World Economic Journal #50 (52), May–June 2025

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MAY-JUNE 2025 WEJ #50(52)

TARIFF SHOCK: NEW PROTECTIONISM AS A DRIVER OF GLOBAL ECONOMIC TURBULENCE

ELON MUSK

CENTRAL ASIA: A STRATEGIC REGION FOR GLOBAL INVESTORS WEJ AWARDS 2025

BIG TECH: FALL, RISE AND RESET. WHO WILL WIN THE RACE?

GLOBAL INITIATIVE FOR SUSTAINABLE DEVELOPMENT OF TERRITORIAL ENTITIES #SDGAction33410 2009 – 2018

Scientific Development

2010

Implementation into practice

2021 GITE forms the supranational, innovative Global Governors Platform and initiates the establishment of the United Nations Program on Territorial Entities GITE stimulates the sustainable development of the Territorial entities in the innovative, technological, economic, social and other fields; creates the platform for the exchange of innovative practices for the development and management of Territorial entities and achievement of the Sustainable Development Goals WEJ ­is one of the key media tools of the Global Initiative

Recognized by the UN as SDG GOOD PRACTICES

GITE CONSISTS OF THREE SPACES: 1. Intellectual Space: The scientific basis of GITE, its Spaces and Tools. Developed and operates on the basis of artificial intelligence. The scope of application: sustainable development of territorial entities of the countries of the world (AITE)

2. Event Space: • Global Governors Summit creates a platform for global dialogue, brings together the Governors and the Heads of Territorial Entities to exchange advanced innovative experiences • Global Award for Sustainable Development awards the Governors and governor’s teams for the best world practices in the SDG management, awards corporations for development of the Territorial Entities • World Forum of Territorial Entities creates a dialogue platform between Governor's teams and business, stimulates the development of Territorial Entities in the innovative, technological, economic and social spheres

3. Media Space: Unites governor’s teams, facilitating the exchange of innovative, high-tech and modern practices to achieve the UN SDG

[ INSIDE ]

28 IN FOCUS

BIG TECH: FALL, RISE AND RESET. WHO WILL WIN THE RACE?

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WEJ AWARDS 2025: SHAPING THE FUTURE THROUGH RECOGNITION

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ANALYTICS

TARIFF SHOCK: NEW PROTECTIONISM AS A DRIVER OF GLOBAL ECONOMIC TURBULENCE

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INVESTMENT

CENTRAL ASIA: A STRATEGIC REGION FOR GLOBAL INVESTORS

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ANALYTICS

BRICS CORPORATE LEADERS 2025

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ANALYTICS BRICS BUSINESS CAPITALS 2025: UPCOMING RANKING PREVIEW

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WEJ | May-June 2025

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40 Editor-in-Chief Robert Abdullah Editorial Team Adneissa Christy Alezy, Stan Black, Robert Gubernatorov, Tana Harina, Kirungero, Sam Little, Anastasia Moore, Erfan Alam Serniabat, Anna Sokolidou, Anna Sokolova, Victoria Soll, Julico Swanidze, Bryce Vickmark Design by Gera Lu Editorial Office’s Addresses 7/F, MW Tower, 111 Bonham Strand, Sheung Wan, Hong Kong e-mail: editorial@world-economic.com www.world-economic.com Establisher Global publisher: World Economic Journal WEJ Limited 7/F, MW Tower, 111 Bonham Strand, Sheung Wan, Hong Kong

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Fonts: Adobe Fonts ISSN No2219-6374 The journal is published since 2009.

The journal is published on a monthly basis.

AWARDS

WORLD INNOVATION AWARD 2025: OFFICIAL ANNOUNCEMENT

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TRENDS

EVENTS: MAY - AUGUST 2025

66

The authors’ opinions may differ from those of the editors. No part of this publication may be reproduced or used in any form without prior permission in writing from the editor.

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WORDS

DONALD J. TRUMP, THE PRESIDENT OF THE UNITED STATES

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Cover photo: Frederic Legrand - COMEO / Shutterstock

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WORLD ECONOMIC JOURNAL

BIG TECH:

FALL, RISE AND RESET. WHO WILL WIN THE RACE?

By Anna Sokolidou

symbol of deglobalization reforms initiated by Donald Trump.

PHOTO: TESLA / CC BY 3.0; STEPHEN MEASE / UNSPLASH; TREVOR COKLEY / U.S. AIR FORCE; SPACEX / CC BY-NC 2.0

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ig tech companies, especially the Magnificent 7 (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla), have long been the most attractive and yet most overvalued investment assets. The AI boom has only made the rally for high-tech stocks, especially Nvidia’s (NVDA) intensify.

However, right now in 2025 Big Tech is facing significant political and economic risks due to the trade war the US is having with many countries and China in particular. But before the trade war intensified, Tesla’s stock (TSLA) faced substantial selling pressure because its charismatic CEO Elon Musk became closely associated with President Trump and his politics. Tesla’s Elon Musk became the head of the US Department of Government Efficiency (DOGE). So, he is now close to President Trump’s administration. Tesla’s stock has been facing downward pressure because some investors disapprove of Musk’s and Trump’s political views. At the same time, Musk has become the

ELON MUSK: A HERO, A POLITICIAN OR AN INNOVATOR?

Elon Musk, the world’s wealthiest person, cofounded PayPal, the electronic payment firm. In 2002 he founded SpaceX, a company producing rockets and spacecraft. Also, he was a major early founder of Tesla, the leading electric cars and batteries manufacturer. He officially became the corporation’s chief executive officer in 2008. Moreover, in 2016 Musk cofounded Neuralink, a neurotechnological company. Tesla’s CEO also bought the social media platform Twitter in 2022 and renamed it to X in 2023. So, apart from being a businessman, Musk is also a significant opinion leader.

During the 2024 presidential campaign in the US Elon Musk was one of Donald Trump’s most significant endorsers. He donated tens of millions dollars to finance the Republican’s win to the White House. Some market analysts and political observers might

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be wondering why. After all, Musk used to finance the Democratic party before, including Hillary Clinton and Barack Obama during their presidential campaigns.

Musk’s support of Trump is due to their similar approaches to economic deregulation as well as similar attitudes to gender ideology and transgender rights. In plain terms, they have positive attitudes towards capitalism and conservative moral values.

Elon Musk is supportive of government deregulation, particularly in the area of space exploration. In the past, Musk had argued that too much regulation hinders innovations. This is the approach that Trump broadly supports.

Another reason why Musk endorsed Trump’s campaign Trump was the President’s expected tax cuts. During his first term, Trump lowered business taxes. Moreover, Trump's suggested to appoint Musk as the "secretary of cost-cutting", which he later did. During one of his Fox News appearances, Trump said "He's dying to do this." His role as the head of DOGE allows Musk to benefit from a special tax cut worth tens of billions of dollars.

Also, Elon Musk is Trump’s ally for political reasons. As a Republican, Trump has a more negative approach towards transgender issues. Elon Musk’s son decided to change his gender identity when he was a teenager.

The family lived in California at the time. Musk said that a new Californian law requires schools to keep parents in the dark about their children's gender identities changes. So, in 2020, amid the Covid pandemic, 16-yearold Xavier Alexander Musk became a trans but did not inform his father Elon Musk. This made the famous entrepreneur exit California and relocate his business facilities to Texas.

Musk also relocated X’s facilities (formerly known as Twitter) to Texas.

Also, Musk’s Tesla moved its corporate headquarters from Palo Alto in California to Austin, Texas in 2021. At the time, Musk criticized California's tax policies and regulation.

As I have mentioned above, Musk has become the head of DOGE department and therefore responsible for ensuring the federal budget’s efficiency. An example of his reform is cleaning up the Social Security database. In March, Elon Musk-led DOGE deleted 3.2 million names from the Social Security database. All of these listed citizens were 120 years or above. They were marked as dead

by Musk’s DOGE team. However, before the cleanup all these people used to receive social security benefits, thus pressurizing the US national budget.

It is just one example of Elon Musk’s cost-cutting. He plans to decrease the US government’s bureaucracy and cut the government’s expenses further.

"Because of this law and the many others that preceded it, attacking both families and companies, Space X will now move its HQ from Hawthorne, California, to Starbase, Texas,” Elon Musk wrote.

Quite recently, the DOGE wrote: “In the past 3 weeks, the USDA terminated 420 wasteful grants totaling $2.5B in award value and $2.3B in savings, including:

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WEJ | May-June 2025

Elon Musk-led DOGE deleted 3.2 million names from the Social Security database.

All of these listed citizens were 120 years or above

Since the start of Donald Trump’s term, Elon Musk’s TSLA has lost a substantial part of its capitalization.

TSLA stock’s reached an all-time high of almost $500 per share at the very end of 2024. Right now it is trading at about 50% of the value as I am writing this. A decrease in Tesla’s capitalization was mostly due to Elon Musk’s increased political activity. Also, due to his proximity to Trump and his work in the US government, he might have less time of running his core business, including Space X, X and Tesla.

However, as a businessman, Elon Musk cut his companies’ production costs by relocating their facilities from California to Texas. The labor and taxation costs are much higher in California than Texas.

MUSK – A PATRIOTIC ENTREPRENEUR

In very plain terms, Elon Musk is an anti-globalist unlike many entrepreneurs based in California’s Silicon Valley. Many US businesses have relocat-

PHOTO: OFFICIAL WHITE HOUSE PHOTO BY MOLLY RILEY

$150k for “gender lensed curricula designed to be transdisciplinary in the food, agriculture, natural resources and human sciences” $100k for "climate"”

PHOTO: DANIEL OBERHAUS / CC BY-SA 4.0

WORLD ECONOMIC JOURNAL

ed their production facilities to other countries where production costs are much lower in comparison to the US. For example, Apple (AAPL) has moved most of its factories to China where production costs are much lower in comparison to the US. Also, if we see high-tech companies’ mission statements, Facebook’s plan is “to connect the world”, Google’s mission is “to organize all of the data in the world and make it accessible for everyone in a useful way”, we will see that their main aim is to go global. Musk, as I have mentioned above, locates a substantial part of his production facilities in the US and therefore also pays taxes in the US. Moreover, unlike heads of highstech firms, he is rather right-wing conservative. Most high-tech entrepreneurs with headquarters based in California support liberal political ideas. For example, as I have mentioned above, Elon Musk does not support the transgender agenda and has been endorsing Donald Trump.

In contrast, the leading high-tech firms have been supporting the Democratic Party and their values.

A good example of this happened during the Covid-19 pandemic and during Joe Biden’s election campaign when the BLM (Black Lives Matter) movement was on a rise. The BLM movement supported by the Democratic Party and also the Democratic candidate Joseph Biden was also partly endorsed by high-tech companies like Amazon. Moreover, the leading high-tech companies even refused to supply the US police with surveillance technologies, like cameras. Why is that? Well, according to BLM’s vision statement, “In pursuing liberation, we envision a future fully divested from police, prisons, and all punishment paradigms and which invests in justice, joy, and culture.”

So, the decision of many high-tech corporations not to co-operate with the US police was a political one.

Musk, meanwhile, is a Republican, as I have mentioned above.

Moreover, Elon Musk has been running his companies more like corporate charities. By this I mean that all of Tesla’s patents are opensourced. Interestingly, Google and Facebook have also made some of their patents accessible to the public. But as concerns Tesla, it is possible for anyone to use their technologies. So, all people can make their own electric cars and sell them, while Tesla would not sue them. All Musk seems to care about is his mission to replace all the vehicles with electric cars.

Some of his famous quotes devoted to innovation are: “When Henry Ford made cheap, reliable cars, people said, ‘Nah, what’s wrong with a horse?’ That was a huge bet he made, and it worked.” — Musk seems to believe in his EV ideas the way Henry Ford did in accessible cars.

“Failure is an option here. If things are not failing, you are not innovating enough.” — Elon Musk knows his innovative ideas could turn out to be loss-making but he is prepared to accept and cope with the consequences. This approach did pay off, given the fact he became the head of several large companies and the richest person in the world.

“I don’t create companies for the sake of creating companies, but to get things done.” — Obviously, just establishing businesses does not make sense.

“I could either watch it happen or be a part of it.” — If Musk did not innovate, somebody else would, given the modern technological progress.

“Starting and growing a business is as much about the innovation, drive, and determination of the people behind it as the product they sell.” — I am absolutely sure that thanks to Musk’s charismatic personality, Tesla’s products and its stock have been so popular among both customers and shareholders for years.

“Being an entrepreneur is like eating glass and staring into the abyss of death.” — Being an entrepreneur is obviously a great risk very few people are willing to take. Organizing resources or factors of production of land, labor and capital requires time, effort, skills and in the case of Musk a lot of financial resources because “I always invest my own money in the companies that I create. I don't believe in the whole thing of just using other people's money. I don't think that's right.”

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AMERICAN COMPANIES’ STOCK PRICES Meta Platforms Inc (META) Amazon.com Inc (AMZN) Alphabet Inc Microsoft Corp (MSFT)

Apple Inc (AAPL)

600.00

538.22

400.00

388.81

200.00

209.51 181.27 158.96

0.00

2021

2023

2022

2024

2025

Source: Y-Charts

Company name

EPS (FWD)

P/E (FWD)

Market cap

Microsoft

$13.16

29.94

$2.93 trillion

Meta

$24.75

22.41

$1.40 trillion

Amazon

$6.23

30.10

$1.99 trillion

Apple

$7.25

29.15

$3.17 trillion

Alphabet

$9.55

16.96

$1.95 trillion

AMERICAN AND CHINESE BIG TECH

As can be seen from the diagram above, the five companies did sell off after the start of 2025. However, Microsoft’s, Amazon’s, Apple’s and Alphabet’s stocks only corrected slightly, while Meta’s stock price depreciated substantially. In January 2025, after Trump’s inauguration, the US stock market started losing its capitalization due to growing trade tensions with China. That is why the tech sector started depreciating. However, Meta’s stock price fell down more than others because 10

WEJ | May-June 2025

of its recent earnings performance.

Even though Meta reported high Q4 2024 profits, its Q1 2025 outlook has disappointed investors. According to analysts, the corporation’s advertising revue — the center of Meta’s business — is expected to show signs of slowing amid economic uncertainty. Moreover, investors believe Meta’s high capital expenditures — forecasted at $60-$65 billion in 2025 for AI infrastructure — could pressurize its cash flow if sales growth decreases.

So, to summarize, the entire US stock market corrected and so did the overvalued and overpopular high-tech

Gigafactory Nevada (also known as Giga Nevada or Gigafactory 1) It is the largest (by land area) and the first Tesla Gigafactory in the world.

Tesla Supercharger.

