May 6, 2026 l Business Mirror
Almaty, Kazakhstan–Sitting at the crossroads of the Eurasian landmass, Central Asia consists of eight former Soviet republics that gained independence in 1991: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Together with Afghanistan, Mongolia, and Pakistan, they comprise the “Central Asia Regional Economic Cooperation,” or “Carec,” program. The Carec is similar to the Asia Pacific Economic Cooperation (Apec), a multilateral organization composed of 21 member economies bordering the Pacific Ocean.
Since its establishment in 2001, the Carec has been supported by the Manila-based Asian Development Bank (ADB) as its secretariat. Harmonizing trade, energy, and infrastructure, this ADB-backed alliance of 11 nations is weaving a modern Silk Road from Central Asia to Western Europe. Over the past 25 years, it has mobilized more than $54 billion in investments, proving that regional connectivity is the definitive engine for sustainable and inclusive long-term growth.
The 59th Annual Meeting of the ADB Board of Governors is currently taking place at the ancient city of Samarkand in Uzbekistan. With over 5,000 participants led by central bank governors and finance ministers from 69 member countries, the meeting’s focus is on ADB’s evolution into the “Climate Bank for Asia and the Pacific.”
Discussions are centered on the “New Safeguard Policy Statement” and the mobilization of private capital to bridge the region’s massive infrastructure gap. The meeting also serves as a high-level forum for tackling volatile global headwinds as well as to foster dialogue on digitalization and food security.
The Carec has facilitated the paving of roads spanning thousands of kilometers and the modernization of rail links that have slashed transit times from the Caspian Sea to the Chinese border. It was able to streamline customs procedures and harmonize cross-border energy trade, creating a more integrated regional power pool. These milestones have transformed landlocked nations into land-linked economies through a collaborative spirit that has proven resilient despite the complex geopolitical shifts across Eurasia.
As the largest economy in the region, Kazakhstan serves as the indispensable northern anchor of the Carec framework. Despite being the world’s biggest landlocked country, its vast territory acts as the primary transit bridge linking China’s industrial hubs to European markets. By championing this important corridor, Kazakhstan has successfully positioned itself as a primary logistics gateway.
In 2014, Kazakhstan’s capital Astana hosted the 47th Annual Meeting of the ADB with the theme of “The Silk Road: Connecting Asia with the Changing World.” The following year, it was the turn of Azerbaijan’s capital Baku to host the 48th meeting while in 2024, Georgia’s capital Tbilisi hosted the 57th edition—underscoring the pivotal role played by Central Asian economies in ADB’s current configuration.
Here in the medieval city of Almaty, the economic landscape is defined by its status as a sophisticated financial industry and services sector powerhouse. As the country’s former capital, it remains the headquarters of the Kazakhstan Stock Exchange and major regional banks while serving as a critical logistics node where several Carec corridors converge. Its burgeoning tech scene and retail sectors further diversify Almaty’s portfolio, while its proximity to the timeless Trans-Zalivsky Alatau Mountains has fueled a world-class tourism and hospitality industry.
Almaty’s allure lies in its seamless blend of alpine majesty and cosmopolitan flair. Towering over the city is the Shymbulak Mountain Resort – a premier destination for skiing and panoramic views accessed by a scenic cable car. Within its historic core, the Zenkov Cathedral in Panfilov Park—a stunning wooden Orthodox Church built without nails—offers a glimpse into the Tsarist era between 1854 and 1917. For culture buffs, the Green Bazaar provides a sensory journey through Central Asian spices and hospitality.
Driven by a desire for “new frontier” destinations, Filipino tourists are flocking to Almaty for its unique blend of European-style architecture and rugged Central Asian landscapes. With visa-free entry and connecting flights from mainland Southeast Asia, Almaty’s surrounding region provides a winter-wonderland experience that differs from the familiar trails of Japan, South Korea, and Vietnam.
For Filipino businessmen exploring wider horizons, they could gain a strategic foothold in the markets of the Eurasian heartland by leveraging Carec’s extensive corridors—a network of six multimodal transport routes covering 30,000 kilometers of roads and railways plus airports, seaports, and border-crossing points. The potential for Philippine-Kazakh trade is quite promising in terms of agricultural exports alongside collaboration in digital technology and renewable energy that can unlock mutual prosperity.
***The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX. For comments, email nextgenmedia@gmail.com. Photo is from Pinterest.