, technology, manufacturing, procurement, or supply chain
management, the present state of affairs meant that certain business activities were not
stringent enough. The immense degree of susceptibility of the sector can be attributed to an
15IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
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improper understanding of the way environment-related health hazards can affect business.
The place of origin of the contagious virus was China, the epicentre of the worldwide
healthcare supply chain, surgical equipments and drug processing. This led to a poor mix and
resulted in the devastation of a crucial balance in the supply chain.
The goal of most manufacturing firms during this crucial situation is to protect their staff along
with other running operations. The staff is expected to cover themselves by wearing masks and
thoroughly disinfecting themselves in order to achieve this goal. In countries such as China,
which is now ready to restart its manufacturing unit, the government allows only those
manufacturing firms with adequate face masks, along with other steps needed, for production.
The need and accessibility of such goods are emerging as a result.
Impact of COVID–19 on Research
Prior to COVID-19, the impact on research in progress was rapid, dramatic, and long term. The
pandemic curtailed most academic, industry, and government research related to basic
science and clinical studies, or redirected the research to COVID-19.
The pandemic situation pointed to the significance of research, stable research infrastructure,
and funding for public health emergency (PHE)/disaster preparedness, response, and
resiliency. COVID-19 has become an international emergency in a short period, and it will have
long-lasting effects.
There is a dire requirement to detect and analyze the spheres of academic research which will
be affected by COVID-19. The major areas of research that are impacted by COVID-19 are
depicted in the following figure.
Vaccine Development
Development of various antibodies which provide immunity against COVID-19. Various
research organizations and pharmaceutical companies have developed vaccines (like
Covaxin, Covishield and Sputnik V) which have shown a good efficacy profile.
Modern Drug Development
Hydroxychloroquine and azithromycin have been claimed to be effective in the prevention and
treatment, in some anecdotal case series and in-vitro. Certain antiretroviral drugs (used for the
treatment of HIV) are being under clinical trials for the treatment of COVID-19.
Herbal Drug Development
Studies have shown the beneficial effects of many immunomodulatory plants like kalmegh and
ashwagandha and their constituents inhibiting the interaction of the associated proteins
involved in COVID-19 infection. Patanjali Ayurved Ltd. developed a formulation “Coronil” which
might be helpful in combating COVID-19. Hence, there may be a huge success in the field of
Indian traditional systems of medicine like Ayurveda as well as pharmaceutical companies
with the development of herbal industries.
Industry 4.0
It is the fourth industrial revolution for advanced manufacturing and advanced technologies. It
includes the scope for automation of tracking and analyzing COVID-19 patients.
16IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
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September 17 2021 the Baltics in the 21st century
Additionally, it may include artificial intelligence-based technologies to identify patients’ data
and geo-fencing proper tracking in addition to digital record keeping and analysis of health
care management.
Healthcare and Equipment
Research is going on for essential medical equipment like surgical masks, protective gears,
sanitisers, ventilators, etc.
There is a requirement of protective clothing (like PPE kit) that meets the required medical
standards.
Conclusion
Hence, it is concluded that in spite of the deadly effect of COVID-19, there is a significant
positive impact on the healthcare system, pharmaceutical industries and research in India and
the whole world. There is a significant growth of medicine spending.
The growth is driven primarily by new products and innovative technologies in leading
pharmaceutical markets, such as China and the United States. This trend will likely continue
through 2023 despite the pandemic.
Pharmaceutical and biotech companies have developed COVID-19 therapies and vaccines
with unprecedented speed. Some companies are expected to bring in billions in revenue for
products that combat the coronavirus. Others are engendering goodwill by pledging to make
no profits on such products and by offering their services and expertise to fight the pandemic.
The pandemic exposed inequities in access to life-saving treatments, with lower-income
nations waiting longer than higher-income countries, according to the Access to Medicine
Foundation. Investors are taking more of an interest in companies’ plans to ensure more
equitable access to new products, building on the goodwill the sector has attained during the
pandemic.
Patient engagement is trending. Many big pharmaceutical companies have already created
positions such as the Chief Patient Officer and Chief Digital Officer to improve patient
engagement. It’s not too late to follow this trend if you want to reach more patient populations
and expand your business.