The Tesla Supercharger network is an electric vehicle fast charging network built and operated by American vehicle manufacturer Tesla, Inc. Tesla Model X 75Dw

PHOTO: SMNT / CC BY-SA 4.0; PAUL STEUBER / UNSPLASH; PÅL-KRISTIAN HAMRE / CC BY-SA 2.0

Source: Seeking Alpha

WORLD ECONOMIC JOURNAL

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[ IN FOCUS ] RESEARCH AND DEVELOPMENT (R&D) EXPENSE, IN $ BILLION FOR LAST 12 MONTHS, ENDING Q1 OF CALENDAR YEAR Microsoft

Apple

Meta

Alphabet

Amazon

240 200 160 120 80 40 0

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: StockAnalysis.com

FOREIGN DIRECT INVESTMENT IN US, TRILLIONS OF DOLLARS (BAR, LEFT AXIS) AND SHARE OF GDP (LINE, RIGHT AXIS), 1999-2023 FDI, TRILLIONS OF DOLLARS, LEFT AXIS

FDI SHARE OF GDP, TRILLIONS OF DOLLARS, RIGHT AXIS

6.0

25.0

5.0

20.0

4.0

15.0

3.0

10.0

2.0 1.0

5.0

0

0 1999 2001 2003 2005 2007 2011 2013 2015 2015 2017 2019 2021 2023

sector but META’s stock depreciated even more.

Also, worth noting that the Big Tech’s research and development expenses have stopped increasing as much as they used to. The annualized growth rate of Big Tech used to be 22% per year. The increase between 2023 and 2024 totaled merely 7%.

Foreign direct investment in the US also does not seem to increase at a very high rate. As can be seen from the diagram on the left, the FDI — both in trillions of dollars and as a share of the GDP — keeps slowing down.

To make the decrease of investors’ interest even more obvious, I have also decided to include the graph summarizing the performance of all the companies in the Magnificent Seven over the last 24 years. After a magnificent boom, the market caps of the whole sector started decreasing just in the 1st quarter of 2025.

But how about the Chinese stock market and its high-tech sector?

The graph next page shows the country’s three tech majors’ stock performance.

ByteDance’s stock is not present on the graph above because it is not listed on the stock exchange.

Chinese high-tech companies Tencent (TCEHY), Alibaba (BABA), ByteDance and Baidu (BIDU) have all struggled between 2020 and 2021

Source: US Department of Commerce

US BIG TECH BOOM (2000-2024) AND Q1 2025 SLUMP 5.0B 231B

53B

2.52B

63B

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3.34T

746B 780B 81B

2.79T 2.64T

5.54B 2.23B

2000

2018

2.02T

737B 724B 374B 57B 2005 WEJ | May-June 2025

2010

2015

Apple Microsoft Nvidia Amazon Alphabet Meta Tesla

1.90T 1.46T 0.83T 2020

1Q 2025

Source: Voronoi by Visual Capitalist

WORLD ECONOMIC JOURNAL

PHOTO: KATJEN / SHUTTERSTOCK

Building of TENCENT company Twin-skyscrapers headquarters located at Shenzhen Bay Start Up Plaza in Nanshan business district

as the state administration for market regulation (SAMR) issued the anti-monopoly guidelines for the platform economy. This pressurized the entire high-tech market. As could be seen from the diagram, Baidu’s, Alibaba’s and Tencent’s stock prices have not recovered from the shock they experienced in 2021. All of the tech firms, especially the size of Alibaba and Tencent, were affected. Even though, their sizes in themselves are not an offence, the Chinese government tried to prevent these corporations from using scale to become monopolies. Doing so would allow them to gain unfair commercial benefits, while squeezing small and medium-sized business out both in terms of market presence. That is the reason for the Chinese government's intervention.

The three corporations I have mentioned above used to be worth several times more than they are worth now, making them close to American corporations in terms of market capitalization. At the same time, their sales and earnings figures have not declined substantially. So, the Chinese

THE COUNTRY’S THREE TECH MAJORS’ STOCK PERFORMANCE Tencent holding Ltd (TCEHY) Alibaba Group Holding Ltd (BABA) Baidu Inc (BIDU)

300.00 200.00 119.08 87.54 60.80

100.00 0.00

2015

2020

2025

EPS (FWD)

P/E (FWD)

Market cap

Alibaba

$8.94

13.29

$269.94

Tencent

$3.77

16.14

$555.24

Baidu

$10.26

8.72

$30.75

2010

Source: Y-Charts

Company name

Source: Seeking Alpha

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TECHNOLOGICAL LANDSCAPE IN THE COMING YEARS

Here are the leading technologies that are likely to substantially influence the world in the years to come: • Artificial intelligence Artificial intelligence technologies will likely be integrated into everything we do by 2034. It is likely AI will drive our cars, facilitate medical treatment and generally raise our productively.

Thanks to natural language processing progress, by 2034, it is likely we will have natural, flowing conversations with machines. Also, thanks to mature behavioral analytics, our personal devices will become much more competent at understanding what we want and even guessing what will make us happy. It is also likely we will see machines doing warehouse work, manufacturing and constructing.

But what does it actually mean in the long run? AI technologies could mean an utopia where no one works and AI workers give us everything we need. But it rather seems to be a dystopia where most employees get redundant. The beneficiaries of this would essentially be the technologically-enabled elite. At the same time, there is still uncertainty about the future.

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• Digitalization More and more of our time is spent online, using the Internet and exploring virtual worlds. As technology becomes more accessible to poor people in developing countries, it is likely the digitalization trend will only continue.

The danger of this trend is that in the eyes of the younger generations, the difference between the online and the offline worlds may start to fade, thus making lives more unpredictable, especially interpersonal communication. Some predict, however, that in the coming years younger generations could rebel against this.

The so-called “generation alpha” who are all children today — might value offline time and get more attached to physical reality.

• Healthcare can get transformed by biotechnology Discoveries and investment into areas like genetic engineering, personalized medicine, and stem cell research will likely substantially affect the way we provide medical assistance for people in 2034.

There is also a possibility that there will be advances in gene editing technologies like CRISPR-Cas9. These may make it possible to correct many genetic diseases before human birth, thus reducing the prevalence of many hereditary diseases, including but not limited to muscular dystrophy or cystic fibrosis. These technologies may go as far as to even decrease many people’s genetic predisposition to negative health consequences of high cholesterol or blood pressure. The effects of these should only be positive, healthier and longer human lifespans.

Likewise, regenerative medicine, fueled by research into stem cells, could

mean many parts of the body will be “regenerated”, thus easing the organs shortages available for transplantations. Moreover, these new technologies would also ease concerns over transplant rejections arising from the immune system’s reaction.

In 10 years’ time, personalized medicine could become the new norm. Patients expected healthcare providers to gain access to near-complete information about their genetic identity in order to facilitate medical treatment specifically tailored to them.

Apart from the ethical questions these technologies may arise, there might also be side effects of gene intervening. For example, there could be dangerous mistakes that doctors could make, thus making the children’s and their parents lives even worse.

Moreover, anyone willing to hand over their genetic blueprint, even to their doctor, would probably want to make sure that there is adequate data protection. They want to be confident that their own information is not going to be used against them, thus depriving them of access to treatment or health insurance due to their genetic factors.

So, despite the optimistic outlook of genetic treatment, there are still questions to be asked.

• Sustainability out of necessity Some scientists think that by 2034 our lives will be seriously affected due to the humanity’s failure to deal with climate change and pollution. Some analysts even predict climate-induced migration due to desertification and rising sea levels that tend to affect less developed countries. This could lead

AI technologies could mean an utopia where no one works and AI workers give us everything we need

PHOTO: STEVE JURVETSON / CC BY 2.0; TESLA / CC BY 3.0

high-tech sector seems to be trading at favorable valuations.

Moreover, after Trump’s administration started the tariff war, the Chinese high-tech sector did not depreciate in value the way the US high-tech sector did. So, trade restrictions do not seem to affect China’s high-tech market, at least for now. Rather it is the American high-tech sector, especially Apple and other companies with China-based production facilities, that become most affected by Trump’s tariffs. Chinese businesses, in contrast, do not have their manufacturing plants in America. So, they are not as affected, it seems.

WORLD ECONOMIC JOURNAL

Elon Musk presenting the Neuralink Neuralink HQ Tesla Optimus Gen-2 Humanoid robot

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PHOTO: SPACEX / CC BY-NC 2.0

SpaceX CRS-26 mission

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WORLD ECONOMIC JOURNAL

History shows that rising powers usually take appropriate measures when dominant countries deprive them of access to critical resources to high pressure on natural resources and infrastructure in countries where people from dangerous areas immigrate to. In addition to that, water scarcity will likely be a growing problem thanks to more frequent and severe droughts as well as extreme weather conditions. Logically, this will lead to lower food production because rising global temperatures will make crop yields decrease.

If these trends continue, then by 2034, climate change will have real tangible effects on everyone’s life quality and the economy. It is therefore likely that sustainability will be more popular than it is now. Governments and international organizations could be forced to implement stricter regulations, forcing companies to cut carbon emissions, decrease waste and start using clean energy sources.

All this means that in several years’ time sustainability will be even more important than it is today.

THE QUESTION IS WHO WILL WIN THE TECHNOLOGICAL RACE: THE US OR CHINA

Most experts say the US is unlikely to win the tech war with China. Why is that then?

Well, first, history shows that rising powers usually take appropriate measures when dominant countries deprive them of access to critical resources.

They further finance industrial development, developing their businesses to become self-sufficient. Chinese President Xi has continuously asked his government to prioritize “self-reliance in science and technology” and described technological innovation as a necessary condition to survive substantial international competition. The Chinese

government has heavily supported the development of the country’s chipmaking industry, one of the keys of China’s innovation. For example, Guangzhou City invested $30 billion in initial funding, while the central government has prepared an additional $143 billion in subsidies and tax credits.

Second, the US crusade against China makes American businesses suffer, while encouraging China to upgrade its industrial base in response. American businesses have largely resisted US sanctions against China. They still try to sell their designs, software, and equipment to China. They do so by using legal loopholes, third parties, and companies not on the Entity List.

For example, America’s renowned chip designer Nvidia (NVDA) came up with a new advanced chip for its Chinese clients meeting US export control rules. Applied Materials Inc. reportedly delivered its chipmaking equipment to Chinese foundry Semiconductor Manufacturing International Corporation (SMIC) by using third parties in South Korea. Some American-based companies, including KLA Corporation, even have plans to “de-Americanize” their operations in case there are tougher trade restrictions.

Chinese businesses, in contrast, have turned to China’s central government for support in modernizing their technologies, including stockpiling equipment, building foundries, replacing proprietary data, and recruiting talent. For example, the Shenzhen and Guangzhou funds helped Huawei create a self-reliant chip network by investing money into optical specialists, chip equipment companies, and materials producers. Companies like SMIC are successfully recruiting talent from South Korea, Taiwan, and

the US by offering excellent salaries, stock options, and research funds.

As a consequence, Chinese companies have achieved substantial technological breakthroughs despite US trade restrictions. For example, Huawei that has been heavily targeted by the White House administration for a while has successfully survived.

Moreover, the company has become mostly self-reliant. Some time ago, Huawei stunned Washington with a new 5G smartphone made with primarily Chinese parts and an advanced 7-millimeter chip produced by SMIC. Some experts expect the company to produce more powerful semiconductors. Chinese scientists are filing record numbers of patents to secure their position in the next generation of chipmaking.

CONCLUSION

Even though there is plenty of uncertainty ahead both for the US and China, I still believe China might become even more successful and innovative than the US, thanks to the Chinese government's strong support for Chinese-based businesses.

Tesla’s charismatic CEO Elon Musk is not solely a highly successful entrepreneur but also a political figure. His proximity to Trump annoys some of his stockholders and customers. At the same time, he seems to be very active in his new role as the head of the DOGE. Moreover, he is a patriotic American entrepreneur who keeps most of his production facilities in the US without relocating them to developing countries to cut production costs and to evade US taxes.

Advances in new technologies are happening very fast, while there is lots of uncertainty ahead on what technologies will be there in the future, how common they will be and what they have in store for us. At the same time, digitalization, artificial intelligence, biotechnology and sustainability will likely become even more common in the future.

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WEJ AWARDS 2025 SHAPING THE FUTURE THROUGH RECOGNITION

GENEVA · MADRID · BARCELONA · VALENCIA · HONG KONG

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[ IN FOCUS ] INTERNATIONAL AWARDS SERIES FOR CHANGE LEADERS

WEJ Awards 2025 is a prestigious international award series established by World Economic Journal. It celebrates achievements that shape the future of the economy, technology, public health, sustainability, and leadership.

The awards are granted to companies, public institutions, business leaders, and influential experts whose decisions and initiatives have a real impact on global progress.

In 2025, the WEJ Awards scale up to a new level: instead of one award as in 2024, the series now includes twelve individual awards. This first announcement introduces five out of twelve award categories that will define the WEJ Awards 2025: • WEJ Investment Award 2025 • WEJ Innovation Award 2025 • WEJ Technology Award 2025 • WEJ Women Award 2025 • WEJ Health Award 2025 Each award includes multiple categories that highlight transformative practices across key sectors and regions.

The mission of WEJ Awards is to recognize leading innovators, investors, and decision-makers shaping tomorrow’s world.

LEGACY AND CONTINUITY: WEJ AWARDS 2024

For over 15 years, World Economic Journal has been highlighting transformative global trends, publishing analytical reports, and ranking the people and institutions that drive change.

In 2024, the WEJ Awards were aligned with a core principle: the power of inclusive and equitable institutions as a driver of long-term progress. The awards were inspired by the groundbreaking work of Daron Acemoğlu, Nobel Prize laureate in economics and WEJ Person of the Year 2024.

“I definitely believe that we need more research into emerging markets, and hence, World Economic Journal plays a very important role. The world is changing fast, and there is a danger that trends in AI, globalization, and geopolitics can adversely affect emerging markets. This is an important topic for research.” — Daron Acemoğlu, a 2024 Nobel laureate in economics and Institute Professor of Economics at MIT The 2024 awards honored leaders who advanced projects that foster inclusion, opportunity, and structural transformation — across governance, technology, education, security, and sustainable development.

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OFFICIAL AWARDS PAGE: https://world-economic.com/ awards CONTACT FOR NOMINATIONS AND PARTNERSHIPS: wej@world-economic.com

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UNDER THE AUSPICES OF UN SDG GOOD PRACTICES:

International Research Consortium “Global Initiative for Sustainable Development of Territorial Entities” (GITE), Switzerland

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NEW PROTECTIONISM AS A DRIVER OF GLOBAL ECONOMIC TURBULENCE

By Anna Sokolova

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WEJ | May-June 2025

PHOTO: RAWF8 / SHUTTERSTOCK

TARIFF SHOCK:

WORLD ECONOMIC JOURNAL

By ????

