Volume 33, Nº 2 (2025): ASIAN AND AFRICAN COUNTRIES IN A MULTIPOLAR WORLD
INTERNATIONAL TRADE IN THE CONDITIONS OF GLOBALIZATION
Indonesia’s foreign trade: the status quo and development prospects of the Asian Tiger
Resumo
Foreign trade is one of the key areas of cooperation between the countries of the modern world. Assessing the current state of foreign trade seems to be as trivial as it is a complex task due to the integration of foreign trade into all other economic processes. Indonesia’s foreign trade is an extremely interesting subject of research due to the fact that Indonesia is one of the recognized economic leaders of Southeast Asia and, perhaps, a kind of “gateway to Asia” for competitive products from other regions of the world. An analysis of the trends and problems of the development of Indonesia’s foreign trade indicates that they are conditioned by the general state of the country’s economy. The prospects for further improvement of the structure and effectiveness of Indonesia’s foreign trade directly depend on the quality of the country’s national development strategy implementation. The purpose of the study is to identify the dynamics, structure and geography of Indonesia’s foreign trade and to determine its role and place among the ASEAN countries. Such research methods as analysis and synthesis, abstraction and transition from the abstract to the concrete, construction of analogies, statistical and comparative historical were used. As a result of the research conducted by the authors, it was found that the problems that are present in the field of Indonesia’s foreign trade are complex and interrelated. It has been established that the structure of Indonesia’s foreign trade is directly interrelated with the country’s integration into global value chains, models of economic development and socio-economic indicators, etc.



Trade and economic relations between Russia and the Horn of Africa countries as part of expanding the geography of cooperation: the food security
Resumo
The relevance of the topic under study is explained by the fact that in conditions of fragmentation of the global economy, global mechanisms for ensuring food security stop working. Despite long-term attempts to eradicate hunger and malnutrition, including global initiatives within the framework of achieving the second Sustainable Development Goal, in recent years, especially after the coronavirus pandemic and geopolitical changes, there is an increase in the importance of subregional and regional efforts to address food security issues, including the development of international economic cooperation and the conclusion of new trade agreements. Under these conditions, Russian-African political, trade and economic relations began to develop actively, including relations with the countries of the Horn of Africa, one of the regions of the world most susceptible to hunger. The purpose of the study is to determine the nature of trade and economic relations between the Russian Federation and the countries of the Horn of Africa. The research is based on the analysis of data presented in academic literature, the analysis of available and relevant statistical information, the analysis of data from international and domestic organizations and the analysis of expert information. It is revealed that in the countries of the Horn of Africa, food security is characterized by a high degree of vulnerability due to both natural climatic conditions and socio-economic factors; at the same time, differentiation of the characteristics of the food situation is observed between these countries. The expediency of developing the economic interests of the Russian Federation in the Horn of Africa through the realization of its resource potential in the field of food security is substantiated. The Russian Federation has significant opportunities for supplying food and agricultural technologies, which can contribute to strengthening food security in these countries and at the same time expand trade and economic cooperation. It is revealed that trade and economic relations between Russia and the countries of the Horn of Africa are characterized by significant potential for growth: against the background of increasing interest in strengthening ties in the field of food security, the Russian Federation seeks to develop direct and long-term relations with African partners. Promising areas of trade and economic cooperation between the Russian Federation and the Horn of Africa countries are identified, which include the following aspects: general security of the Horn of Africa; export of agro-industrial products; exchange of experience and contributing to digitalization of agricultural sector; optimization of supply chains; development of infrastructure for food storage locally.



Iran’s trade and economic relations with Russia
Resumo
The study examines Russia and Iran’s current trade and economic relations and promising directions for developing trade turnover. The study analyses the main areas of cooperation between the countries and identifies the main challenges and opportunities. The analysis showed that the main subject of imports and exports in the countries is agricultural products. Based on the analysed data on trade turnover between Russia and Iran over the past five years, an overview of trade volume between the countries is given, the commodity structure of exports and imports between the countries and the dynamics of trade development are presented. It was found that the current political and economic situation in the world contributes to strengthening trade and economic relations between Iran and Russia. The study also analyses the reasons for the growth in trade volume, including the impact of the imposed sanctions and the consequences of the withdrawal of several foreign companies from the Russian market. It has been established that there is an increase in cooperation between the countries under the influence of sanctions at the present stage. Based on the results of the conducted research and the identified difficulties countries face in the modern international market, ways to overcome them are proposed (investment on the part of Russia, striving for stability in the ratio of currencies to each other and the US dollar). The purpose of the study is to analyze the trade and economic cooperation between Russia and Iran, focusing on key aspects and prospective development directions. To achieve this goal, methods such as the review of scientific publications, analysis of statistical data and economic development indicators, as well as comparative analysis were employed. These methods enabled a deeper understanding of the current state of relations and helped identify key areas for their future development.