Digital marketing is also trending. Event streaming is becoming one of the new trends in
pharma marketing in these times of the global pandemic.
Telehealth is trending. Physical interaction between the patient and prescriber was the
traditional form of treatment and marketing. However, the pandemic has altered familiar
models. Software tools now allow doctors to deliver healthcare services to patients remotely.
3. Pharma & healthcare as an evergreen investment avenue
The pharma market is changing in response to the rapidly evolving expectations of customers
and investors. However, current trends in the pharmaceutical industry didn’t come out of
nowhere; they have been developing for some time.
17IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
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Despite a global slowdown in most other sectors, M&A in the pharma industry remained vibrant
throughout 2019. Add the prospect of an estimated growth from USD 1.2 trillion to USD 1.5
trillion, deal values are bound to increase as compared to the previous year. Some of the
biggest companies in the industry are consolidating to elevate their position in a highly
competitive environment and small and mid-sized companies are all set to be acquired for
their innovative capabilities.
Going forward, two more factors significantly impact this deal flow:
Increased regulatory pressure from the governments to cut down drug prices and head-off
potential monopolies.
Relentless encroachment pressure from the big technology giants such as Apple, Google, etc.
Therefore, signs of several mega-mergers/acquisitions amongst the top pharma companies
are on the horizon already. Analysts are speculating that Bristol-Myers Squib will be acquired
by Pfizer and Eli Lilly might be bought off by Merck etc. The strategy of M&A will be utilized as
a key strategic weapon by big pharma companies in the foreseeable future and the pace of the
deal-making is expected to be brisk as well.
Key words: Traditional Medicines, Vaccine, Inhouse Development Free IP, Partnership, Digital
initiatives
KANNAN VISHWANATTH (Dr.B.A.). Dr. Kannan is an academic researcher
and entrepreneur. He has obtained his Bachelor’s Degree in Chemical
Engineering, Master’s Degree in Business Administrations and Doctor of
Philosophy in International Trade. He is currently the Managing Director of
Hong Kong based pharmaceutical company engaged in manufacturing
and exports of anti-cancer and anti-viral drugs. He has co-authored 15
Process patents in field of topical application of steroidal products and
anti-cancer drugs. Dr Kannan Vishwanatth is associated with Dr APJ
Kalam University and Research Centre based in Coimbatore City in India:
www.akrc.res.in.
18IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Janis Vanags. LATVIAN AND THE BALTIC STATES DEVELOPMENT
OPPORTUNITIES AND THREATS IN THE 21ST CENTURY
Over the last ten years, the country's development has been greatly affected by the global
financial crisis that started in 2009 and the COVID-19 pandemic in 2020, leaving its impact on
people's behaviour and opportunities to meet their needs in Latvia and many other countries
around the world. Within the framework of the research concept, it is important to identify how
the quantitative and qualitative composition of the population changes in time after overcoming
the economic crisis, which forms a scientifically and practically significant basis for the country's
strategic development in the 21st century. For this purpose, abbreviated dynamic series are used,
the first-time interval of which starts in 2009. The Central Statistical Bureau of Latvia data and
the results of other scientific researches as well as World Bank and OECD data are used.
In the last 10-15 years, the growth of the country's material wealth has been inversely
proportional to the social wealth - the GDP produced in the country is increasing, but the
population is decreasing. Labour force outflows to other EU countries with a higher level of
socio-economic development, which forces the emigration of the youngest part of the
population. This is the biggest challenge that Latvia is facing now.
In assessing the opportunities and threats of the social dimension of the state, dynamic series
are mainly applied, starting from 2009, which coincides with the consequences of the world
financial crisis 2007-2008. Thus, an opportunity is created to acquire new and relevant
research knowledge about the development of the social dimension of the Latvian state after
the severe crisis, which has been greatly influenced by the state's participation in EU
socio-economic and political processes.
The impact of the pandemic on the population of the country is studied in the context of the
latest data on the prevalence of the disease, as well as its consequences in Latvia and the
countries selected for research. But a longer dynamic series is used to gain more knowledge
about the most important demographic processes. To identify the country's development
opportunities and threats, the results of the research on changes in the respective indicators in
the country, as well as in comparison with the development indicators of Estonia, Lithuania,
and other countries, are used.
