Financial Technologies to Support Agricultural Innovations in Kazakhstan: Prospects for Digital Development
DOI:
https://doi.org/10.57125/FS.2023.06.20.03Keywords:
green bonds, innovative technologies, threats to environmental safety, renewable energy, investmentAbstract
In modern conditions, there is a growing need to solve problems in one of the priority sectors of the country's economy - agriculture - by increasing the role and ensuring the availability of financial technologies for agricultural producers, improving credit conditions, increasing the efficiency of monetary institutions that provide loans to agricultural enterprises, as well as developing forms of their support. In Kazakhstan, the government pays great attention to supporting the agricultural sector by providing subsidies and loans. However, at present, the products manufactured in the sector are not competitive with their foreign counterparts; the level of labour productivity and the material and technical base of enterprises often do not meet modern requirements, which necessitates the improvement of state support for lending, the development of the credit market infrastructure, and the improvement of lending conditions. Accordingly, there is a need to find new ways to finance the innovative development of agricultural producers in Kazakhstan. In this context, the purpose of the study is to substantiate possible directions of the introduction of innovations in the field of agriculture in Kazakhstan and to identify opportunities for attracting modern financial technologies to finance its innovative development. The research objective was achieved using general scientific (analysis, synthesis, induction, deduction, generalisation, systematisation) and special methods (trend method, analysis of statistical materials in dynamics), which allowed to obtain a reasonable and objective result. In the course of the study, the following results were obtained: an assessment of the current state of agriculture in Kazakhstan and identification of promising areas of its development; substantiation of the directions of the introduction of innovations in the field of agriculture in Kazakhstan; specification of the main areas of financing and application of financial technologies for financing the innovative development of the agro-industrial complex. As a result of the study, it can be concluded that the stimulation of agricultural development should be carried out through the introduction of innovative financial technologies, which can become a source of financial resources for the introduction of modern digital technologies into the activities of agricultural enterprises.
References
Afonasova MA, Panfilova EE, Galichkina MA, Lusarczyk B. (2019). Digitalization in economy and innovation: the effect on social and economic processes. Polish J Manag Stud. 19, 22–32. doi: 10.17512/pjms.2019.19.2.02
Akter, M., & Sultana, N. (2020). Digital Marketing Communication and Consumer Buying Decision Process in Pandemic Standpoint (COVID-19): An Empirical Study of Bangladeshi Customers’ in Branded Cosmetics Perspective. Open Journal of Business and Management, 8(06), 26-96. doi: 10.4236/ojbm.2020.86167
Aleksieienko, I., Poltinina O., Leliuk S. 2020. Information and communication support of project management processes and enterprise value. Development Management 3(18): 1-13. https://www.hneu.edu.ua/wp-content/uploads/2022/02/1-13-DM_2020_03_Aleksieienko.pdf
Al Qadi, S., Sodagar, B., & Elnokaly, A. (2018). Estimating the heating energy consumption of the residential buildings in Hebron, Palestine. Journal of Cleaner Production, 196, 1292–1305. https://doi.org/10.1016/j.jclepro.2018.06.059
Arora, D., Waiters, B. A., & Goel, L. (2022). Accelerated Digital Transformation: A Framework for Leading Digital Innovation and Change. Leadership Strategies for the Hybrid Workforce: Best Practices for Fostering Employee Safety and Significance, 18, 119-131. doi: 10.4018/978-1-6684-3453-6.ch009
Ashraf, M., Ahmad, J., Sharif, W., Raza, A. A., Shabbir, M. S., Abbas, M., & Thurasamy, R. (2020). The role of continuous trust in usage of online product recommendations. Online Information Review, 44(4), 745-766. https://doi.org/10.1108/oir-05-2018-0156
Dey, B. L., Yen, D., & Samuel, L. (2019). Digital consumer culture and digital acculturation. International Journal of Information Management, July, 102-157. https://doi.org/10.1016/j.ijinfomgt.2019.102057
Fernández, X. L., Paz-Saavedra, D., & Coto-Millán, P. (2020). The impact of Brexit on bank efficiency: Evidence from UK and Ireland. Finance Research Letters, Elsevier, 36(c). https://doi.org/10.1016/j.frl.2019.101338.
Filipenko, A., Bazhenova, O., Korol, M., & Stehnei, M. (2020). Dynamics and structure of main indicators of the American banking system. Financial and credit activity: problems of theory and practice, 4 (35), 44-58. https://doi.org/10.18371/fcaptp.v4i35.221762.
Ghulam, Y., & Doering, J. (2018). Spillover effects among financial institutions within Germany and the United Kingdom. Research in International Business and Finance, 44, 49-63. https://doi.org/10.1016/j.ribaf.2017.03.004.