INTERNATIONAL CAPITAL MOVEMENT
External and internal factors of international reserve management in China
Resumo
This study focuses on the management of international reserves in China, one of the global leaders in reserve volumes. China actively employs its reserves not only to mitigate the adverse effects of external shocks on its balance of payments, exchange rate, and overall economy, as is customary in global practices, but also to stimulate socio-economic development, expand access to external markets and advanced technologies, and enhance the position of the Chinese economy within the global economic system. The study aims to analyze the mechanism of international reserve utilization in China and identify key factors shaping this mechanism over the past 15 years. The results indicate that China’s international reserves are intrinsically linked to its export-oriented economy. Key influencing factors include fluctuations in export growth, shifts in external demand, the implementation of the “dual circulation” strategy since the early 2010s, and the recently introduced “socialist modernization” strategy. The implementation of this strategy encountered a number of challenges discussed in the study, therefore export still plays a decisive role in building international reserves and ensuring the growth of the Chinese economy. Faced with declining external demand and slower export growth, China introduced the “dual circulation” concept to partially rely on domestic demand. However, challenges in its implementation have kept exports central to the accumulation of reserves and economic growth. Amid escalating global challenges and sanctions pressure, China has intensified efforts to improve economic efficiency, culminating in the introduction of the “socialist modernization” strategy in 2023. Based on an analysis of these factors and the decisions of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, this study evaluates China’s medium-term strategies for managing international reserves.



Investigation into investment risks and mitigation strategies for Chinese energy companies in Belt and road countries: a case study of Russia
Resumo
The Belt and Road Initiative (BRI) has significantly expanded China’s energy sector investments in various countries, with Russia emerging as a key strategic partner due to its vast reserves of oil and natural gas. However, these investments are accompanied by substantial risks stemming from economic volatility, geopolitical tensions, regulatory uncertainties, and environmental constraints. Given these challenges, this research aims to identify and analyze the primary investment risks faced by Chinese energy enterprises operating in Russia and to propose effective risk mitigation strategies. The study explores the legal framework governing foreign investments, financial uncertainties related to currency fluctuations and market instability, political risks associated with sanctions and diplomatic shifts, and infrastructure limitations that affect operational efficiency and project implementation. To achieve this objective, the research employs a mixed-methods approach, combining qualitative case studies of major Chinese energy enterprises in Russia with quantitative risk assessment models. The study utilizes SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis and PESTLE (Political, Economic, Social, Technological, Legal, and Environmental) analysis to systematically evaluate the external and internal risk factors affecting Chinese investments. Furthermore, financial and market data are analyzed to assess foreign direct investment (FDI) flows, exchange rate fluctuations, and the impact of global oil price volatility on investment stability. The findings indicate that regulatory uncertainties in Russia, Western sanctions, currency exchange rate fluctuations, and logistical constraints pose significant challenges for Chinese energy investors. However, companies that implement diversified investment models, legal protection mechanisms, and strategic partnerships with Russian firms demonstrate greater resilience. Government-backed insurance programs and bilateral agreements help mitigate financial risks, while joint ventures with Russian state-owned enterprises improve market access and regulatory compliance. The research highlights that a combination of financial hedging strategies, diplomatic engagement, and adaptive investment structures enhances the long-term sustainability of Chinese energy projects in Russia. This study contributes to the broader discourse on global energy security and international economic collaboration by providing practical insights into sustainable investment strategies under the BRI framework. The findings offer valuable recommendations for Chinese energy enterprises seeking to navigate the complex investment landscape in Russia while ensuring financial stability, regulatory compliance, and long-term profitability.



Gulf Сooperation Сouncil countries’ investment strategies in Africa
Resumo
Competition for the markets of African countries is becoming more active over the recent years, not only among the traditional partners, the United States and China, but also among the countries that are members of the Gulf Cooperation Council (GCC). The study examines the historical roots of the economic ties of MENA countries, where a leading role played by trade routes the spread of Islam, migration flows, and the oil factor. Since 2020, an active phase of GCC countries’ capital expansion in African states has begun due to increasing competition for resources and growing food security threats. The purpose of the study is to examine the investment model of the GCC member countries in Africa, taking into account the mutual interests of the countries. The authors used a retrospective and comparative assessment of investment activity based on specific examples of investments from the GCC countries. The study covers more than 17 bilateral and multilateral projects in critical sectors, including traditional and renewable energy, infrastructure, mining, agriculture. The study identifies key trends in economic cooperation that demonstrate the features of the current investment model of the GCC countries, where the key role is played by the UAE and Saudi Arabia. The authors concluded that these investments establish long-term economic ties between the Middle East and Africa. Thus, investor countries use investment mechanisms to ensure access to strategic resources, particularly through the restructuring of the host country’s debt. Driven by economic interests in increasing the sales of their products, Saudi Arabia and the UAE purchase ports to expand their transport and logistics potential and compete for the formation of international transport corridors. Food security challenges shape the investment interests of GCC countries in the agricultural sector of Africa’s fertile lands, such as Sudan and Ethiopia. Investments in renewable energy projects in Africa reflect the GCC countries’ interest in testing and adapting advanced technologies in hot desert climates, allowing them to assess their efficiency and scalability potential for further implementation in their own national energy systems. Thus, the study answers the question of what strategic and economic interests the GCC countries pursue through the investment expansion strategy in African countries.