I

n January 2025 President Trump’s inauguration took place. This is now Trump’s second term as the US president. Many analysts predicted growing trade tensions between the US and other countries, especially China. The situation has in fact intensified since 2016–2020. Now leading economists are even talking about protectionism as the new norm of international trade. Obviously, the trade tensions we are facing right now are not pure economics. In fact, politics plays a crucial role here as well. In plain terms, tariffs are an instrument of both geopolitical and economic pressure.

TARIFFS IMPOSED BY THE US

The announcements that regularly get published by global media paint a mixed picture: on certain days new trade restrictions get imposed on various nations, while some time later we see the softening of the US administration stance. So, it is sometimes difficult to keep track of the

trade situation. But let me start by summarizing the trade restrictions imposed by Trump’s administration by the time I am writing this.

On his first day back in the White House in January, Trump issued an executive order telling his administration to prepare more tariffs.

Quite recently, Trump has announced his most expansive tariffs yet, including a 10% universal tariff on all US imports. The rates for key trading partners were two to three times as high.

For example, there will be a 20% tariff on imports from the EU, a 26% tariff on India, and China will face a new 34% tariff in addition to the previous levies. The rates are even higher than some economists and policymakers expected.

Briefly, US consumers are likely to face higher prices on automobiles, electronics, groceries, drinks, lumber and petrol as a result of these new trade restrictions.

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[ ANALYTICS ]

But here’s a timeline of Trump’s constantly shifting tariffs so far.

The list, however, can be updated every day or even sometimes several times a day.

JANUARY

• On 26 January, social media Trump announced 25% tariffs on all imports from Colombia and even promised to increase them to 50% in one week — after Colombia’s government refused to accept planes carrying its immigrants deported by the US. Colombia’s president, Gustavo Petro, however, had “agreed to all of President Trump’s terms”. So, the tariffs and sanctions were quickly canceled by the White House administration.

FEBRUARY • On 1 February Trump signed an executive order imposing 25% tariffs on nearly all imports from Canada and Mexico, as well as a 10% tariff on China.

The US president said the tariffs were imposed due to his concerns about fentanyl smuggling and illegal immigration. The three countries concerned promised “countermeasures.”

• On 2 February Trump admitted the possibility of negative consequences of the tariffs on social media.

According to the US President’s post, “WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!)”. In other words, Trump is willing to take on additional risks of his trade policies.

• On 3 February Trump agreed to a 30-day pause of his tariffs on Mexico and Canada while threatening new tariffs against the EU. 30

WEJ | May-June 2025

• On 4 February Trump’s 10% tariffs on Chinese imports came into effect. China imposed retaliatory tariffs on products from the US. • On 7 February Trump said he would impose his tariffs on other countries without specifying which countries would be subject to new trade restrictions.

• On 10 February Trump re-imposed 25% tariffs on all imported steel and aluminum. He imposed steel and aluminum tariffs during his first term.

• On 13 February Trump outlined a plan for broad tariffs on US trading partners, which would substantially damage the global trading system. Trump, however, called it a necessary measure to force companies to bring production back to the US. • On 14 February Trump said he would impose unspecified tariffs on foreign cars on 2 April.

• On 25 February Trump asked his commerce secretary, Howard Lutnick, to carry out an investigation to find out whether foreign production of copper was a risk to national security, increasing the likelihood of tariffs on the commodity. The administration, however, did not publish any details on how high those tariffs would be, or when this investigation would end.

• On 27 February the US president said the tariffs against Canada and Mexico — and an additional 10% tariff on Chinese products — would be valid from 4 March as expected because “drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels”.

PHOTO: OFFICIAL WHITE HOUSE PHOTO BY DANIEL TOROK

• On 20 January, hours after he was sworn in, Trump said that he would implement additional 25% tariffs on imports from Canada and Mexico starting on February 1. Both countries were accused of not taking measures to stop the flow of drugs and migrants into the US.

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PHOTO: RANGSARIT CHAIYAKUN / SHUTTERSTOCK

The trade tensions are not pure economics. Tariffs are an instrument of both geopolitical and economic pressure

MARCH • On 1 March Trump asked Lutnick to investigate whether lumber imports were a threat to US national security. The positive response to that inquiry would likely lead to more tariffs on Canada because the country is the largest wood exporter to the US. • On 4 March tariffs on imports from America’s largest trading partners, namely Canada, Mexico and China officially went into effect. Canada’s Prime Minister Justin Trudeau responded with 25% tariffs on $155 billion of US products.

• On 5 March due to pressure from American carmakers, Trump said he would pause tariffs on cars coming into the US from Canada and Mexico for one month.

Also, Mexico’s President Claudia Sheinbaum said that if tariffs remained in place, the Mexican government would impose retaliatory tariffs.

• On 6 March many of the tariffs imposed on Canadian and Mexican imports were suspended after the tariff news made the stock market go down. However, Trump said he would still impose 25% tariffs on steel and aluminum imports on 12 March, and that general tariffs on all American trading partners would still be valid from 2 April.

• On 10 March the Chinese government started introducing tariffs on many US farm products. These included an extra 15% on US farm products like chicken and corn, and a 10% on goods like soybeans and fruit.

Additionally, Ontario, Canada’s province, introduced its own tariffs, including a 25% charge on the electricity exported to Michigan, Minnesota and New York.

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• On 12 March the EU and Canada announced billions of dollars in countertariffs on US goods, but the EU said they would not introduce their tariffs until 1 April. They would clearly prefer not to impose them, but would like to negotiate with Trump’s administration instead.

• On 13 March Trump threatened one of his largest tariffs to date: a 200% levy on all EU wines, Champagnes and alcoholic beverages.

These tariffs are set to kick in on 1 April. This was in response to the EU’s plans for 50% tariffs on US whiskey and similar products.

• On 24 March 25% tariffs on exports to the US valid from 2 April were announced on all countries buying oil from Venezuela — either directly or from a third party.

• On 26 March Trump promised 25% tariffs on all cars and car parts exported to the US, including US brands whose automobiles are assembled abroad.

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WEJ | May-June 2025

APRIL • On 2 April a 10% tariff was applied to all countries importing goods to the US. That basic 10% will in some cases be supplemented by additional tariffs varying by country.

These additional tariffs would also affect many US allies.

• On 4 April China announced a 34% tariff on US imports, in response to Trump’s plans to introduce 34% tariffs on Chinese exports. In addition, the Chinese government prohibited a group of 11 US companies from doing business in China.

• On 5 April Vietnam asked President Trump to delay tariffs for at least 45 days. The US is Vietnam’s largest export market, while the 46% tariffs the US planned to impose on Vietnam’s goods is among the highest any nation faces.

• On 7 April Bangladesh also asked the US for a threemonth pause before imposing any tariffs on its exports.

Trump threatened to respond to China’s trade restrictions with an extra 50% tariff. So, in total China could face 104% taxes on all exports.

PHOTO: PX MEDIA, ANYVIDSTUDIO, SVEN HANSCHE / SHUTTERSTOCK

• On 11 March in response to the electricity surcharge, Trump threatens to raise tariffs twofold on Canadian steel and aluminum imports. However, the two sides reached a compromise. Doug Ford, Ontario’s premier, said he would cancel the surcharge, while Trump said he would “probably” decrease the tariff on Canadian metals.

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• On 9 April Trump’s tariffs on some American biggest trading partners took effect. Chinese goods were subject to a 104% tariff, EU goods faced a 20% import tax, Japanese goods were taxed 24% and Vietnamese products 46%. In response China imposed a supplemental 50% tariff on US imports. So, all American products transported to China became subject to an additional 84% import tax. The EU also approved new tariffs against the US. On the very same day Trump announced a pause on his tariffs for the next 90 days, bringing tariff levels to a universal 10%. China, however, would not be included in that pause. Instead, he increased tariffs on Chinese exports to 125% after China’s countermeasures announcement.

• On 10 April the President’s administration said that the 125% tariff on Chinese products was in addition to a 20% tariff that Trump had already imposed on China, bringing the total tariffs on China imposed by the Trump administration to a whopping 145%.

So far, from all the relevant goods affected by tariffs, delivery trucks from Mexico, electric batteries from China and crude petroleum from Canada would be most affected by tariffs.

TRUMP'S TARIFFS: WHICH PRODUCTS WILL BE AFFECTED? KEY ITEMS IMPORTED TO THE US FROM MEXICO, CHINA AND CANADA IN 2024 Mexico

China

Canada

Other

Delivery trucks

78% 53%

Insulated wire Computers Cars

34% 23%

11%

34% 39%

26%

62%

13%

Telephones 9%

15% 7%

45%

45%

Broadcasting equipment 9%

16%

70%

Riefined petroleum 7%

22%

70%

Cruide petroleum 7%

58%

34%

Electric batteries

56%

37%

Source: BBC

Country

Originally threatened

Update rate

China

34%

125%

European Union

20%

10%

Vietnam

46%

10%

Taiwan

32%

10%

Japan

24%

10%

India

26%

10%

South Korea

25%

10%

Thailand

36%

10%

Switzerland

31%

10%

Indonesia

32%

10%

Source: The Guardian

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[ ANALYTICS ]

Global reaction But let us break down the individual responses to the new trade restrictions by country.

CHINA

UK The UK government had been expecting a 20% tariff rate to be imposed. But Trump has charged the UK with 10% tariffs thanks to the UK’s prime minister Keir Starmer’s more diplomatic approach to the Trump administration. However, the UK’s growth forecasts will likely be downgraded as a result of even 10%.

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WEJ | May-June 2025

SOUTH KOREA

In response to the US 25% tariffs, South Korea’s acting president, Han Duck-soo, said “as the situation is very grave with the approach of the reality of a global tariff war, the government must pour out all of its capabilities at its disposal to overcome this trade crisis”.

Particularly hard will be hit South Korea’s leading carmakers Hyundai and GM Korea because they will see a substantial decline in US exports. The country exported cars worth $34.74bn to the US last year, which is a whopping 49% of South Korea’s global car exports. No counter-tariffs on US goods have been imposed by South Korea just yet. Instead, the country has tried to negotiate more favorable conditions on its exports with the US.

JAPAN Japan’s trade and industry minister Yoji Muto called the tariffs “extremely regrettable”. However, Tokyo did not take any countermeasures but instead started attempting to persuade the Trump administration to think again.

The country’s prime minister Shigeru Ishiba said: “Japan is a country that is making the largest amount of investment to the United States, so we wonder if it makes sense for [Washington] to apply uniform tariffs to all countries.”

Just like South Korea’s carmakers, Japanese automakers will also face a slump in

exports. According to Goldman Sachs, the tariffs would have a substantial impact on Japanese car manufacturers, as cars are responsible for more than 30% of all Japanese exports to the US.

INDIA Trump said the 26% was a “discounted reciprocal tariff” for the 52% tariffs imposed by India. The Indian government, meanwhile, has been working hard in recent weeks to negotiate tariff discounts.

Almost $14 billion worth of electronics and over $9 billion of jewelry, textile and IT sectors are among the top industries to be affected by the new tariffs. However, pharmaceuticals, one of India’s biggest export industries, is exempt from Trump’s tariffs.

The US trade deficit with India is currently at $46 billion. According to Trump these tariffs will remain in place till the deficit decreases. There have been reports that in order to please Trump and decrease US tariffs, India is considering cutting tariffs on $23 billion worth of US imports, including jewelry, pharmaceuticals, and car parts.

However, no trade deal has been signed just yet.

PHOTO: LIGHTSPRING / SHUTTERSTOCK; SIMON DAWSON / NO 10 DOWNING STREET; MINISTRY OF ECONOMY, TRADE AND INDUSTRY, JAPAN / CC BY 4.0

As we have seen above, China has been particularly affected by the new tariffs.

China asked the US to “immediately cancel” the tariffs, saying they “endanger global economic development” and would be against US interests because there is no winner in a trade war.

The US will introduce 34% tariffs on Chinese goods, in addition to the 20% that had already been imposed earlier this year.

According to Wang Wen, dean of Renmin University’s Chongyang Institute for Financial Studies, the trade war between the US and China and the resulting “high tariffs have not reduced the US-China bilateral trade volume as well as China’s trade surplus with the US … most Chinese people believe that the US tariff war against China is ineffective.”

According to Wang, potential Chinese countermeasures could include tariffs, devaluing China’s currency, and also some prohibitions to export certain rare earth materials to the US. The latter would also be highly significant for the US economy because these materials are used in the production of glass, lights, magnets, batteries, and catalytic converters. They are used in virtually everything from cell phones to cars.

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CARLETONU, FACULTY OF PUBLIC AND GLOBAL AFFAIRS / CC BY-SA 3.0; ENEAS DE TROYA / CC BY 2.0

PHOTO: AUSTRALIAN GOVERNMENT UNDER / CC-BY-4.0; ÄIVI PAASIKOSKI, VALTIONEUVOSTON KANSLIA, FINNISHGOVERNMENT / CC BY 2.0;

AUSTRALIA Australia’s products were only charged with 10% tariffs. Some critical minerals Australia exports and not available in the US, will be exempt from the new levies.

According to Australian Prime Minister Anthony Albanese the White House administration’s tariffs have no basis in logic and they go against the basis of the two nations’ partnership.

Albanese said his government would not impose retaliatory tariffs against America and said that, ultimately, the US consumers would face the consequences of Trump’s tariffs.

NEW ZEALAND Just as was the case with Australia, a 10% levy was imposed on New Zealand’s goods imported to the US. Prime minister Luxon said “there’s about $900 million worth of tariff being levelled at New Zealand exporters, and that will be passed on to US consumers sadly”.

Just like Australia’s government, Luxon said he would be seeking negotiations

with US representatives after the White House administration said New Zealand was charging 20% tariffs on US imports.

Luxon said, “We don’t understand how that figure has been calculated.”

New Zealand’s exports to the US exceeded USD 5 billion in 2024, driven by meat, dairy and wine, thus making the US New Zealand’s fastest growing export market.

In fact, the US is its second largest market in 2024, ahead of Australia and after China, New Zealand’s main trading partners. The new US tariffs could mean a NZ$900 million charge for New Zealand’s exporters.

CANADA Canada has been freed from the latest round of tariffs but is still subject to 25% levies on aluminum and steel, as well as on cars. The country’s prime minister Mark Carney promised to “fight these tariffs with countermeasures”.

According to Carney, despite the fact that Trump had “preserved a number of important elements” of US-Canada relations, the previous tariffs of 25% remains in place. Trump claimed these tariffs are a punishment for not doing enough to stop the flow of fentanyl into the US.

MEXICO Just like Canada, Mexico has been freed from the latest round of tariffs but still faces previous levies announced by Trump.

Mexico’s president Claudia Sheinbaum said that the country would not pursue a “titfor-tat on tariffs” strategy but would rather seek a diplomatic agreement on the matter.

