Inflows of foreign direct investments in Central Asian countries between 1991 and 2020

Research output: Working paper


This report aims at identifying common causes, patterns, and effects of changing foreign investments across the countries of Central Asia. Experience of neighboring countries in Central Asia as a distinct region of the world attracting foreign investment is particularly relevant for each country in the area. Therefore, the comparative analysis of the Central Asian countries presented in this report for their first three decades after gaining independence is particularly relevant given the global shifts in 2020. Growth in direct foreign investments was fueled and attracted by extractive industries in entire Central Asia. The development has been highly volatile during the whole studied period. Foreign investments overall declined between 2009 and 2020. Substantial progress in liberalization, human capital, the rule of law, and democratization is needed for Central Asian countries to attract foreign investment beneficial for local populations in the long term.


External organisations
  • Tebigy Kuwwat Public Association
Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Economics


  • Central Asia, transition economies, foreign direct investment, greenfield project
Original languageEnglish
Number of pages35
Publication statusUnpublished - 2021 May 3
Publication categoryResearch

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