Global sukuk market: analysis of the current state and development features
Resumo
The aim of this research is to study the current state and development features of the global sukuk market in the context of national markets included in its composition. The largest sukuk markets located in Malaysia, Indonesia, Iran, Saudi Arabia, United Arab Emirates, Turkey and Qatar were identified in order to delimit the research area for a more in-depth analysis. The markets of the specified countries were examined from the perspective of the sukuk terms, the currency of the denomination, types of issuers (both by industry and by sector (sovereign and corporate)), trading platforms they are circulated on. The analysis allowed us to conclude that according to different criteria, a list of leaders and outsiders is distinguished and these lists do not coincide. At the same time, there were countries whose situation with sukuk was radically different from the main group of countries during the analysis for each criterion. The information agency Cbonds was the main source of countries statistical information for calculations.



INDUSTRIAL ORGANIZATION MARKETS
National characteristics of the metallurgical industry of the EAEU: Prospects for the formation of a common industrial policy
Resumo
The industrial policy of the Eurasian Economic Union (EAEU) can be presented exclusively in the form of general recommended approaches, the implementation of which is carried out at the national level. The integration of the EAEU countries in the industrial sector, in particular in metallurgy, is complicated by the different state of the industry and, as a result, different national priorities. Nevertheless, the potential of the single internal market, as well as the challenges that manufacturers of the EAEU countries are increasingly facing in export areas, raises the question of the need to consolidate efforts in the field of industry to a new level. The EAEU Unified industrial Policy in the field of metallurgy can be used to further improve the protection of national producers, the importance of which increased during the protectionist period of the coronavirus pandemic and remains to this day. The purpose of the study is to identify the national characteristics of the metallurgical industry of the EAEU countries, as well as their common characteristics, which can be used to form a unified industrial policy of the integration association. In the framework of this study, the author analyze the regulatory legal acts in force in the EAEU countries that determine the vector of development of the national industry, in order to identify common provisions in them that can be used to form a unified EAEU industrial policy in the metallurgical industry. To answer the question about the possibility of forming a unified industrial policy of the EAEU, the author studied scientific papers on the development of national economies, as well as the regulatory framework of the EAEU countries. Special attention is paid to the agreements reached by the EAEU countries in the field of metallurgy, as well as newly adopted strategic documents. The author has studied the issues of raw material security of the EAEU countries, their national economic development strategies, as well as existing international agreements in the metallurgical industry. The methods of analysis, comparison and expert assessment are widely used in the study. It is noted that an additional incentive for the development of the integration of the EAEU countries in the industrial sector may be a new mechanism for supporting cooperative projects launched by the EEC in 2024. The analysis confirms the possibility of forming a unified industrial policy of the EAEU in the field of metallurgy.



Developed and developing countries economy
Institutional performance and its impact on economic growth in ASEAN countries: trend and panel data analysis
Resumo
This study is conducted to expect how deep the institutional impact is on economic growth in ASEAN and recommend it as a reference for enchanting policies that can strengthen economic growth. This research will investigate and determine the institutional indicators that are significant to economic growth. The study also put additional variables expected contribute to economic development, such as import and export as predictive variables. The study implies trend analysis used to reveal the performance of institutions and panel data analysis applied to determine the most significant WGI indicators for ASEAN economic growth. Trend visualization indicates Singapore and Brunei Darussalam performed the best score in almost entire institutional indicators. Thus, panel analysis discloses that export, import, and regulatory quality are selected as the most significant variables in economic growth. The regulatory quality is an indicator of institutional strength reflecting the observation of the government’s capacity to advance inclusive policies to encourage the enlargement of the private sector. The decision is made by considering p-value is less than alpha value and rejecting null hypothesis. The alpha value representing an error probability is selected to make a decision. In brief, it recommends policymakers in developing regulations and executing more effective policies to promote private sector development. The result provides the comparatively modest R-squared value of 0.25247. In upcoming research, the R-squared value can be enhanced by including more independent variables. That additional variables expected can support regulatory quality such as interest rates and investment. Lastly, this study provides the latest insight of the economic development picture in ASEAN after challenging time of the Covid-19.