TAIWAN Taiwan’s government has called the tariffs “very unreasonable” and said it would negotiate more favorable trade conditions with the US government.

The 32% tariffs Trump announced against Taiwan would have a substantial effect on the island’s economy. More than 60% of the country’s economy is due to exports. Taiwan had a trade surplus of about $74 billion last year.

Bloomberg economists even predicted a possible 3.8% GDP decrease due to a substantial decrease in exports to the US because of these levies.

Taiwanese officials had been preparing a response to these new tariffs for several months. However, the island’s government is not planning countertariffs but is rather seeking ways to appease the White House administration.

For example, Taiwan’s officials consider increasing the island’s energy imports and decreasing Taiwan’s own tariffs to reach a more reasonable trade balance that Trump mentioned.

Earlier, a $100 billion investment was made by TSMC, a Taiwanese company, in the US. Trump said TSMC would be exempt thanks to its decision to invest.

THAILAND The country’s government said that the tariffs will undoubtedly impact all trading partners, especially US consumers’ purchasing power.

The government also encourages Thailand’s exporting companies “to look for new markets to stop relying on a single market. Thailand’s government is also taking measures to support exporters.

However, Thailand has expressed its willingness to continue negotiations with the US as early as possible to reach a fair trade balance for the two economies.

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[ ANALYTICS ]

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WEJ | May-June 2025

LOSERS AND WINNERS

The key question, however, is who will win from the US trade war against most of the countries in the world.

The brief answer is that there are not any winners from economic and geopolitical tensions. Apart from higher inflation numbers resulting from imposed tariffs, there are also unemployment and recession threats. First, higher tariffs make products more expensive for US consumers.

Meanwhile, local US producers will not be able to replace Chinese manufacturers immediately in all the industries affected. Even if some alternatives to Chinese products appear in the US, they are highly likely to be much more expensive compared to the “made in China” goods. That is because production expenses in China, especially the labor costs are substantially lower compared to the ones in the US. As a result, the general price level in the US is likely to rise, thus affecting consumers’ real incomes.

PHOTO: IVAN MARC / SHUTTERSTOCK

It is argued that there is a trend for both “friendshoring” and “nearshoring” as trade tensions between the US and other countries are getting out of control

WORLD ECONOMIC JOURNAL

Let us also bear in mind that US producers that have tight business contacts with Chinese businesses might face higher costs due to tariffs. These higher costs will also likely be passed on to consumers in the form of higher product prices. Moreover, China has also imposed reciprocal tariffs on US production. This means that US firms would also end up losing the Chinese markets, thus decreasing their revenues. As a result, fewer US workers would be needed to produce goods targeted at Chinese consumers. Not to mention that some companies specialize in exporting B2B goods and services. So, their trade partners located in China are likely to be lost forever. Obviously, this raises unemployment risks. Consequently, higher unemployment numbers and higher inflation create stagflation risks. This is a situation when the Fed is stuck between a “rock and a hard place”. In other words, central bankers can lose big if they ease their monetary policies too fast because they are likely to raise inflation numbers further. Yet, if they increase the interest rates, they can raise the country’s unemployment and decrease consumer activity levels further, thus provoking a recession.

Not to mention that trade wars tend to completely distract logistics chains and also create the atmosphere of economic uncertainty. This means investors unwillingness to buy either American or Chinese assets. This is particularly obvious in the case of stock markets. American companies’ capitalizations are likely to decrease even further just the way it can happen to Chinese companies listed in the US. Moreover, there is a threat that Chinese companies would be delisted from US stock exchanges.

Noteworthy is that smaller and medium-sized businesses will be affected. Larger corporations tend to be heavily diversified and exposed to different international markets.

So, they are not strongly focused on China but can replace their revenues by relocating their production facilities to other countries. Not to mention large corporations tend to be more financially stable, which means they can more easily survive “hard times”.

But let me do a more detailed analysis of the industries involved that can be affected more than others and if there are any US economic sectors that are here to gain.

NEW SUPPLY CHAINS

The growing trade tensions are also harmful for supply chains. In many countries it now does not make sense to prefer just-in-time production. This manufacturing method involves focusing on producing exactly the quantity the company needs at exactly the time its customers need it. It is argued that there is a trend for both “friendshoring” and “nearshoring” as trade tensions between the US and other countries are getting out of control.

‘Friendshoring’ refers to a growing trade practice when supply chains are focused on economies regarded as po-

litical and economic allies. However, friendshoring leads to further ‘deglobalization’. After all friendshoring is the rerouting of supply chains to countries considered to be politically and economically safe or low-risk. But it does not seem to be the case with the US, given the fact that Trump has even imposed tariffs on its closest allies, including the EU, Japan, Taiwan and Australia. However, countries most affected by US tariffs as well as other economic and political measures have the interest to become closer to each other, while building trade alliances to fight US restrictive policies. This trend, however, has started long before the trade war initiated by Donald Trump.

The most notable anti-Western alliance seems to be the BRICS+. It is both a political and an economic organization seeking to encourage trade and other forms of co-operation between its members. The idea of BRICS has first appeared in 2006, while in 2011 South Africa officially became part of the group to justify the acronym BRICS (Brazil, Russia, India, China and South Africa). Due to the trade war the trend can only become stronger, most notably affecting countries that have never been strong allies of the US, most notably Russia and China.

“Nearshoring” is the process of a company relocating its production facilities to a nearby country in order to ensure faster speed to market and quicker transit from manufacturers to customers. This is not massively happening right now simply because many developed countries, including the US and Europe have located their production facilities to Asian countries, especially China and India. However, due to Trump’s tariffs it is in the best interests of companies based in China and actively exporting their products to the US to relocate their production facilities elsewhere. This does not even have to be the US. It might be cheaper to relocate their factories to China’s neighboring countries like Vietnam. So, the trade war can stimulate the nearshoring trend.

AMERICA’S SOVEREIGNTY

However, Trump’s tariffs are not only “bad news” for the US economy. It is possible that in the long term US companies with production facilities located in China would relocate them back to the US, thus raising American employment and generating extra tax revenues for the US national budget that has long been in a deficit. Moreover, the US can become more self-sufficient, less reliant of foreign supplies of various goods, that is. This would lead to America’s reindustrialization, thus decreasing US reliance on its services sector, which is responsible for almost 80% of the country’s GDP. As I have mentioned above, medium-sized and smaller companies focused on international supplies will be most affected. Nevertheless, larger corporations with strong financial reserves will likely gain in the long run because they would be free from smaller businesses’ competition.

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As less reliable businesses go bankrupt, larger companies take their niches. Moreover, in my opinion, trade wars would also pass. Do not take me wrong. Complicated US-China relations would not improve dramatically overnight. But the tariff war would eventually pause. So, large companies that have strong business ties with China and other US trading partners are likely to take the place of smaller businesses that have gone bankrupt during the tariff shock.

But how can large corporations with dependence on China, like Apple (AAPL), Tesla (TSLA) and Boeing (BA) adapt to the current situation? To start with, Trump has signed an exemption to electronics imports from China.

When Trump administration announced the US 145% tariffs on Chinese imports, there was one critical exception, namely consumer electronics, including iPhones, laptops and semiconductors. These product categories were reassigned to a separate 20% tariff category. The reason why the White House administration decided to free iPhones from too high tariffs is due to structural impossibility of orga38

WEJ | May-June 2025

nizing advanced electronics production in the US. Bank of America’s analysts estimate that producing iPhones in the US would raise costs by 25% just from labor, without taking account of the logistical problems arising from importing Chinese components under very high tariffs. Even if we assume that Apple accepts these expenses, the resulting $3,500 retail price would crash demand. In the long term Chinese brands and South Korea’s Samsung would take Apple’s market niche in America.

CONCLUSION AND FORECASTS

It is likely that under Trump the US would stop being WTO’s member because the country does not seem to want to be part of free trade blocs. Given the table I have quoted at the beginning of this article, Trump has imposed tariffs on most of the countries in existence. This, in my opinion, means that given the current trade policies, the US is highly unlikely to become part of new trade alliances.

As I have mentioned before, the US economy is likely to substantially be affected by the trade wars. The country will likely face a recession, high inflation and lower standards of living due to the fact the US is not self-sufficient but exports a substantial part of physical goods from other countries. The US closest trading partners, namely Mexico, Canada and China would also likely face slowing GDP growth and higher unemployment numbers.

Now that Trump’s second president term has only started, we should not expect all the relevant trade restrictions to be over, in my view. Only two scenarios are possible here, namely trade escalation and stabilization. The former, however, is more likely because some countries, possibly not American closest allies are likely to eventually adequately respond to Trump’s actions. This is particularly true of China because it is the country most affected by the new trade restrictions. This would lead to further action from the White House administration, thus making trade tensions escalate further.

PHOTO: NIROWORLD / SHUTTERSTOCK

Larger corporations with strong financial reserves will likely gain in the long run because they would be free from smaller businesses’ competition

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[ INVESTMENT ]

CENTRAL ASIA:

A STRATEGIC REGION FOR GLOBAL INVESTORS

PHOTO: MEHMETO / SHUTTERSTOCK

By Robert Gubernatorov

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WEJ | May-June 2025

WORLD ECONOMIC JOURNAL

C

entral Asia is rapidly gaining strategic importance for international investors. From a geopolitical perspective, the region plays a key role in global initiatives like China’s “Belt and Road.”

Such frameworks open new opportunities for trade and transport infrastructure. Meanwhile, ongoing economic reforms and vast natural resources across the region create favorable conditions for foreign capital.

The region is rich in oil, gas, rare earth metals, and hydroelectric potential. At the same time, Central Asian countries are gradually embracing more sustainable economic models. This opens up new avenues for investment in renewable energy, green technologies, and eco-tourism.

Another strength is the region’s young and growing population — over 75 million people, with youth comprising the majority. This demographic trend presents clear advantages for labor markets, industrial development, and consumer-driven sectors.

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ECONOMIC SNAPSHOT: FIVE CENTRAL ASIAN ECONOMIES

Kazakhstan Kazakhstan is the region’s largest and most diversified economy. With substantial oil and gas reserves and a stable macroeconomic policy, the country remains a key destination for foreign capital. In 2023, inflation dropped by 8.3%, thanks to a national strategy focused on non-resource sectors like logistics, agriculture, and IT. The Asian Development Bank approved over $6 billion in funding to support industrial development, infrastructure, and extractive industries.

Kazakhstan, Turkmenistan, and Uzbekistan are among the region’s top producers of oil and gas. At the same time, countries are shifting toward renewables

Kyrgyzstan Kyrgyzstan’s economy is built around mining, hydropower, and agriculture.

Despite persistent political instability and infrastructure challenges, the country remains attractive for investors operating within the Eurasian Economic Union (EAEU).

By the end of 2023, the ADB had approved 217 financing packages for the Kyrgyz public sector, totaling $2.6 billion. The EBRD has also committed €998 million to boost trade and expand the Trans-Caspian corridor.

power, agriculture, and human capital development.

By late 2023, ADB commitments to Tajikistan reached $2.4 billion across 158 projects. These initiatives aim to boost labor productivity, improve living standards, and foster structural reforms.

Tajikistan Tajikistan is heavily dependent on remittances but is taking steps to improve its investment environment.

The country is focusing on hydro-

Turkmenistan Turkmenistan remains one of the region’s most closed economies. While limited in openness to foreign investors, the country’s vast natural gas reserves

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WEJ | May-June 2025

and involvement in energy projects continue to draw attention.

In 2023, GDP growth reached 6.3%.

ADB partnered with the government on new initiatives in healthcare, finance, and transport, and provided technical assistance to support public-private partnerships.

KEY SECTORS FOR INVESTMENT IN CENTRAL ASIA

Energy: Traditional Resources and Renewables Central Asia remains a magnet for energy investments. Kazakhstan, Turkmenistan, and Uzbekistan are among the region’s top producers of oil and gas.

At the same time, countries are shifting toward renewables. Kazakhstan aims to raise its share of renewable energy to 15% by 2030. As of 2020, renewable capacity reached 1,634 MW, or just 3.5% of the national target.

In Kyrgyzstan, the national development strategy through 2040 focuses on green energy, with plans to modernize 132 hydropower stations by 2025.

UNDP estimates production costs at $0.19–0.24 per kWh depending on the source (hydro, solar, geothermal).

Tajikistan and Turkmenistan have also set long-term goals to expand clean energy, though implementation remains uneven.

PHOTO: WORAWIT_J / SHUTTERSTOCK

Uzbekistan Uzbekistan continues to demonstrate robust growth, driven by wide-ranging reforms and investor-friendly policies. In 2024, the economy is projected to grow by 6% — the highest rate in the region.

The country received $12.4 billion from ADB and €5.1 million from the European Bank for Reconstruction and Development in the form of loans, grants, and technical support. Efforts to privatize state-owned enterprises and expand special economic zones (SEZs) have positioned Uzbekistan as a regional investment leader.

WORLD ECONOMIC JOURNAL

PHOTO: MATYAS REHAK / SHUTTERSTOCK

Transport and Logistics: Building New Trade Corridors Strategically located between major global markets, Central Asia is central to new trade routes, including China’s Belt and Road Initiative.

Kazakhstan has emerged as a regional logistics hub, with freight volumes increasing ninefold in the last five years. Dry ports and international rail corridors — such as the Western Europe-Western China route — are in active development.

Uzbekistan is also modernizing rail and road networks. By 2030, the country aims to increase freight volume by 80% and improve its ranking in the World Bank’s Logistics Performance Index (LPI) to at least 55th globally.

Tajikistan’s logistics strategy includes upgrading border roads and terminals.

The government expects logistics GDP contribution to rise from 8% to 10% by 2025.

Agriculture: Export Growth and Technological Modernization Agriculture is a strategic sector for Uzbekistan, Kyrgyzstan, and Tajikistan.

Fertile land and water access support diverse production.

Uzbekistan is expanding irrigation infrastructure and embracing agritech. The country aims to attract $100 million in green investment through the EU-AGRIN project.

Kazakhstan was the first in the region to adopt a national program for organic farming. Over 200,000 hectares are now under organic cultivation, with $35 million in export revenue recorded last year.

In Kyrgyzstan, the UN’s FAO has launched a program to strengthen smallholder farms through both funding and training.

2 million tourists annually. The country has built 11 international airports and supports a network of 600+ tour operators.

Kazakhstan’s national tourism plan emphasizes eco-tourism. Legislation supports regulated access to nature reserves and investment in low-impact infrastructure. A one-stop window has been launched for foreign tourism investors.

Kyrgyzstan is prioritizing tourism as a strategic sector, with investments in digital border controls, airport upgrades, and soft loans for small tourism businesses.

