The paper defines the essence of economic modernization, pinpoints its main types, reveals the causes of objective necessity for modernization of the Russian economy, analyses the key modernization problems and gives he author’s view on the considered issues.

The European Union (EU) and Kazakhstan have established close economic and trade relations much thanks to EU Strategy for Central Asia and Kazakh state program Path to Europe. Bilateral trade have been growing steadily since 2002. Today EU is Kazakhstan’s first trade partner with annual turnover of ,1 billion representing a half of the country total trade in 2016 and the largest investor, ahead of Russia and China. EU imports from Kazakhstan are dominated by energy (minerals, fuels) products. The main EU exports to Kazakhstan include machinery and transport equipment, other manufactured goods and chemicals. In 2015 Kazakhstan has joined WTO with the EU consistently supporting Kazakhstan’s accession. Over the past two decades, Kazakhstan and EU have developed a strong and mutually beneficial energy cooperation. Major EU-based energy companies have significant investments in the Kazakh oil and gas industry. Currently, around 70% of Kazakhstan oil exports go to Europe, corresponding to 6.5% of the EU total oil imports. The 2017-address by the President Nursultan Nazarbayev comprise an industrial strategy aimed at modernizing Kazakhstan’s economy by diversifying it away from overdependence on extractive industries, targeting R&D and joining the top 30 most developed countries by 2050. Therefore Enhanced Partnership and Cooperation Agreement signed in 2015 offers new opportunities for Kazakhstan and EU and could be interesting for partners in the Eurasian Economic Union.

Emirate of Qatar, small in area and population, being a coastal state of the Persian Gulf, from year to year is demonstrating dynamic economic growth thanks to constantly growing income from hydrocarbon exports. According to experts of the British audit firm Ernst&Young and the Oxford Economics Institute, Qatar has topped the rating of the fastest growing markets in 2000-2010. The author particularly analyzes dynamics of the main socio-economic indicators of the country during the 2000s and also describes important provisions of the national government programs for medium and long-term periods. The study presents conclusions regarding the present situation and prospects of emirate’s economic development in the future.

Innovation is the key word that should characterize our cooperation in the coming decade.