THE ROLE OF STATE POLICY IN ATTRACTING FOREIGN INVESTMENT: SUCCESSFUL EXPERIENCES AND MISTAKES IN POST-SOVIET COUNTRIES

Аннотация

Foreign direct investment (FDI) has become a decisive variable in the economic trajectories of post-Soviet states. Yet the region’s performance is wildly uneven: Kazakhstan’s Astana International Financial Centre channelled USD 3.1 billion in fresh capital in 2024, while sanctions-stricken Belarus saw investor outflows and a technical default on external debt. This article compares state-policy toolkits across seven post-Soviet economies, isolating the measures that either catalyse or repel foreign capital. The analysis finds that transparent incentive regimes, specialised investment hubs, and credible dispute-resolution mechanisms correlate with higher FDI/GDP ratios and lower expropriation risk. Conversely, ad-hoc tax breaks, opaque screening, and politicised courts deter long-term investors. Policy lessons are distilled forgovernments seeking tobalance national interests with globalcapital flows. Key words: Investment policy, FDI attraction, post-Soviet transition, incentives, investment climate, disputeresolution, sanctions risk, Astana IFC, Kumtor, institutional trust.