Five megatrends announced by President of Kazakhstan, Nursultan Nazarbayev at the Global Challenges Summit require completely new approaches, said Nobel Peace Prize laureate Rae Kwon Chung. According to Chung, over the last ten to twenty years, the world is focused on economic growth, active industrial development and the free market approach. However, countries need to maintain the optimal balance between the public and private sectors to overcome global challenges such as the growth of population, urbanization and energy transformation, said the United Nation’s Ambassador to Climate Change. He also said the public sector needs to play a decisive role in the maintenance of the balance.

RAE KWON CHUNG, NOBEL PEACE PRIZE LAUREATE:

-  We should not just rush for privatization alone or public control alone. It is getting very clear that there are certain roles that can only be played by public sector and there certain roles that can be played better by the private sector. Especially, the short-term issues, short-term profit-making, private sector is very good. But for long-term issues like energy transformation, urbanization, all those mega trends, even the labor market issue, as the robots are coming in, all those machines replacing people, all these issues cannot be done by the market. It requires even stronger public sector and government role. 

The Nobel laureate also noted that Kazakhstan has great potential in the development of green economy. He believes that given the right strategy, Kazakhstan may become the global exporter of the clean energy in 30 years. It will create new jobs and improve Kazakhstan’s competitiveness on the international market. 

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