CASE STUDIES, REFORMS, AND INCENTIVES

Investment Success Stories Danone has built a successful dairy processing business in Central Asia by partnering with local farmers. Its products are now distributed across the region. Total investment: approximately €21 million.

NALCA, an agribusiness firm, has committed €500 million over 10 years to beef production in Kazakhstan. The

company established full-cycle operations — from farming to logistics and exports — to serve both domestic and international markets, including China and the Middle East.

Economic Reforms and Investment Climate Countries across Central Asia are pursuing active economic modernization to attract global investors.

Kazakhstan continues to lead in reform efforts. Under its 2021–2025 development plan, the government targets over $1.35 billion in new investments by 2025.

“Kazakhstan strikes a smart balance between state support and market competition,” says James Freeman of the EBRD. “Investments exceeding $1 billion are fully realistic.”

Uzbekistan has implemented major reforms: relaxed visa regimes for business travelers, expanded SEZs, and privatized state-owned enterprises.

“Uzbekistan is now a regional transformation leader,” says ADB’s Li Sung. “It offers both market access and favorable export terms.”

Tourism: Infrastructure and Eco-Tourism Tourism is rapidly growing in the region. Uzbekistan’s historic cities like Samarkand and Bukhara welcome over 43

[ INVESTMENT ]

Role of Special Economic Zones SEZs are a core policy tool for attracting foreign investment across the region.

• Kazakhstan operates over 10 SEZs, including Astana — New City and Khorgos — Eastern Gate, offering tax and customs incentives, plus streamlined administration.

• Uzbekistan grants tax holidays of up to 10 years, depending on investment volume, within its SEZ network.

• Turkmenistan, though restrictive in access, offers preferential terms for energy-sector investors.

“SEZs hold enormous potential,” says World Bank expert Anna Carter, “but success depends on transparent procedures and access to financing.”

RISKS AND BARRIERS TO INVESTMENT

Political Instability and Regional Tensions Political risk remains a top concern for investors in Central Asia.

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WEJ | May-June 2025

Political uncertainty remains a key challenge • Kyrgyzstan has faced repeated political crises in recent years, undermining long-term investor confidence.

• Tajikistan continues to experience border tensions, particularly along the Afghan frontier.

• Turkmenistan maintains a highly closed political system, limiting transparency and risk assessment.

“Investors must be prepared for abrupt legislative changes and potential contract revisions,” warns David Holmes of the Global Markets Research Center.

Legal Uncertainty and Weak Investor Protections Legal frameworks vary widely across the region and often lack harmonization, complicating cross-border investment and trade.

• Customs, sanitary, and veterinary standards differ between countries, limiting regional integration.

• Turkmenistan remains particularly restrictive outside the energy sector due to opaque regulations.

• According to ADB’s ease-of-doing-business metrics: Kazakhstan ranks 28th globally, while Tajikistan ranks 126th — highlighting wide gaps in investment environments.

“Rule of law and investor protections must become top priorities,” says UNDP legal advisor Maria Reynolds. “Progress in this area is essential to unlock long-term capital inflows.”

Environmental Challenges and Skills Gap The region also faces growing environmental pressures and human capital limitations: • Water scarcity is a major issue in Kyrgyzstan, Tajikistan, and Uzbekistan — causing tensions and slowing transnational projects.

• Climate change threatens agriculture and food security, with increased drought risk and declining yields, especially in Turkmenistan.

• Pollution from unchecked industrialization is degrading soil and water quality, affecting agriculture and tourism alike.

PHOTO: VELIRINA / SHUTTERSTOCK

Kyrgyzstan focuses on supporting SMEs in agriculture and hydropower.

However, political uncertainty remains a key challenge.

“Institutional capacity must be strengthened to build investor trust,” notes IMF’s Sara Thompson.

WORLD ECONOMIC JOURNAL

OUTLOOK AND STRATEGIC RECOMMENDATIONS Central Asia is set to maintain its appeal as a long-term investment destination, supported by its natural resource base, strategic location, and multilateral institutional support. Four sectors are expected to drive regional growth in 2025 and beyond:

ENERGY Kazakhstan and Kyrgyzstan will lead in expanding renewable energy, while traditional energy sources remain dominant across the region.

Recommendations: • Focus on long-term infrastructure projects, particularly in renewables and grid modernization; • Leverage partnerships with institutions like ADB to share financial risks; • Prioritize ESG-compliant energy ventures for reputational and regulatory advantages.

TRANSPORT AND LOGISTICS Kazakhstan will expand transcontinental corridors like the New Silk Road. Uzbekistan and Tajikistan are investing heavily in road and rail modernization.

Recommendations: • Invest in logistics hubs and multimodal infrastructure; • Participate in public tenders and infrastructure programs; • Use political risk insurance to protect transport-related assets.

AGRICULTURE Technological upgrades, irrigation systems, and sustainable practices will reshape regional agriculture. Uzbekistan is scaling up agri-digitalization, while Kazakhstan is targeting organic export growth.

Recommendations: • Support modernization projects and value-chain development; • Engage in international agri-initiatives (e.g., FAO-backed programs); • Take advantage of national subsidy schemes to reduce entry costs.

TOURISM Eco- and cultural tourism will become key growth areas. Uzbekistan plans to raise tourism’s GDP share to 20%, while Kazakhstan and Kyrgyzstan are investing in sustainable infrastructure.

FINAL OUTLOOK

In 2025, Central Asia will continue strengthening its role as a strategic region for international capital. Energy, logistics, agriculture, and tourism will serve as the primary growth engines.

Recommendations: • Invest in mid-size hospitality, green resorts, and transport services; • Form joint ventures with local tour operators for market entry; • Align with national sustainability strategies to access incentives.

Kazakhstan and Uzbekistan are expected to attract the bulk of new investment thanks to ongoing reforms and logistical connectivity.

Kyrgyzstan and Tajikistan will focus on infrastructure modernization

and sustainable development. Political instability and ecological risks will remain key challenges, but with a well-planned risk strategy, the region offers significant long-term potential.

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[ ANALYTICS ]

BRICS CORPORATE LEADERS 2025 46

WEJ | May-June 2025

WORLD ECONOMIC JOURNAL

September Issue of WEJ

BRICS 250: The Companies Shaping the Future of Sustainable Growth In a world seeking new directions for growth, companies from BRICS nations are emerging as the driving force of global transformation. In 2024, the World Economic Journal introduced the inaugural edition of the BRICS Corporate Leaders (BRICS 250) ranking — a comprehensive review of the largest and most forward-looking corporations from BRICS countries. The updated 2025 edition will be released this autumn.

PHOTO: METAMORWORKS / SHUTTERSTOCK

BRICS 250 is a unique business assessment tool that combines scale, sustainability, and impact. The ranking covers 250 leading companies from BRICS and BRICS+ countries, including China, India, Brazil, Russia, South Africa, as well as new members such as the UAE, Egypt, and Saudi Arabia.

Companies are evaluated across four key criteria: • Financial Stability — revenue, assets, market capitalization; • ESG Performance — environmental and social responsibility, governance transparency; • Future Orientation — investment in innovation, digital transformation, adaptability to new markets; • Global Significance — contribution to GDP, exports, employment, and cross-border projects.

The ranking reflects not only the size of a business but also its readiness to meet the challenges of the coming decade.

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[ ANALYTICS ]

Who Topped the List Among BRICS 250 in 2024?

The top companies included both global multinationals and emerging regional giants: • Naspers (South Africa) — digital media and investment; • Tencent (China) — the region’s most influential tech ecosystem; • Banco Itaú Unibanco (Brazil) — a benchmark in sustainable banking; • Infosys (India) — a global IT transformation leader; • CIB Egypt and IHC (UAE) — new BRICS+ entrants showcasing growth and openness.

1. NASPERS Naspers is a multinational consumer internet group and one of South Africa's largest companies. Founded in 1915, it has evolved from a local media business into a global internet and technology group, with significant investments in online classifieds, food delivery, fintech and e-commerce platforms. Naspers is notably the largest shareholder in Prosus, a global consumer internet group that holds stakes in companies like Tencent and Delivery Hero.

Naspers' ESG efforts focus on sustainable development and responsible corporate citizenship. The company emphasises reducing its carbon footprint, enhancing data privacy and security, promoting diversity and inclusion,

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WEJ | May-June 2025

and supporting local communities. Naspers also prioritises good governance, aiming for transparency, accountability and ethical business practices across its operations and investments. Its ESG initiatives are aligned with global sustainability goals, aiming for a positive impact on both society and the environment.

2. TENCENT HOLDINGS LTD. Tencent Holdings Ltd. is a Chinese multinational conglomerate and one of the world's largest technology companies. Founded in 1998 and headquartered in Shenzhen, Tencent operates across various sectors including social networking, gaming, fintech, cloud computing and AI. Tencent's core businesses revolve around its popular social media platform WeChat, its leading online gaming portfolio (featuring titles like Honor of Kings and PUBG Mobile) and its digital payment service WeChat Pay. Tencent is also a significant player in cloud services and artificial intelligence, driving innovation across industries.

The company invests extensively in high-tech sectors, including autonomous driving, quantum computing, and healthcare technology, as well as its strategic stakes in global tech giants like Tesla, Spotify, and Snap Inc. Tencent's ESG policies focus on sustainability, social responsibility and robust governance. The company is committed to reducing its carbon emissions, developing eco-friendly data centres and adopting renewable energy

PHOTO: PANUSHOT / SHUTTERSTOCK

The first edition of BRICS 250 in 2024 clearly demonstrated: sustainable growth is possible only when financial performance goes hand in hand with a strong ESG strategy.

WORLD ECONOMIC JOURNAL

sources. Socially, Tencent invests in education, healthcare and poverty alleviation in China while promoting digital inclusion globally. Its governance strategy emphasises transparency, ethics and compliance with international standards, reflecting its role as a global tech leader.

3. BANCO ITAÚ UNIBANCO Banco Itaú Unibanco is one of the largest financial institutions in Latin America and a key player in the global banking industry. Headquartered in São Paulo, Brazil, the bank was formed in 2008 through the merger of Banco Itaú and Unibanco. Itaú Unibanco offers a wide range of services including retail, commercial and investment banking, as well as insurance, asset management and credit cards. The bank operates in over 18 countries and serves millions of customers across its digital and physical platforms.

The bank is known for its focus on digital transformation, with significant investments in fintech, AI, and blockchain technology to enhance customer experiences and operational efficiency.

Itaú Unibanco has a strong commitment to ESG principles. Environmentally, the bank aims to reduce its carbon footprint, finance green projects and support sustainable development in Brazil and beyond. Socially, Itaú Unibanco invests in education, entrepreneurship and social inclusion initiatives, particularly focusing on underserved communities. In terms of governance, the bank prioritises transparency, ethical behaviour and strong corporate governance practices, ensuring that its operations align with global best practices and contribute positively to society and the environment.

4. INFOSYS LTD. Infosys Ltd. is a prominent global IT services and consulting firm based in Bangalore, India. Established in 1981, the company offers a broad array of services, including software development, business consulting, technology solutions and outsourcing. It caters to a variety of industries, such as finance, manufacturing, telecommunications, retail and healthcare. Infosys is particularly recognized for its capabilities in digital transformation, cloud solutions, AI and data analytics, enabling businesses to modernise and innovate. Infosys operates in more than 50 countries and employs over 300,000 people globally.

The company has committed to ambitious sustainability objectives, including achieving carbon neutrality and cutting energy consumption through renewable energy adoption. Its social initiatives focus on education, health-

care and skill development, particularly for disadvantaged communities. In governance, Infosys shows dedication to transparency, ethical conduct and robust corporate governance by international standards.

5. COMMERCIAL INTERNATIONAL BANK Commercial International Bank (CIB), Egypt’s largest private-sector bank, has been a leader in corporate and retail banking since its founding in 1975. Offering a full spectrum of financial services — including personal banking, corporate lending, trade finance and investment banking — CIB leverages technology to improve digital banking and enhance customer experiences.

Operating both domestically and internationally, and serving millions of clients, the bank continues to invest in fintech and digital solutions to remain competitive.

CIB shows commitment to ESG principles, focusing on environmental sustainability by cutting carbon emissions and funding renewable energy projects. Socially, it supports initiatives in education, financial inclusion and community development, particularly targeting youth and entrepreneurship. The bank upholds strong governance practices, emphasising transparency, ethics, and compliance with both local and global standards.

6. BANK OF CHINA LTD. Bank of China Limited (BOC), one of China's largest and oldest financial institutions, was founded in 1912.

As a leading state-owned bank, BOC provides a broad range of financial services, including corporate and personal banking, investment banking, insurance and asset management. The bank has a significant global presence, operating in over 50 countries and regions, and serves a vast customer base both domestically and internationally.

The company continues to drive innovation through investments in digital banking and fintech solutions to remain competitive in the fast-evolving financial landscape.

Bank of China’s sustainable development strategy stands out for its strong focus on sustainable finance. The bank is involved in financing green projects and reducing its environmental impact. Socially, BOC supports initiative in the fields of financial inclusion, education and poverty alleviation. In terms of governance, the bank adheres to strict standards of transparency, ethics and strong corporate governance, ensuring compliance with both domestic and international regulations.

