The role of special economic zones in attracting investments: the experience of the Khorgos–Eastern Gate Special Economic Zone

Abstract

In the context of globalization and increased capital flows, attracting investments is becoming one of the main factors ensuring sustainable economic development of countries. In this context, special economic zones (SEZs) are widely used as an effective tool to stimulate investment activity. The development of the SEZ in Kazakhstan is an important area of the industrial and innovation policy of the state. However, the real investment efficiency of SEZs, especially in regions with high border and logistics potential, requires a comprehensive scientific analysis. In this regard, studying the role of the Khorgos–Eastern Gate special economic zone in attracting investments is relevant, since it is located at the junction of the Eurasian transit corridors and is an important element of international economic cooperation. The main purpose of the study is to determine the role of special economic zones in attracting investments and to determine the specifics of the development of the Khorgos–Eastern Gate special economic zone.

As a result of the study, it was found that the investment attractiveness of the SEZ is determined not only by the provision of tax and customs preferences, but also by the quality of infrastructure, institutional environment, geographical location and access to international transport and logistics routes. The analysis showed the significant role of the Khorgos–Eastern Gate SEZ in attracting investments in the transport, logistics and production activities of the region. At the same time, the limitations associated with the need for further infrastructure development, increased management efficiency and expansion of the investment potential of the zone have been identified. On this basis, the directions of increasing the investment attractiveness of the Khorgos–Eastern Gate SEZ are proposed, focused on infrastructure development, improving investor attraction mechanisms and strengthening its cross-border logistics function.

The theoretical significance of the study. It is determined by clarifying the mechanisms for attracting investments of special economic zones in terms of the relationship between institutional and infrastructural factors. The scientific contribution of the study is the systematization of the influence of factors reflected in the example of the Khorgos–Eastern Gate SEZ and the adaptation of theoretical approaches to the conditions of the transboundary SEZs of Kazakhstan. These results emphasize the importance of differentiating the indicators of official infrastructure provision and its actual use in assessing the investment efficiency of the SEZ.

Practical significance of the research. The results and suggestions obtained during the research can be used in improving the policy of development of special economic zones in Kazakhstan, developing investment programs, as well as shaping regional development strategies.

Keywords: special economic zone, investments, regional development, Khorgos–Eastern Gate, investment attractiveness.