Harnessing foreign direct investment for sustainable economic growth in Central Asia: policy challenges and opportunities

Mukhammedova Azizakhon Ikromjon Kizi

GREEN ECONOMY AND DEVELOPMENT, 2024, vol. 2, issue 11

Abstract: This study examines the influence of Foreign Direct Investment (FDI) on economic growth and sustainabledevelopment within Central Asian nations, particularly emphasizing Kazakhstan, Uzbekistan, and Turkmenistan. Basedon an examination of contemporary empirical literature, the study underscores the beneficial impacts of foreign directinvestment on capital formation, technology transfer, and employment generation. The research further delineatesthe obstacles that constrain foreign direct investment inflows within the region, which encompass political instability,deficiencies in infrastructure, and a dependence on extractive industries. This paper advocates for the advancement ofGreen Foreign Direct Investment (FDI), highlighting its significance in fostering long-term sustainable development andsafeguarding environmental integrity. The principal policy recommendations encompass the enhancement of governanceframeworks, the improvement of financial markets, the diversification of foreign direct investment across various sectors,and the implementation of tax reforms designed to incentivize green investments. The results indicate that by tacklingthese challenges, Central Asian nations can more effectively utilize foreign direct investment as a mechanism forsustainable economic development.

Keywords: Foreign Direct Investment (FDI); Economic Growth; Sustainable Development; Central Asia; Green FDI; Policy Reforms; Renewable Energy. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:teu:ged000:v:2:y:2024:i:11:id:3295

DOI: 10.5281/zenodo.14222036

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