The role of capitals and major cities in the economic development of the BRICS countries
Resumo
Capitals and key regional centers play an important, and in some countries a determining, role in the economic development of all countries in the world. The concentration of population, company headquarters and banks, on the one hand, becomes a driver of economic development, but on the other hand, it generates disproportions that become a brake on sustainable development. The scale of the economies of agglomerations and megalopolises of the BRICS countries (Brazil, Russia, India, China, South Africa, Ethiopia, Iran, UAE and Egypt — an influential organization that accounts for about 40% of the total population of the Earth and 1/3 of the world GDP) is impressive and comparable to entire countries. This paper aims to examine the role of the capitals and the five largest cities of the BRICS countries in the socio-economic performance of the countries over the period 2000–2020. For the comparative analysis of the role of capitals and largest cities in economic development were used the calculations the coefficients of population dynamics and urban population concentration in the five largest cities and the capital and their role in the economy. The analysis showed that the BRICS countries demonstrate significant differences in the indicators, which is due to historical, geographical, socio-economic and other factors. The authors identified 3 groups of countries by the nature of the dynamics of the role of capitals over 2000–2020: countries where the role in the socio-economic development of the capital and the five largest cities: increased (Russia, South Africa and China); decreased (UAE, Ethiopia and Iran); did not change (Brazil, Egypt and India). The results contribute to the scientific understanding of the processes and the relationship between spatial development and economic growth in emerging markets and developing countries.



INNOVATIONS IN THE MODERN ECONOMY
Use of OSINT tools in the structure of the implementation of sanctions pressure by the EU and the USA against the Russian oil and gas sector
Resumo
The relevance of the research topic is due to unprecedented sanctions pressure on Russian business and the improvement of sanctions policy tools by Western countries, namely the EU and the United States. Currently, along with traditional financial, blocking and sectoral sanctions, smart sanctions play a key role, allowing the most targeted impact on the target country, prohibiting interaction with certain legal entities or individuals, the damage to which, from the position of the subject country of unilateral sanctions, will entail the greatest harm to the addressee of sanctions. In this context, it is important to assess the contribution of open-source competitive intelligence (OSINT) to sanction companies in the Russian oil and gas industry, which is a capital-intensive industry requiring significant investments, including leveraged and foreign capital. It should be highlighted that the implementation of sanctions pressure poses a threat to the foreign economic activity of Russian oil and gas companies, including the conduct of cross-border transactions and the smooth functioning of joint ventures. Based on the literature review, the author’s interpretation of the term “OSINT”. The purpose of this study is a comprehensive analysis of approaches to the OSINT methodology and its use in the EU and US sanctions policy against the Russian oil and gas sector. The study was carried out using data from scientific papers of domestic and foreign scientists, statistical and expert data, on the basis of which a comparative analysis of the use of OSINT technology was carried out in order to impose sanctions. The study highlights the variability in the use of OSINT tools by US and EU institutions in terms of sanctions policy, presents the legal grounds for the implementation of such methods in accordance with the regulatory legal acts of states. In addition, the authors developed recommendations to minimize the risk of implementing OSINT methods with subsequent sanctions listing for companies in the Russian oil and gas sector, including both organizational and legal and economic measures at the corporate level.



Shortand long-term drivers of China’s high-tech export leadership: empirical analysis
Resumo
It is widely acknowledged that the People’s Republic of China has emerged as a major player in the global arena of high-technology product exports. In the preceding 15-year period, high-tech exports have exhibited an average annual growth rate of 6%, though this trend is stochastic in nature. Consequently, the growth rate is not consistent but is acutely responsive to external shocks. The Granger causality test and the Engle — Granger cointegration test are utilised to identify the long-run effects of the variables under consideration. The Error Correction Model (ECM) is employed to estimate the long-run and short-run response to changes in the main drivers. The results demonstrate that despite changes in economic policy and the launch of the Made in China 2025 programme a decade ago, the primary long-term driver of export growth remains foreign capital. While expenditures on research and development (R&D) have shown a tendency to positively influence high-tech exports in the short term, international investment, particularly in the form of foreign direct investment, has a more significant long-term impact on high-tech exports from China. In the short term, a decline in net foreign direct investment inflows is likely to be balanced by an increase in R&D. Nevertheless, in the long term, the impact of accumulated international investment proves to be considerably more significant. New Chinese policy priorities are expected to shift the main driver of high-tech export growth from foreign capital to domestic R&D.