Key words: Country's Strategic Development, Competitiveness of the Country, Composition of
the Population.
JANIS VANAGS (Dr.oec.). Professor, Dr. Janis Vanags has been working at
Riga Technical University (RTU) since 2004. He is a leading resercher at the
Institute of Economics of the Latvian Academy of Sciences. His
specialization is Real Estate economics, Investments and Finance market, as
well as Civil Construction. Dr. Vanags is an author of more than 40 scientific
articles and monographs. Areas of his scientific research - sustainable
development, its socio-economic and biological aspects, the economic
growth of different countries and its drivers in the face of increasing resource
scarcity and the negative effects of climate change, regional development,
EU socio-economic policy, its positive and negative effects.
19IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Tarmo Soomere. SCIENCE ADVICE AS THE PILLAR OF FUTURE ECONOMIC
DEVELOPMENT
The ability to extract best advice from the knowledge that is accumulated in scientific
landscape is gradually becoming the main pillar of competitiveness of countries, regions and
continents. This knowledge is never spread homogeneously. Neither is it available equally in all
countries and regions. Also, external conditions may change so rapidly that even the very best
knowledge may become obsolete within weeks or even days in changing conditions.
I shall outline several features of the links from the existing pool of knowledge to both strategic
and everyday decision-making at the level of single countries and the European Union. We call
such links commonly science advice for policy, having in mind that scientific expertise and
evidence play a significant role in preparing policy decisions. The relevant system has been
created at the European Commission level a decade ago and consists of a multitude of players,
such as the Joint Research Centre (JRC), Scientific Advice Mechanism (SAM) unit, Group of
Chief Science Advisors, or the Horizon2020 project SAPEA.
The experience of science advice systems in single countries is represented in the European
Science Advisors Forum. The core message is that the ways of formulations, formats of
messages and channels for communication of the condensed information from academics to
the policy-making level are greatly different in different countries and regions. This is natural
because of difference in how different countries have built the governance system. The variety
of structures and institutions for such advice across different national governments is of great
value as there is evidently no solution that would fit to all cases.
The COVID-19 pandemic has clearly revealed how important flexibility is in the advice system.
It is therefore crucial for the development, sustainability and resilience of countries and regions
to learn from successful cases of science-based advice and policy recommendations. It is
equally important to discuss together the reasons for failures.
Key words: Science, Knowledge, Economic Development.
TARMO SOOMERE (Dr. phys.). Since 2014 is the President of the Estonian
Academy of Sciences. Since 2009 is Lead Research Scientist, Manager of
Wave Engineering Laboratory of the Department of Cybernetics at the
Tallinn University of Technology. Professor of Coastal Engineering, School
of Engineering, Tallinn University of Technology. Since 2019 is Member of
the Science Steering Committee of the Baltic Earth initiative.
20IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Juras Banys. BASIC RESEARCH TO PRACTICAL APPLICATION: NEW
TECHNOLOGIES IMPACT TO ECONOMY – CASE OF LITHUANIA
Higher education and research institutions (HEIs) are key players in the regional/national
innovation systems. They focus on three missions – education, research as well as engagement
with the society and knowledge transfer. This puts HEIs and research institutions in a pivotal
role to connect all the elements of the ‘Knowledge Triangle’.
The country is a moderate innovator with a considerable progress in innovation policy over the
last years (European Innovation Scoreboard, 2019). The innovation performance index has
experienced a very strong increase of 25.7% points between 2011 and 2018 (EU average 8.8%),
however with a low attractive research system and employment impact (European Innovation
Scoreboard, 2019).
In this talk the role and scheme of financing of universities, research institutes will be presented.
The role of Lithuanian Research Council, Agency for Science, Innovation and Technology will
be explained. Some success cases – biotechnology, laser physics and electronics will be
presented.
Key words: Biotechnology, Innovations, Basic research.
