Dr. Glenn Agung Hole, a renowned economist and Honorary Professor at Sarsen Amanzholov East Kazakhstan University, recently connected with Dr. Bilal Ahmad Bhat, Founder & CEO of 28 Credentials of Entrepreneur (28COE), in an insightful Zoom interview to explore pressing global themes.
During the virtual session, Dr. Hole delved into the principles of Austrian economics, emphasizing its foundational role in promoting free markets and entrepreneurial innovation. He articulated how these economic principles serve as a blueprint for sustainable development in an increasingly interconnected world.
The discussion also highlighted the importance of global collaboration, with Dr. Hole sharing strategies for strengthening partnerships between Norway, Kazakhstan, and other nations. He stressed the need for unified efforts to tackle global economic and social challenges.
A key takeaway was Dr. Hole’s emphasis on entrepreneurship as a transformative tool for fostering stability and growth. He passionately advocated for empowering individuals to develop creative solutions to global issues.
This compelling Zoom dialogue offers valuable perspectives on how economics, entrepreneurship, and international diplomacy can converge to drive meaningful global change. Stay tuned for the full discussion that promises to inspire future economic thought leaders.
Hole: Thank you, Dr. Bhat. Sarsen Amanzholov East Kazakhstan University is one of the region’s leading institutions, renowned for fostering innovation and building international partnerships. With over 90 collaborations across 20 countries, it has become a hub for knowledge exchange and global dialogue.
For me, this role is not just a professional milestone but an opportunity to strengthen ties between Kazakhstan and Europe, particularly Norway. While Kazakhstan already has robust relationships with major global powers, its connection to Scandinavia remains underdeveloped. This is a gap I hope to bridge by fostering joint research projects, student exchanges, and entrepreneurial initiatives.
One of my goals is to introduce Austrian economic principles into the academic discourse here. These ideas—focused on individual freedom, decentralization, and the transformative power of entrepreneurship—align closely with Kazakhstan’s ambition to diversify its economy and promote innovation.
Hole: Austrian economics, as articulated by Mises and Hayek, emphasizes the role of the entrepreneur as a driver of progress. Entrepreneurs are problem-solvers, innovators, and risk-takers who allocate resources more efficiently than centralized systems ever could.
In Norway, these principles could guide reforms to reduce regulatory burdens and make it easier for startups to thrive. For instance, the wealth tax is a significant obstacle, discouraging investment and risk-taking. Adopting policies that align with Austrian economics—such as lowering barriers to entry and simplifying taxation—could unleash a wave of innovation.
In Kazakhstan, entrepreneurship is already a key part of the national strategy. However, the Austrian focus on local knowledge and spontaneous order suggests that further decentralization could enhance this progress. By creating an environment where individuals are free to act on their unique insights, Kazakhstan can foster a dynamic, resilient economy.
Hole: There are immense opportunities for collaboration between Norway and Kazakhstan. Renewable energy is a natural starting point. Norway’s expertise in wind and hydropower can complement Kazakhstan’s ambitious green energy targets, especially its plans to transition from fossil fuels to more sustainable sources.
Another area is technology and digital innovation. Norwegian startups in fields like AI, green tech, and digital transformation could find fertile ground in Kazakhstan, which offers a strategic location and growing demand for innovative solutions.
From a governance perspective, Norway’s experience with social welfare and transparency could support Kazakhstan’s efforts to strengthen democratic institutions. Conversely, Kazakhstan’s success with multivector diplomacy provides valuable lessons for Norway on navigating an increasingly complex geopolitical landscape.
Hole: The Altin Adam Society, or the Golden Man Society, embodies the principles of Austrian economics by focusing on individual empowerment and voluntary cooperation. Its mission is to create platforms for cultural exchange, academic collaboration, and economic innovation that drive sustainable development.
One of our key initiatives is to support small and medium-sized enterprises (SMEs) in Kazakhstan by providing resources and mentorship. This aligns with the Austrian belief that economic growth starts with empowering local actors.
Another focus is cultural preservation. By celebrating Kazakhstan’s rich traditions, we aim to build a foundation for innovation that respects and integrates local heritage. This holistic approach ensures that economic progress is both inclusive and sustainable.
Hole: The Silk Road and the Middle Corridor are pivotal for global logistics. They offer faster, more sustainable trade routes between Asia and Europe, reducing both costs and environmental impact.
The Middle Corridor, in particular, is a lifeline for landlocked countries like Kazakhstan, integrating them into global supply chains and fostering economic growth. From an environmental perspective, overland routes produce significantly fewer emissions than maritime shipping, making them a vital component of the green transition.
These initiatives also enhance regional stability. By creating economic interdependence, they reduce the risk of conflict and promote cooperation among neighboring countries. This aligns with my broader vision of using economic connectivity to foster peace and sustainability.
Hole: Entrepreneurship is a stabilizing force because it addresses root causes of instability, such as poverty and unemployment. By creating jobs and empowering individuals, entrepreneurship fosters social cohesion and economic resilience.
In Central Asia, supporting startups and SMEs can help diversify economies and reduce dependence on volatile industries like oil and gas. This not only strengthens local communities but also contributes to regional stability by creating shared prosperity.
Kazakhstan’s emphasis on entrepreneurship as part of its multivector strategy is a prime example of this approach. By fostering innovation and integration, the country is positioning itself as a key player in global stability.
Hole: Academic collaboration is the foundation of long-term partnerships. Through my role, I aim to facilitate student and faculty exchanges, joint research projects, and international conferences that bring together scholars and professionals from Kazakhstan, Norway, and beyond.
By introducing Austrian economic principles into the curriculum, we can equip students with the tools to drive innovation and economic growth. I also hope to showcase Kazakhstan’s academic potential to European audiences, highlighting the country as a hub for innovation and cultural exchange.
Hole: This appointment is a milestone in my lifelong mission to bridge divides and foster collaboration across borders. Whether through academia, entrepreneurship, or cultural exchange, my goal is to create systems that empower individuals and communities to thrive.
Kazakhstan’s blend of tradition and innovation resonates deeply with my belief in inclusive, sustainable development. By working together, Norway, Kazakhstan, and other nations can contribute to a more stable, equitable, and prosperous world.
This role is a step toward realizing that vision, and I’m excited to see what we can achieve together.
Hole: Thank you, Dr. Bhat. It has been a pleasure to share my vision and work with you. I look forward to continuing this journey and making a meaningful impact.