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[ ANALYTICS ]

Ranking Table 2024 — BRICS 250 / Top 64 RANK

COMPANY

INDUSTRY

COUNTRY

HQ CITY

MARKET CAP mln $

SCORE business

esg

future

total

1

NASPERS

IT and Telecom

South Africa

Cape Town

37 000

30

23

23

76

2

TENCENT HOLDINGS LIMITED

IT and Telecom

China

Shenzhen

485 000

19

28

26

73

3

BANCO ITAÚ UNIBANCO

Banking and finance

Brazil

São Paulo

60 311

18

25

26

69

4

INFOSYS LTD

Technology

India

Bangalore

91 900

12

25

30

67

5

COMMERCIAL INTERNATIONAL BANK

Banking and finance

Egypt

Giza

26 800

30

19

18

67

6

BANK OF CHINA LIMITED

Banking and finance

China

Beijing

175 200

14

23

26

63

7

INTERNATIONAL HOLDING COMPANY

Banking and finance

UAE

Abu Dhabi

238 633

26

18

19

63

8

BANCO DO BRASIL

Banking and finance

Brazil

Brasilia

28 550

14

26

22

62

9

AGRICULTURAL BANK OF CHINA LIMITED

Banking and finance

China

Beijing

220 600

16

22

23

61

10

EMIRATES TELECOM

IT and Telecom

UAE

Abu Dhabi

39 070

16

25

19

60

11

ABSA GROUP LIMITED

Banking and finance

South Africa

Johannesburg

8 198

11

24

25

60

12

HAIER SMART HOME

Technology

China

Qingdao

31 180

8

26

25

59

13

CHINA MOBILE LTD

IT and Telecom

China

Hong Kong

210 000

15

25

19

59

14

SAUDI ARAMCO

Oil and gas

Saudi Arabia

Dhahran

1 818 000

30

16

13

59

15

SBER

Banking and finance

Russia

Moscow

68 370

17

21

20

58

16

BANCO BRADESCO

Banking and finance

Brazil

Marília

27 090

15

24

18

57

17

THE SAUDI NATIONAL BANK

Banking and finance

Saudi Arabia

Riyadh

63 370

7

22

28

57

18

TATA CONSULTANCY SERVICES

IT and Telecom

India

Mumbai

190 000

18

19

20

57

19

RELIANCE INDUSTRIES LIMITED

Oil and gas

India

Mumbai

238 530

30

14

13

57

20

CHINA MERCHANTS BANK

Banking and finance

China

Shenzhen

114 000

10

24

22

56

21

AXIS BANK

Banking and finance

India

Mumbai

43 030

8

23

25

56

22

CHINA CONSTRUCTION BANK CORPORATION

Banking and finance

China

Beijing

180 100

16

20

20

56

23

INDUSTRIAL AND COMMERCIAL BANK OF CHINA

Banking and finance

China

Fuzhou

264 000

18

20

18

56

24

VALE

Industrials

Brazil

Rio de Janeiro

54 190

19

18

19

56

25

CHINA TELECOM CORPORATION

IT and Telecom

China

Beijing

74 000

10

25

20

55

26

YANDEX

IT and Telecom

Russia

Moscow

8 921

7

23

25

55

27

HDFC BANK

Banking and finance

India

Mumbai

150 000

17

22

16

55

28

MTN GROUP LTD

IT and Telecom

South Africa

Johannesburg

7 671

9

26

19

54

29 SUN PHARMACEUTICAL

Medtech, Biotech and Pharmacy

India

Mumbai

49 860

8

26

19

53

30

ROSTELECOM

IT and Telecom

Russia

St. Petersburg

2 648

6

25

22

53

31

FOXCONN INDUSTRIAL INTERNET

Technology

China

Shenzhen

66 000

7

25

21

53

32

BAIDU

IT and Telecom

China

Beijing

28 770

7

23

23

53

50

WEJ | May-June 2025

WORLD ECONOMIC JOURNAL

RANK

COMPANY

INDUSTRY

COUNTRY

HQ CITY

MARKET CAP mln $

SCORE business

esg

future

total

33

HCL TECHNOLOGIES

Technology

India

Noida

53 145

9

23

21

53

34

VODACOM GROUP LTD

IT and Telecom

South Africa

Midrand

10 561

12

23

18

53

35

VTB

Banking and finance

Russia

Moscow

13 210

8

22

23

53

36

SANLAM LIMITED

Banking and finance

South Africa

Belleville

9 234

11

22

20

53

37

TIM

IT and Telecom

Brazil

Rio de Janeiro

8 200

8

28

16

52

38

LIFE HEALTHCARE GROUP

Healthcare

South Africa

Johannesburg

1 054

7

27

18

52

39

REMGRO LTD

Banking and finance

South Africa

Stellenbosch

4 329

8

25

19

52

40

PJSFC SISTEMA

Technology

Russia

Moscow

1 724

6

24

22

52

41

CITIC LIMITED

Banking and finance

China

Hong Kong

26 480

10

22

20

52

42

PETROCHINA

Oil and gas

China

Beijing

222 160

23

18

11

52

43

SAUDI TELECOM CO

IT and Telecom

Saudi Arabia

Riyadh

53 822

7

24

20

51

44

EMIRATES INTEGRATED

IT and Telecom

UAE

Dubai

7 441

8

24

19

51

23

19

51

TELECOMMUNICATIONS COMPANY 45

POSTAL SAVINGS BANK OF CHINA

Banking and finance

China

Beijing

56 000

9

46

CHINA LIFE INSURANCE COMPANY LIMITED

Banking and finance

China

Beijing

104 000

10

21

20

51

47

ALIBABA GROUP

Retail and e-commerce

China

Hangzhou

188 000

14

21

16

51

48

VKONTAKTE

IT and Telecom

Russia

Moscow

1 416

6

25

19

50

49

TOTVS SA

IT and Telecom

Brazil

São Paulo

3 181

6

24

20

50

50 DIS-CHEM PHARMACIES LTD

Medtech, Biotech and Pharmacy

South Africa

Midrand

1 603

7

24

19

50

51

XIAOMI

IT and Telecom

China

Beijing

49 680

8

23

19

50

52

BANK OF COMMUNICATIONS

Banking and finance

China

Shanghai

66 000

9

22

19

50

53

FIRST ABU DHABI BANK

Banking and finance

UAE

Abu Dhabi

42 000

12

22

16

50

54

STATE BANK OF INDIA

Banking and finance

India

Mumbai

92 000

14

19

17

50

55

STANDARD BANK GROUP LTD

Banking and finance

South Africa

Johannesburg

20 040

14

18

18

50

56

CHINA PETROLEUM & CHEMICAL CORPORATION

Oil and gas

China

Beijing

105 000

22

17

11

50

57

TAALEEM HOLDINGS PJSC

Science and Education

UAE

Dubai

1 663

7

26

16

49

58

SANTAM LIMITED

Banking and finance

South Africa

Bellville

1 906

7

23

19

49

59

ABU DHABI ISLAMIC BANK

Banking and finance

UAE

Abu Dhabi

10 074

8

22

19

49

60

INDUSTRIAL BANK

Banking and finance

China

Fuzhou

48 000

8

22

19

49

61

FAISAL ISLAMIC BANK OF EGYPT

Banking and finance

Egypt

Cairo

390

10

21

18

49

62

BHARTI AIRTEL LTD

IT and Telecom

India

New Delhi

103 000

11

20

18

49

63

TECOM GROUP PJSC

IT and Telecom

UAE

Dubai

3 753

6

23

19

48

64

MOEX

Banking and finance

Russia

Moscow

4 800

7

22

19

48

51

[ ANALYTICS ]

Expanded Scope, AI-Powered Insights, and Next-Gen ESG Tools

250 COMPANIES — ONE SUSTAINABLE FUTURE: COMING SEPTEMBER 2025 The updated BRICS Corporate Leaders 2025 ranking will be published in the September 2025 edition of the World Economic Journal.

Follow updates and methodology at: world-economic.com For participation, partnerships, and nominations: awards@world-economic.com

and deep benchmarking of corporate sustainability.

Key updates include: • Sectoral classification: Companies will be grouped into six major sectors — finance, technology, energy, industry, agri-business, and healthcare.

• Introduction of the “ESG Composite Score”, aggregating environmental, social, and governance metrics.

• Implementation of SustainaNet AITE — a cutting-edge AI-based platform for real-time ESG signal monitoring, resilience assessment,

52

WEJ | May-June 2025

• Greater focus on BRICS+ multinationals with strong export and cross-border operations.

• Introduction of special tags: “ESG Champion”, “Tech Pioneer”, and “Green Leap Company”.

PHOTO: TECH_BG / SHUTTERSTOCK

The 2025 edition of BRICS 250 introduces a series of critical upgrades.

Don’t miss the most comprehensive research on BRICS corporate leadership — only in the World Economic Journal

WORLD ORGANIZATION FOR DEVELOPMENT AN INTERNATIONAL NON-GOVERNMENTAL ORGANIZATION WITH SPECIAL CONSULTATIVE STATUS WITH UN ECOSOC, MEMBER OF THE UNITED NATIONS GLOBAL COMPACT

ZERO HUNGER

GOOD HEALTH AND WELL-BEING

NO POVERTY

REDUCED INEQUALITIES

QUALITY EDUCATION

CLEAN WATER AND SANITATION PARTNERSHIPS FOR THE GOALS

AFFORDABLE AND CLEAN ENERGY

GENDER EQUALITY

INDUSTRY, INNOVATION AND INFRASTRUCTURE

DECENT WORK AND ECONOMIC GROWTH

LIFE ON LAND

Founded on December 23, 2009 by the principles proclaimed by the United Nations Actively participates in the implementation of the 2030 Agenda for Sustainable Development and interacts with international organizations of the UN system Develops and implements Global Initiatives to achieve Sustainable Development Goals The United Nations has already twice recognized the Global Initiatives developed

by WOD as the SDG Good Practices to achieve the Sustainable Development Goals, in 2015 and 2021

SUSTAINABLE CITIES AND COMMUNITIES PEACE, JUSTICE, AND STRONG INSTITUTIONS

LIFE BELOW WATER

CLIMATE ACTION

RESPONSIBLE CONSUMPTION AND PRODUCTION

https://unwod.org/

[ ANALYTICS ]

BRICS BUSINESS CAPITALS 2025 September Issue of WEJ

PHOTO: DEXONDEE / SHUTTERSTOCK

UPCOMING RANKING PREVIEW

54

WEJ | May-June 2025

WORLD ECONOMIC JOURNAL

55

[ ANALYTICS ]

T

he world is becoming increasingly urban.

Major BRICS cities are shaping new chains of economic influence, technological transformation, and ESG adaptation. In 2024, World Economic Journal introduced the first edition of the BRICS Business Capitals — a ranking of the most influential urban economic hubs. An updated edition will be released in the September 2025 issue.

The evaluation is based on four primary categories: • Gross Regional Product (GRP): economic size and growth rates; • Technological Infrastructure: level of digitization and innovation clusters; • Urban ESG Agenda: waste management, green zones, sustainable transport; • Role as Corporate and Investment Hubs: number of large company HQs, business density, financial activity.

BRICS Business Capitals is a specialized sub-ranking that highlights key cities across BRICS countries actively redefining the global economic landscape.

In 2025, the ranking will be expanded with new cities and updated metrics to reflect the growing influence of BRICS+.

56

WEJ | May-June 2025

PHOTO: CHIEW / SHUTTERSTOCK

The Cities Shaping the Future: BRICS Business Capitals Ranking Returns

WORLD ECONOMIC JOURNAL

Last Year’s Highlights: Which Cities Led the BRICS Urban Economy?

Key Insights from the 2024 Edition: •B eijing demonstrated unmatched combined strength: GRP, innovation, and global outreach; •A bu Dhabi achieved the highest ESG rating and urban resilience; •M oscow and Johannesburg maintained their roles as regional business hubs; •S henzhen, while smaller in scale, emerged as a frontrunner in digital transformation.

Top-25 Cities in the 2024 BRICS Business Capitals Ranking

PHOTO: METAMORWORKS / SHUTTERSTOCK

RANK

CITY

COUNTRY

SCORE business

esg

future

total

occurrence

1

BEIJING

China

227

392

345

964

20

2

ABU DHABI

UAE

234

401

318

953

22

3

MOSCOW

Russia

167

364

311

842

19

4

JOHANNESBURG

South Africa

170

329

262

761

18

5

DUBAI

UAE

123

295

267

685

16

6

RIYADH

Saudi Arabia

106

276

292

674

17

7

MUMBAI

India

179

226

218

623

13

8

SÃO PAULO

Brazil

143

236

182

561

13

9

CAPE TOWN

South Africa

89

177

145

411

9

10

SHENZHEN

China

65

138

114

317

6

11

SANDTON

South Africa

51

115

87

253

6

12

CAIRO

Egypt

49

102

73

224

5

13

RIO DE JANEIRO

Brazil

53

75

63

191

4

14

HONG KONG

China

35

61

53

149

3

15

HANGZHOU

China

29

62

52

143

3

16

SHANGHAI

China

25

61

52

138

3

17

BANGALORE

India

19

44

47

110

2

18

AHMEDABAD

India

24

45

38

107

3

19

GIZA

Egypt

40

33

34

107

2

20

ADDIS ABABA

Ethiopia

59

26

22

107

3

21

FUZHOU

China

26

42

37

105

2

22

MIDRAND

South Africa

19

47

37

103

2

23

STELLENBOSCH

South Africa

20

40

39

99

2

24

SAINT-PETERSBURG

Russia

19

43

34

96

2

25

JARAGUÁ DO SUL

Brazil

27

32

30

89

2

57

[ ANALYTICS ]

Key Announcements: • Jakarta, Cairo, and Addis Ababa — key capitals from newly joined BRICS+ members — will debut in the 2025 edition; • Introduction of a new "Urban ESG Composite Index", reflecting the environmental, mobility, digital, and investment attractiveness of each city; • New indicators: GRP per capita and Corporate Density Index (number of leading company HQs per city); • A comparative infographic "Financial Weight vs ESG Infrastructure" will showcase the balance of economic power and sustainability across BRICS capitals.

The updated ranking will be published in the September 2025 issue of World Economic Journal.

58

WEJ | May-June 2025

Don’t miss the definitive overview of the evolving urban power map — only in the September issue of WEJ Stay informed at: world-economic.com For nominations, partnerships, and data contributions: awards@world-economic.com

PHOTO: RUMANA FERDOUSI / SHUTTERSTOCK

BRICS+ in Motion: What’s New in the 2025 Edition

RESEARCH The analytical rating service WOD-Research regularly calculates ratings, indices; conduct analytical studies in the sustainable development of the world’s states and territorial entities of the countries, as well as international corporations

WOD-RESEARCH

IS THE SCIENTIFIC BASIS FOR DEVELOPING THE FOLLOWING TOOLS OF THE GLOBAL INITIATIVE #SDGAction33410, RECOGNIZED BY UN SDG GOOD PRACTICES: 1. Artificial Intelligence for the Development of Territorial Entities (AITE) 2. The Statistical Committee #SDGAction33410 3. Initiative to establish the United Nations Programme for Territorial Development

[ AWARDS ]

An international award for leadership and innovation in achieving the Sustainable Development Goals (SDGs) 60

WEJ | May-June 2025

PHOTO:

WORLD INNOVATION AWARD 2025: OFFICIAL ANNOUNCEMENT

WORLD ECONOMIC JOURNAL

ORGANIZER OF THE AWARD

The World Innovation Award® is established by the World Organization for Development (WOD), an international non-governmental organization with Special Consultative Status with the UN Economic and Social Council (ECOSOC) since 2014 and a participant of the UN Global Compact since 2016.

WOD’s global initiatives aimed at achieving the Sustainable Development Goals (SDGs) were twice recognized by the United Nations (in 2015 and 2021) as part of the world’s best practices.

AWARD MISSION

The World Innovation Award honors leaders who have made an outstanding contribution to the achievement of the Sustainable Development Goals (SDGs) through the systematic implementation of innovative solutions — in governance, economic development, urban transformation, social policy, and ESG practices.

The award has no geographical limitations — it is open to nominees from any country, city, or region where real, measurable change is taking place.

