Improving the Investment Policy of Countries with a Transit Economy: the Experience of Kazakhstan

The relevance of the study is determined by fact that Kazakhstan faces difficult tasks to ensure sustainable economic growth, the solution largely depends on investment policy. Since the key feature of the country’s economy is a high level of technological heterogeneity, new industrial policy, implemented in the country since 2010, is designed to eliminate the technological backwardness of industries, ensure the renewal of capital, and create new points of innovation and investment growth. The purpose of the article is to identify the main problems of the investment policy of Kazakhstan, based on the analysis of its generalized indicators, and to formulate the directions for its improvement in the medium term. Following global trends, Kazakhstan is entering the stage of the fourth energy transition to the use of renewable energy sources. However, the continued dependence of the country’s economy on energy leads to the fact that the decline in prices for raw materials in the world markets reduces the competitive position of mining enterprises in the world market. In light of the above and given that the field of renewable energy sources will become the most attractive investment area in the foreseeable future, the authors emphasize the importance of structural measures to improve the investment environment for attracting foreign capital and advanced technologies to the development of alternative energy. In the context of the increasing complexity of national industries, the considered experience of Kazakhstan in improving investment policy can be useful for an in-depth study of transformational transformations in countries with a transitional economy.

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