Gobble, M. M. (2018). Digital Strategy and Digital Transformation. Research-Technology Management, 61(5), 66-71. doi:10.1080/08956308.2018.1495969
Hamed, T. A., & Peric, K. (2020). The role of renewable energy resources in alleviating energy poverty in Palestine. Renewable Energy Focus, 35, 97–107. https://doi.org/10.1016/j.ref.2020.09.006
Hrynchyshyn, Y. (2021). The infrastructure of the Internet services market of the future: analysis of the problems of formation. Futurity Economics&Law, 1(2), 12–16. https://doi.org/10.57125/FEL.2021.06.25.2
Ihnatenko, R. (2022). Technologies of targeted advertising: essence and effectiveness. Financial and Credit Activity Problems of Theory and Practice, 1(42), 428–435. https://doi.org/10.55643/fcaptp.1.42.2022.3715
Khaldi, Y. M., & Sunikka-Blank, M. (2020). Governing renewable energy transition in con-flict contexts: Investigating the institutional context in Palestine. Energy Transitions, 4(1), 69–90. https:// doi.org/10.1007/s41825-020-00024-z
Khatib, T., Bazyan, A., Assi, H., & Malhis, S. (2021). Palestine Energy Policy for Photo-voltaic Generation: Current Status and What Should Be Next? Sustainability Energy Technologies and Assessments, 13(5), 29-96. https://doi. org/10.3390/su13052996
Korol, М. (2020). Dynamics of main indicators of the Canadian banking system. Baltic Journal of Economic Studies, 6 (3), 136-142. https://doi.org/10.30525/2256-0742/2020-6-3-136-142.
Li, R., Xin, Y., Sotnyk, I., Kubatko, O., Almashaqbeh, I., Fedyna, S., & Prokopenko, O. (2022). Energy poverty and energy efficiency in emerging economies. International Journal of Environment and Pollution, 69(1-2), 1–21. https://doi.org/10.1504/IJEP.2021.125188
Monetary policy strategy until 2030. (2023). Official website of the National Bank of Kazakhstan. https://www.nationalbank.kz/ru/page/osnovnye-napravleniya-dkp (accessed 20 January 2023)
Nassar, Y. F., & Yassin Alsadi, S. (2019). Assessment of solar energy potential in Gaza Strip-Palestine. Sustainable Energy Technologies and Assessments, 31, 318–328. https://doi. org/10.1016/j.seta.2018.12.010
Petrescu, M., and A.S. Krishen. (2021). Focusing on the quality and performance implications of marketing analytics. Journal of Marketing Analytics, 9 (3), 155–156. doi:10.1057/s41270-021-00129-4
Ponomarenko, T., Prokopenko, O., Kuzmenko, H., Kaminska, T., & Luchyk, M. (2018). Banking security of Ukraine: current state and ways to improve. Banks and Bank Systems, 13(2), 77-88. http://dx.doi.org/10.21511/bbs.13(2).2018.07
Reyes, J.A.L. (2022). Willingness to share information for energy efficiency: exploring differences and drivers across the Nordic countries. Energ Sustain Soc, 12, 38-56 https://doi.org/10.1186/s13705-022-00363-3
Sotnyk, I., Kurbatova, T., Romaniuk, Y., Prokopenko, O., Gonchar, V., Sayenko, Y., Prause, G., & Sapiński, A. (2022). Determining the Optimal Directions of Investment in Regional Renewable Energy Development. Energies, 15(10), 3646. https://doi.org/10.3390/en15103646
Statistics of agriculture, forestry, hunting and fishing. (2023). Bureau of National Statistics Agency for strategic planning and reforms of the Republic of Kazakhstan. https://stat.gov.kz/ru/industries/business-statistics/stat-forrest-village-hunt-fish/ (accessed 20 January 2023)
Denissova, N., & Born, R. (2021). Prospects of innovative development of agricultural production on the example of the Republic of Kazakhstan. НАУКОВИЙ ВIСНИК, 8(3), 38. https://economics-msu.com.ua/web/uploads/journals_pdf/Scientific%20Bulletin%20of%20MSU.%20Series%20Economics_2021_Vol.%208,%20No.%203.pdf#page=38
Taishykov, Z., Tolysbayev, B., Kuantkan, B., Koichubayev, A., & Baigabulova, K. (2023). Innovation management in agricultural production in Kazakhstan. CABI Reviews, (2023). https://doi.org/10.1079/cabireviews.2023.0022
Rui Dinis Sousa, Ainur Boranbayeva, Zaira Satpayeva and Amina Gassanova (2021). Management of successful technology transfer in agriculture: The case of Kazakhstan. Problems and Perspectives in Management, 19(3), 488-501. doi:10.21511/ppm.19(3).2021.40
Sousa, R. D., Boranbayeva, A., Satpayeva, Z., & Gassanova, A. (2021). Management of successful technology transfer in agriculture: The case of Kazakhstan. Problems and Perspectives in Management, 19(3), 488. doi:10.21511/ppm.19(3).2021.40
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 authors
This work is licensed under a Creative Commons Attribution 4.0 International License.