"The Sustainable Development Goals are the supreme test of politics — and it is cities where the battle for the SDGs will be won or lost." — Professor Jeffrey D. Sachs 61

[ AWARDS ]

GLOBAL RECOGNITION AND INFLUENCE

The World Innovation Award has earned its place as a central event on the global sustainable development agenda. As noted by Professor Jeffrey D. Sachs — one of the key architects of the SDGs and a leading global authority in the field — in his interview for WEJ: “The Sustainable Development Goals are the supreme test of politics — and it is cities where the battle for the SDGs will be won or lost.”

Each September, the award ceremony brings together leaders who are actively addressing global challenges through innovation and systemic transformation.

The award is presented by the World Organization for Development (WOD) — an international non-governmental organization with Special Consultative Status with the UN Economic and Social Council (since 2014) and a participant in the United Nations Global Compact (since 2016).

The global initiatives implemented by WOD to support the Sustainable Development Goals were included by the United Nations in the official registry of SDG Good Practices — in both 2015 and 2021.

62

WEJ | May-June 2025

A SUSTAINABLE FUTURE STARTS IN CITIES

The award places special emphasis on the contributions of urban leaders — mayors, ministers, and agency heads responsible for infrastructure, transport, education, and digital transformation.

In today’s world, the future of humanity is being shaped in cities: according to UN projections, more than 68% of the global population will live in urban areas by 2050.

The World Innovation Award highlights strategic efforts that successfully combine rapid urban growth with responsible resource management, digital innovation, and social inclusion.

WORLD ECONOMIC JOURNAL

AWARD CATEGORIES The award includes the following primary categories, each aligned with a specific SDG: uality Education Q (SDG 4) Clean Water and Sanitation (SDG 6) ffordable and Clean Energy A (SDG 7) ecent Work and Economic D Growth (SDG 8) I ndustry, Innovation, and Infrastructure (SDG 9) educed Inequalities R (SDG 10) ustainable Cities S and Communities (SDG 11) esponsible Consumption R and Production (SDG 12)

EVALUATION CRITERIA

Nominee projects and initiatives are assessed by experts from WOD using the Artificial Intelligence for Territorial Entities (AITE) platform.

The award is granted for a comprehensive body of work meeting the following criteria: 1. C ontribution to a specific Sustainable Development Goal (SDG); 2. F ocus on innovation and digital technology; 3. M easurable improvements in quality of life for a significant number of people; 4. Results of global or international relevance.

Climate Action (SDG 13) eace, Justice, and Strong P Institutions (SDG 16) Additional categories include: Empowerment of All Women and Girls (SDG 5)

63

[ AWARDS ]

PAST LAUREATES World Innovation Award 2023 Held during the BRICS Innovation Forum Award Recipients:

REYNA JUANITA RUEDA ALVARADO Mayor of Managua Nicaragua NATALIA SERGUNINA Vice Mayor of Moscow Russia SHANTA THOUTAM CIO of the State of Telangana India

MANSOUR AJRAN AL-BUAINAIN Director of Doha Municipality Qatar MARAT SULTANGAZIYEV Akim of Almaty Region Kazakhstan SHEIKH RASHID BIN ABDULRAHMAN AL KHALIFA Governor of the Capital Governorate Bahrain MANSUR YAVAŞ Mayor of Ankara Türkiye DODDALAHALLI KEMPEGOWDA SHIVAKUMAR Deputy Chief Minister of Karnataka India

EROL ÖZGÜNER CIO, Istanbul Metropolitan Municipality Türkiye

ALIREZA ZAKANI, Mayor of Tehran Iran

KHALED EL-ATTAR Vice Minister of Communications and Information Technology Egypt

ELDAR AZIZOV Mayor of Baku Azerbaijan

ABDULRAHMAN IBRAHIM Chief Data and Innovation Officer of Al-Madinah Region Development Authority Saudi Arabia

SERGEI SOBYANIN Mayor of Moscow Russia

DAOUDA GUEYE Vice Mayor for Technology, Dakar Senegal

64

World Innovation Award 2024 Held on 18 September 2024 during the BRICS Urban Future Forum.

Award Recipients:

WEJ | May-June 2025

YANET HERNÁNDEZ PÉREZ Governor of Havana Cuba

WORLD ECONOMIC JOURNAL

EXPERT COUNCIL The Expert Council of the World Innovation Award includes distinguished international professionals in the fields of sustainable development, innovation, and digital technologies. Among them:

MAIMUNAH MOHD SHARIF

CHAIRWOMAN

CALL FOR PARTICIPATION Applications for the World Innovation Award 2025 are open until 29 August 2025.

Mayor of Kuala Lumpur, former United Nations Under-SecretaryGeneral, and former Executive Director of UN-Habitat (2018– 2024)

Website: https://globalaward.org

DR. RAEKWON CHUNG

The city and date will be announced separately.

Nobel Peace Prize Laureate (as part of the IPCC), former Climate Advisor to the UN Secretary-General

NICHOLAS YOU

CONTACT INFORMATION:

Email: info@globalaward.org The official award ceremony will be held in September 2025.

Don’t miss the opportunity to nominate your city, organization, or initiative — applications are open now.

Executive Director of the Guangzhou Institute for Urban Innovation

The full list is available at https://globalaward.org 65

[ TRENDS ]

MAY - AUGUST 2025

13

MAY TORONTO, CANADA

BLOCKCHAIN FUTURIST CONFERENCE 2025 As Canada's largest blockchain and cryptocurrency event, the Blockchain Futurist Conference showcases the latest advancements in Web3, DeFi, NFTs, and AI. The conference features expert speakers, interactive workshops, and networking opportunities, aiming to foster innovation and collaboration in the blockchain ecosystem.

Website: futuristconference.com

19-22 MAY

19-22

19-23

SEATTLE, WASHINGTON, USA & ONLINE

SAN DIEGO, USA

MAY

MAY

CLEANPOWER 2025 CONFERENCE & EXHIBITION – AMERICAN CLEAN POWER ASSOCIATION

MICROSOFT BUILD 2025

MLCON SAN DIEGO 2025

CLEANPOWER 2025 is the premier conference for the renewable energy industry, bringing together policymakers, industry experts, and leaders to discuss the future of clean energy. The event will cover topics such as wind, solar, storage, and transmission, aiming to advance the clean power sector.

Website: cleanpower.org/expo

Description: Microsoft's annual developer conference will highlight advancements in AI, cloud computing, and Windows development. Attendees can expect insights into the latest features of Windows 11, updates to Microsoft Copilot, and discussions on the future of software development.

Website: build.microsoft.com

Description: MLCon is a premier conference on machine learning for software developers, data scientists, and engineers. The 2025 edition includes expert keynotes, practical workshops, and real-world case studies, with a particular focus on generative AI and production-ready ML systems.

Website: mlconference.ai

66

WEJ | May-June 2025

PHOTO: FUTURISTCONFERENCE.COM

PHOENIX, ARIZONA, USA

WORLD ECONOMIC JOURNAL

20-21 MAY

MOUNTAIN VIEW, USA

GOOGLE I/O 2025 Google I/O is the company's annual flagship developer event, showcasing the latest advancements in artificial intelligence, cloud, Android, and web technologies. In 2025, the focus is on AI integration, generative AI tools, and developer empowerment. Attendees will enjoy access to live keynotes, product demos, and interactive labs.

Website: io.google

20-21 MAY

20-21 MAY

DIGITAL ASSETS WEEK NEW YORK 2025 NEW YORK, USA Digital Assets Week New York focuses on the institutional adoption of digital assets, exploring topics such as asset tokenization, digital securities, and the evolving regulatory landscape. The event gathers financial institutions, technology providers, and policymakers to discuss the integration of digital assets into traditional finance.

Website: daweek.org

20-22 MAY

AI FOR DEFENSE TRANSFORMATION 2025

PHOTO: VU HOANG / CC BY 2.0; RADOSLAW PREKURAT, RYAN MIGLINCZY / UNSPLASH

MAY

TAIPEI, TAIWAN

COMPUTEX TAIPEI 2025 COMPUTEX is one of the world's leading technology trade shows, focusing on AI, high-performance computing, and emerging technologies. The 2025 edition will showcase innovations from major industry players, including advancements in AI-driven hardware and software solutions.

Website: computextaipei.com.tw

21-22 MAY

DUBAI, UAE

CRYPTO EXPO DUBAI 2025

AUSTIN, TEXAS, USA

The AI for Defense Transformation Summit, hosted by IDGA, will convene U.S. and allied military leaders, technologists, and industry stakeholders to explore how artificial intelligence is reshaping defense capabilities. The summit will delve into key defense AI initiatives such as Advana, Project Maven, Project Linchpin, and Replicator 2, focusing on their impact on intelligence gathering, decision-making, and autonomous systems. Attendees will engage in discussions on AI-enabled decision-making, advanced threat assessment, and the integration of AI in modern warfare.

Website: idga.org

20-23

DOHA, QATAR

QATAR ECONOMIC FORUM 2025 – BLOOMBERG & GOVERNMENT OF QATAR

Crypto Expo Dubai is a premier event in the cryptocurrency and blockchain space, bringing together industry leaders, investors, and enthusiasts to explore the latest trends and innovations. The expo features keynote speeches, panel discussions, and networking opportunities, focusing on areas such as DeFi, NFTs, and regulatory developments.

Website: cryptoexpodubai.com

The Qatar Economic Forum 2025, powered by Bloomberg and hosted by the Government of Qatar, is a major global platform for dialogue on economic development, innovation, and investment. The forum brings together heads of state, Fortune 500 CEOs, economists, and global investors to discuss strategies across sectors such as energy, finance, technology, and sustainability. The event promotes international cooperation and aims to develop actionable solutions to global economic challenges.

Website: qatareconomicforum.com

67

[ TRENDS ]

9-13 JUNE

22-23 MAY

VIENNA, AUSTRIA

52ND OENB ANNUAL ECONOMIC CONFERENCE – AUSTRIAN NATIONAL BANK (OENB) & SUERF The 52nd Annual Economic Conference, co-hosted by the Austrian National Bank and SUERF, will focus on "Monetary Policy and Structural Tectonic Shifts." The event will bring together central bankers, economists, and financial professionals to discuss the evolving landscape of monetary policy amid global structural changes.

Topics include inflation dynamics, digital currencies, and financial stability.

Website: bankinglibrary.com/conferences

9-12 JUNE

DATA + AI SUMMIT 2025 Data + AI Summit is the world's largest data and AI conference organized

by Databricks. It gathers top data engineers, scientists, analysts, and executives to explore the future of AI, machine learning, data architecture, and LLMs. The 2025 edition focuses on practical implementations and industry impact, offering deep technical sessions, hands-on training, and strategic insights.

Website: databricks.com

JUNE

JUNE

THIRD UN OCEAN CONFERENCE 2025 – UNITED NATIONS

SAN FRANCISCO, USA

9-13

3-5

NICE, FRANCE

The Third UN Ocean Conference, co-hosted by France and Costa Rica, aims to accelerate action and mobilize all actors to conserve and sustainably use the ocean. The conference will focus on addressing marine pollution, ocean acidification, and overfishing, aligning with Sustainable Development Goal 14. It will bring together world leaders, scientists, and stakeholders to foster partnerships and innovative solutions for ocean sustainability.

Website: sdgs.un.org/conferences/ ocean2025

9-13 JUNE

BANGKOK, THAILAND

GLOBAL FASHION SUMMIT 2025 – GLOBAL FASHION AGENDA The Global Fashion Summit is the leading international forum for sustainability in fashion, organized by the Global Fashion Agenda. The 2025 summit gathers industry executives, policymakers, innovators, and NGOs to discuss circularity, supply chain responsibility, climate action, and innovation in textiles.

Website: globalfashionsummit.com

68

WEJ | May-June 2025

PAPERLESS TRADE WEEK 2025 – UNITED NATIONS ESCAP Organized by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), Paperless Trade Week 2025 focuses on the digitalization of supply chains and cross-border trade. The event brings together policymakers, private sector representatives, and international organizations to discuss the implementation of the UN treaty on facilitating cross-border paperless trade in Asia and the Pacific.

Website: etradeforall.unctad.org

ONLINE

APPLE WORLDWIDE DEVELOPERS CONFERENCE (WWDC) 2025 Apple's annual WWDC will unveil the latest advancements in software and technology, including updates to iOS, macOS, and other platforms. The event serves as a platform for developers worldwide to engage with Apple's engineering teams and preview new tools and features.

Website: developer.apple.com/ wwdcThe Times of India

PHOTO: THOMAS LEDL / CC BY-SA 4.0

COPENHAGEN, DENMARK

WORLD ECONOMIC JOURNAL

18-21 JUNE

ST. PETERSBURG, RUSSIA

ST. PETERSBURG INTERNATIONAL ECONOMIC FORUM (SPIEF) 2025 – ROSCONGRESS FOUNDATION

16-19

18-19

I STANBUL CONGRESS CENTRE, ISTANBUL, TÜRKIYE

SINGAPORE

JUNE

PHOTO: ISTANBUL CONGRESS CENTER; SUPERAI.COM

GLOBAL SUSTAINABLE DEVELOPMENT CONGRESS 2025 – TIMES HIGHER EDUCATION (THE) The Global Sustainable Development Congress 2025, co-hosted with Türkiye's Council of Higher Education and convened by Times Higher Education, will bring together over 5,000 global leaders, policymakers, and experts from various sectors. The congress aims to foster new alliances and drive positive action towards a more sustainable future. Key agenda tracks include cities and communities, digital innovation, education and inequality, energy and industry, food and water systems, and health and well-being.

Website: timeshighered-events.com/ gsd-congress-2025

JUNE

SUPERAI 2025 SuperAI is Asia’s leading summit on artificial intelligence, uniting global AI leaders, startups, researchers, and regulators. The 2025 edition will explore themes like generative AI, ethics, regulation, and AI in business.

It’s a platform for product launches, thought leadership, and strategic partnerships with over 150 speakers and 5,000 attendees expected.

Website: superai.com

The St. Petersburg International Economic Forum (SPIEF) is a leading global platform for discussing key economic issues facing Russia, emerging markets, and the world. Organized by the Roscongress Foundation, SPIEF 2025 will convene heads of state, business leaders, and experts to engage in dialogue on global economic trends, investment opportunities, and sustainable development. The forum aims to foster international cooperation and economic growth.

Website: forumspb.com

24-26 JUNE

THE HAGUE, NETHERLANDS

NATO SUMMIT 2025 The 2025 NATO Summit will gather heads of state and government from member countries to discuss strategic priorities, defense spending, and collective security challenges. Key agenda items include reinforcing NATO's eastern flank, addressing emerging threats, and enhancing transatlantic cooperation. The summit will also focus on commitments to increase defense expenditures to meet evolving security demands.

Website: nato.int

69

[ TRENDS ]

30 JUNE 3 JULY SEVILLE, SPAIN

JUNE

WASHINGTON, USA

CDAO GOVERNMENT 2025 CDAO Government is a leading event dedicated to the role of Chief Data and Analytics Officers in public institutions.