JURAS BANYS (Dr.phys.). In 1985 graduated with distinction from the
Faculty of Physics, Vilnius University. In 1990, he finished postgraduate
studies at Vilnius University and defended his doctoral thesis; in 2000, he
defended his doctor habilis dissertation. In 2000, he became an associate
professor and in 2003 a professor at Vilnius University. From 1989 to 1990
he worked at the University of Oxford with a grant from Georges Soros
Foundation. Having received Alexander von Humboldt Foundation
Scholarship, from 1993 to 1995 Banys worked at the University of Leipzig.
In 2011, Jūras Banys was elected full member of the Lithuanian Academy
of Sciences, 2018 President of the Lithuanian Academy of Sciences.
21IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Aigars Rostovskis. COVID-19: CRISIS ANALYSES. LATVIA
Presentation “Covid-10 Crisis Analyses. Latvia” focus on main challenges Latvia has faced
during rapid penetration of Covid-19 virus among its population. Discussion is raised – did
Latvia’s government choose most effective way to manage crises and what impact it created
to health system, economy and governance structures and society. What way a public opinion
and satisfaction with government work has changed during this period and what needed to be
done in past and what approach to use in future to ensure higher society trust and involvement
in implementation of decisions made to limit further negative effects of spread of the Covid-19
virus.
Key words: Covid-19, Crisis Analyses, Government, Society.
AIGARS ROSTOVSKIS (D.M.Soc.) The President of the Latvian Chamber of
Commerce and Industry (LCCI) for a third term running and the head of
the Council of Knowledge Economy of the LCCI — A. Rostovskis is an
experienced professional and entrepreneur in the education sector. He has
been elected in the EUROCHAMBRES Board of Director and Budget
Committee and is co–chair of the EUROCHAMBRES Skills and
Entrepreneurship Committee. He is the owner of the Turiba University and
the head of the Development Council, as well as the head of the council of
the business education society Junior Achievement - Young Enterprise
Latvia.
22IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Kadambay Sultanov. CONNECTIVITY BETWEEN CENTRAL ASIA, BALTICS
AND THE EU: A VIEW FROM UZBEKISTAN
Given the strategic position of Central Asia, connecting the largest international markets, it is
of special importance to join efforts to accelerate the integration of the region into the system
of international transport corridors. Today, for instance, Uzbekistan, not having direct access
to the seaports, incur substantial transport and transit costs. According to World Bank’s
Logistics Efficiency Index, the Central Asian countries are at the bottom of the ranking among
the 167 states. In the meantime, countries of the region are working to lift constraints to the
export of some of our key export items to the large markets, including that of the European
Union. Granting GSP+ beneficiary status to Uzbekistan is a case in point.
According to UN experts, by improving regional cooperation and connectivity we can more
than double the regional GDP within next 10 years. Uzbekistan under the leadership of His
Excellency Mr. Shavkat Mirziyoyev, President of Uzbekistan, is making great strides in this
sphere. For example, under the aegis of the United Nations, a Regional Center for enhancing
transport-logistic connectivity will be established. Initiated by the President Mirziyoyev it is
aimed at aligning the effort with EU Concept of deepening connectivity of Europe and Asia via
developing transport and economic corridors. Thus, implementation of similar initiatives will
strengthen stability in Central Asia and beyond and transform it into an economically
developed region, enhancing its competitiveness in the global market for transport services as
one of the key international transport and transit hubs.
Key words: Regional Cooperation, Central Asia, Connectivity of Europe and Asia, Transport
and Economic Corridors.
H.E. MR. KADAMBAY SULTANOV is career diplomat, having joined
Uzbekistan’s diplomatic service in 2002. In October 2019 he was appointed
as Ambassador Extraordinary and Plenipotentiary of Uzbekistan to Latvia.
Since then, Mr. Sultanov also was accredited to Finland (August 2020),
Estonia (October 2020) and Lithuania (August 2021). Before his
appointment as Ambassador Mr. Sultanov worked as Deputy Chief of
Mission at the Embassy of Uzbekistan in Washington, D.C. During his
career, he also served as the head of Americas Department at MFA
Uzbekistan, head of US Section at the Center for Foreign Policy Research
(Tashkent).
23IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Abdraim Bakytzhan. ASTANA INTERNATIONAL FINANCIAL CENTRE -
AMBASSADOR OF INNOVATIVE APPROACHES
The creation of the Astana International Financial Centre (AIFC) is one of the key steps of the
Plan of the Nation of the First President of the country - Nursultan Nazarbayev “100 Concrete
Steps” aimed at diversifying the economy and developing the country's financial industry.
The main objectives of the AIFC are to assist in attracting investments into the country's
economy by creating an attractive investment environment, developing market of securities
and integrating it with international capital markets.
In accordance with international standards, all the infrastructure necessary for the successful
existence of the financial centre has been prepared.
The AIFC has a system of common (English) law of the AIFC, which is unique for the whole of
Central Asia and the post-Soviet space, which provides maximum legal comfort to foreign
investors and guarantees the safety of investments.
The main advantages of the AIFC law are its flexibility in regulating commercial and corporate
issues, compliance with modern global legal trends and applicability in the regulation of
specific issues (for example, such as the re-domiciliation of companies from another
jurisdiction to the AIFC territory) and the multiplicity of choice of organizational and legal
forms and types of activities.
Key words: Financial Industry, Investment Environment, International Capital Markets,
Financial Centre Law.
ABDRAIM BAKYTZHAN (Dr.iur.). Honorary Academician of the National
Academy of Sciences of the Republic of Kazakhstan, Academician of the
Academy of Legal Sciences of the Republic of Kazakhstan, Doctor of Legal
Sciences, Professor. A. Bakytzhan was a Judge of the Supreme Court of
the Republic of Kazakhstan (1995), the Chairman of the Union of Judges of
the Republic of Kazakhstan (2000), Representative of the President in the
Parliament of the Republic of Kazakhstan (2001), Rector of the L. N.
Gumilyova Eurasian National University (2008), Deputy Minister of
Defence of the Republic of Kazakhstan (2013), and Deputy Minister of
Justice of the Republic of Kazakhstan (2014). Since 2017, A. Bakytzhan is
the Chairman of the Federation of Trade Unions of the Republic of
Kazakhstan. He was awarded the gold medal of the International
Association of Academies of Sciences and the diploma "For great
contribution to the development of international cooperation and for the
promotion of the development of science."
24IV International FUTURE ECONOMY:
Economic Forum globalisation challenges
faced by Europe and
September 17 2021 the Baltics in the 21st century
Björn Fagerström. MANUFACTURING AND INNOVATION IN NORTH EUROPE
This abstract includes three aspects of the presentation and further details will be included live.
A critical task for many manufacturing SMEs is to run the operational excellence dimension,
frequently focused on cost, quality and on time deliveries, with the more long-term innovative
dimension focused on transformation and critical for long term survival. These two processes
require different competence/capabilities and commonly SMEs have limited transformation
capabilities which is a high risk. Some principles and tools for managing these two processes
will be presented.
Many start-ups with physical products manage to develop prototypes and find some first
end-users. Commonly this first phase can also be financed by support in the local innovation
eco-system. However, the next phase is more demanding, when a manufacturing strategy and
ramp-up plan should be established. This phase is also financially more demanding. It is
important to provide support in the local eco-system with conditions for start-ups to establish
pilot production in North Europe that will result in serial production and long-term growth.
The third aspect to highlight is the need for innovative companies with own unique products
and manufacturing in north Europe. These are critical for further development of Northern
Europe. Baltic countries have a higher degree of suppliers in the manufacturing sector in
relation to companies with unique product and brands. A critical task for future growth and to
achieve a higher position in various innovation rankings is to increase the number of
companies with unique products that will be a motor for further development.
Key words: Manufacturing, Innovation, Transformation, Growth.
BJORN FAGERSTROM (PhD) is presently Head of Division Research,
Collaboration and Innovation at Lund University in Sweden. Björn is an
experienced and dedicated professional with +30 years of work
experience and +20 years of management experience, but also +15 years
of academic experience. Practise from a broad range of industries, such as
O&G, Energy, Pulp & Paper, Automotive, Logistics, Education, Consumer
Products, etc. Björn has had several roles, such as CEO, Project
Manager/Director, R&D Director, Product Development Manager,
Production Manager, etc. In addition, Björn has also been part-time
professor at Mälardalen University in Sweden for 15 years, with the key
focus on engineering management.
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