The 2025 summit highlights data-driven governance, ethical AI in policy, and modernization of government infrastructure through machine learning and automation.

Website: coriniumintelligence.com

25-26 JUNE

NEW YORK CITY, USA

GLOBAL ENERGY TRANSITION 2025 – REUTERS EVENTS Global Energy Transition 2025 is a premier forum bringing together over 750 senior energy leaders to discuss strategies for accelerating the global energy transition. The event will cover topics such as low-carbon investment, policy incentives, and cross-industry collaborations, aiming to futureproof energy business models and meet the world's growing energy demands.

Website: events.reutersevents.com/ energy-transition/global-energy-transition-new-york

70

WEJ | May-June 2025

The Fourth International Conference on Financing for Dфото:evelopment (FfD4) will convene global leaders from governments, international organizations, financial institutions, and civil society to address pressing challenges in financing sustainable development.

The conference aims to reform the international financial architecture and mobilize resources to achieve the 2030 Agenda. Discussions will focus on innovative financing solutions, debt sustainability, and enhancing global economic cooperation.

Website: financing.desa.un.org/ffd4

JULY

RIO DE JANEIRO, BRAZIL

BRICS SUMMIT 2025 The 17th BRICS Summit will convene the heads of state and government of Brazil, Russia, India, China, and South Africa to address key issues of global governance. The agenda includes reforms of international financial institutions, expansion of cooperation among Global South nations, and strengthening of multilateralism in a changing world order.

Website: brics.br https://www.gov.br/mre/en/contact-us/press-area/press-releases/ rio-de-janeiro-chosen-to-host-bricssummit-on-july-620137

2-4 JULY

BANGKOK, THAILAND

ASEAN SUSTAINABLE ENERGY WEEK (ASEW) 2025 ASEAN Sustainable Energy Week 2025 is Southeast Asia’s largest international event for renewable energy, energy efficiency, and energy storage technologies. The forum brings together global brands, innovators, policymakers, and clean energy investors. With more than 1,500 companies across 8 national pavilions — including China, Germany, Japan, Korea, and the UK — ASEW will feature over 200 expert-led sessions. It provides a vital platform for technology exchange, investment networking, and regional energy sustainability.

Website: asew-expo.com

PHOTO: RAWPIXEL.COM; 4FLY RJ / PEXELS.COM

25-26

FOURTH INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT (FFD4)

6-7

WORLD ECONOMIC JOURNAL

21-23 7-11 JULY

GENEVA, SWITZERLAND

WORLD SUMMIT ON THE INFORMATION SOCIETY (WSIS)+20 HIGH-LEVEL EVENT 2025 – INTERNATIONAL TELECOMMUNICATION UNION (ITU)

PHOTO: CIA PAK / UN PHOTO; DENNIS SCHROEDER / NREL / U.S. DEPARTMENT OF ENERGY

The WSIS+20 High-Level Event 2025 marks the 20th anniversary of the World Summit on the Information Society. Hosted by ITU and co-organized with UNESCO, UNDP, and UNCTAD, the event will gather global stakeholders to assess progress and set future directions for inclusive and sustainable digital development.

Website: etradeforall.org

8-11 JULY

JULY

14-23 JULY

NEW YORK, USA

HIGH-LEVEL POLITICAL FORUM ON SUSTAINABLE DEVELOPMENT (HLPF 2025) The 2025 High-Level Political Forum under ECOSOC auspices will convene from 14 to 23 July, with a ministerial segment from 21 to 24 July. The theme is: "Reinforcing the 2030 Agenda and its SDGs through sustainable, inclusive, and evidence-based solutions, leaving no one behind." SDGs 3, 5, 8, 14, and 17 will be under in-depth review. The forum will include governments, civil society, and international stakeholders.

Website: hlpf.un.org

The AI for Good Global Summit, organized by the United Nations' ITU, is the premier platform for inclusive dialogue on artificial intelligence to advance the UN Sustainable Development Goals (SDGs). The 2025 edition brings together governments, private sector leaders, academia, and civil society to present real-world AI applications in health, climate, education, and humanitarian fields.

Website: aiforgood.itu.int

AFRICACRYPT 2025 – 16TH INTERNATIONAL CONFERENCE ON CRYPTOLOGY AfricaCrypt 2025 is a leading international conference focusing on cryptology and information security.

The event will bring together researchers, practitioners, and industry experts to discuss the latest advancements in cryptographic techniques, secure communications, and data protection.

Topics include public-key cryptography, cryptographic protocols, and applications in blockchain and cybersecurity.

Website: africacrypt2025.sciencesconf.org

15-17 JULY

GENEVA, SWITZERLAND

AI FOR GOOD GLOBAL SUMMIT 2025 – INTERNATIONAL TELECOMMUNICATION UNION (ITU)

RABAT, MOROCCO

BANGKOK, THAILAND

11TH SUSTAINABLE DEVELOPMENT CONFERENCE (SDC2025) SDC2025 is an international interdisciplinary conference that brings together scholars, policymakers, and practitioners to discuss sustainable development challenges and solutions. The conference will cover topics such as environmental sustainability, economic development, and social inclusion. Participants will engage in knowledge exchange, networking, and collaborative initiatives aimed at advancing global sustainability goals.

Website: sdconference.org

4-6

AUGUST BOULDER, COLORADO, USA

ASES SOLAR 2025 – AMERICAN SOLAR ENERGY SOCIETY ASES Solar 2025 is the American Solar Energy Society's annual conference, focusing on solar energy and renewable technologies. The event brings together solar professionals, policymakers, and enthusiasts to discuss innovations, policy developments, and strategies for advancing solar energy adoption.

Website: ases.org/conference

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6-10

11-15

AUGUST

AUGUST

LAS VEGAS, NEVADA, USA

Rare Evo is a premier blockchain and cryptocurrency conference that brings together industry leaders, developers, and enthusiasts. The event will feature keynote speeches, panel discussions, and networking opportunities, focusing on the latest trends and innovations in the blockchain space.

Website: rareevo.io

8-9

AUGUST BUDAPEST, HUNGARY

ATLANTA, USA

MICROSOFT 365 & COPILOT / AI CONFERENCE 2025 Organized by Microsoft and TechCon, this conference focuses on AI integration within Microsoft 365, featuring Copilot tools, security automation, and enterprise productivity through machine learning. It offers keynotes

by Microsoft engineers and sessions tailored to IT decision-makers, developers, and business leaders.

Website: techcon365.com

11-15 AUGUST

BUDAPEST BITCOIN 2025 Budapest Bitcoin is a dedicated conference for Bitcoin enthusiasts, focusing on the development, adoption, and future of Bitcoin. The event features discussions on Bitcoin's role in the global economy, technological advancements, and regulatory challenges, providing a platform for networking and knowledge sharing.

Website: budapestbitcoin.com

11-13 AUGUST

HELSINKI, FINLAND

HELSINKI GEOECONOMICS WEEK 2025 (HGW25) HGW25 is a premier gathering of global policymakers, strategists, and academics to address geoeconomic challenges. The 2025 theme, “Trump Six Months On: Geoeconomics in a Fractured Global Order,” will examine the interplay between shifting geopolitics and corporate strategies.

Website: Geoeconomics.fi

12

AUGUST

TAMPA, FLORIDA, USA

FLORIDA TECHNOLOGY & INNOVATION SOLUTION SUMMIT 2025 – FLORIDA CHAMBER FOUNDATION The Florida Technology & Innovation Solution Summit 2025 focuses on positioning Florida as a global leader in technology and innovation. The summit will feature discussions on advanced manufacturing, research and development, venture capital, and strategies to foster technological growth in the state.

Website: flchamber.com/ event/2025-florida-technology-innovation-solution-summit

16-22 AUGUST

MONTREAL, CANADA

AI4 2025

IJCAI 2025 – INTERNATIONAL JOINT CONFERENCE ON ARTIFICIAL INTELLIGENCE

Ai4 is one of the largest AI-focused events in North America. In 2025, it expects over 8,000 participants across industries including healthcare, finance, cybersecurity, and government. The summit features in-depth technical tracks, business applications, and strategic leadership sessions, providing a comprehensive view of AI's impact.

Website: ai4.io

IJCAI is one of the world’s premier conferences on AI. The 2025 edition will feature leading-edge research presentations, workshops, and discussions across all major AI disciplines, including machine learning, natural language processing, and robotics.

The event attracts a global audience of researchers and practitioners.

Website: ijcai.org

LAS VEGAS, USA

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PHOTO: TAPIO HAAJA / UNSPLASH; ALVESGASPAR / CC BY-SA 3.0

RARE EVO 2025

WORLD ECONOMIC JOURNAL

17-20

22-23

BURGAS, BULGARIA

CHICAGO, USA

AUGUST

AUGUST

ECONOMY & BUSINESS 2025 – 24TH INTERNATIONAL CONFERENCE

PHOTO: ERLING LØKEN ANDERSEN / UNSPLASH; KJPARGETER / FREEPIK.COM; RAWPIXEL-COM

The 24th International Conference on Economy & Business will bring together scholars and practitioners to discuss global economic challenges and opportunities. Topics include responsible growth, financial innovation, and sustainable development. The conference aims to foster dialogue and collaboration among economists and business leaders.

Website: sciencebg.net

17-21

INTERNATIONAL CONFERENCE ON ECONOMICS, FINANCE, AND ACCOUNTING (ICEFA) 2025

18-22 AUGUST

SAN DIEGO, USA

TDWI TRANSFORM CONFERENCE 2025 TDWI Transform is a high-level data conference focused on accelerating business innovation using analytics, AI, and cloud infrastructure. The 2025 event will include leadership workshops, hands-on labs, and enterprise strategy sessions, with a spotlight on data democratization and real-time intelligence.

Website: tdwi.org

ICEFA 2025 will bring together academics, researchers, and industry professionals to exchange knowledge and insights in the fields of economics, finance, and accounting. The conference will cover topics such as financial markets, macroeconomic policy, international trade, and modern accounting practices. It provides a platform for networking, presenting research, and discussing trends shaping global financial systems.

Website: allconferencealert.com/ event/1367531

AUGUST

SANTA BARBARA, CALIFORNIA, USA

CRYPTO 2025 – INTERNATIONAL CRYPTOLOGY CONFERENCE Crypto 2025 is the 45th annual International Cryptology Conference organized by the International Association for Cryptologic Research (IACR). The conference will feature presentations on the latest developments in cryptographic research, including encryption algorithms, security protocols, and blockchain technologies. Attendees will include researchers, practitioners, and industry experts in the field of cryptography.

Website: crypto.iacr.org

20-23 AUGUST

PARIS, FRANCE

EUROPEAN FINANCE ASSOCIATION (EFA) ANNUAL MEETING 2025 The 52nd Annual Meeting of the European Finance Association will bring together academics and practitioners to discuss the latest research in finance.

Hosted by SKEMA Business School, the conference will feature keynote speeches, paper presentations, and networking opportunities.

Website: efa2025.efa-meetings.org

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13 APRIL 13 OCTOBER OSAKA, JAPAN

EXPO 2025 OSAKA, KANSAI, JAPAN

25-27 AUGUST

ROME, ITALY

INTERNATIONAL CONFERENCE ON ECONOMICS, FINANCE & BUSINESS 2025 Organized by the International Institute of Social and Economic Sciences, this conference will cover a broad range of topics in economics, finance, and business. It aims to provide a platform for academics and professionals to share research findings and discuss current trends.

Website: iises.net

25-27 AUGUST

VILNIUS, LITHUANIA

FUTURE FINANCE FEST (3F) 2025 Future Finance Fest is a premier event focusing on the intersection of finance and technology. The conference will cover topics such as fintech innovations, digital banking, and regulatory challenges, bringing together industry leaders and policymakers to discuss the future of finance in Europe.

Website: ssrn.com

28-29 AUGUST

BONN, GERMANY

ANNUAL RESEARCH CONFERENCE ON FINANCE AND INEQUALITY 2025 Hosted by the Center for Advanced Studies at the University of Bonn, this conference will focus on the relationship between finance and inequality. It will feature presentations and discussions on how financial systems impact economic disparities.

Website: cepr.org

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28-29 AUGUST

AMSTERDAM, NETHERLANDS

INTELLIGENT SYSTEMS CONFERENCE (INTELLISYS) 2025 – SAICON IntelliSys 2025 focuses on intelligent systems and artificial intelligence, bringing together researchers and practitioners from academia and industry. The conference covers topics such as machine learning, deep learning, robotics, ambient intelligence, and more, providing a platform for sharing innovative ideas and networking.

Website: saiconference.com

PHOTO: BIGHEAD / CC BY-SA 4.0; NICCOLO CHIAMORI / UNSPLASH; CHRSTPHR / SHUTTERSTOCK

EXPO 2025 in Osaka, Kansai, Japan, is a world exposition focusing on the theme "Designing Future Society for Our Lives." The event will showcase innovations in technology, healthcare, and sustainability. Participating countries and organizations will present their visions for a better future, aiming to foster international collaboration and cultural exchange.

Website: expo2025.or.jp

GLOBAL INITIATIVE FOR SUSTAINABLE DEVELOPMENT OF TERRITORIAL ENTITIES #SDGAction33410

[ WORDS ]

"Tariffs are the greatest!"

Donald J. Trump,, American politician, media personality, and businessman who is the 45th and 47th president of the United States

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WEJ AWARDS 2025 SHAPING THE FUTURE THROUGH RECOGNITION

GENEVA · MADRID · BARCELONA · VALENCIA · HONG KONG

INTERNATIONAL AWARDS SERIES FOR CHANGE LEADERS WEJ Awards 2025 is a prestigious international award series established by World Economic Journal. It celebrates achievements that shape the future of the economy, technology, public health, sustainability, and leadership.

The awards are granted to companies, public institutions, business leaders, and influential experts whose decisions and initiatives have a real impact on global progress.

The WEJ Awards include a series of 12 independent awards in the main areas of the Sustainable Development Goals. In the first stage, five of the twelve awards that make up the WEJ Awards have been announced:

The mission of WEJ Awards is to recognize leading innovators, investors, and decision-makers shaping tomorrow’s world. In an era shaped by complexity, WEJ Awards bring together those who drive clarity and progress.

If you're building something that truly transforms your field, community, or region - we invite you to nominate. We are looking for those who not only act - but inspire, influence, and lead transformation.

wej@world-economic.com world-economic.com/awards

• WEJ Investment Award 2025 • WEJ Innovation Award 2025 • WEJ Technology Award 2025 • WEJ Women Award 2025 • WEJ Health Award 2025

WEJ Awards® is an international recognition platform by World Economic Journal. All rights reserved.