Determinants of European Union Foreign Direct Investment in Central Asia

Jintao Yang; Bilal Ahmed Memon; Temur Makhkamov

doi:10.52536/3006-807X.2025-2.006

Авторы

Цзиньтао Ян Латвийский университет, Латвия Автор https://orcid.org/0000-0002-2210-6629
Билал Ахмед Мемон Международный Вестминстерский университет в Ташкенте, Узбекистан Автор https://orcid.org/0000-0002-0527-302X
Темур Махкамов Международный Вестминстерский университет в Ташкенте, Узбекистан Автор https://orcid.org/0000-0001-9305-3221

DOI:

https://doi.org/10.52536/3006-807X.2025-2.006

Ключевые слова:

детерминанты, Европейский Союз, прямые иностранные инвестиции, Центральная Азия

Аннотация

Эта статья исследует ключевые факторы, влияющие на прямые иностранные инвестиции Европейского Союза в Центральной Азии. В исследовании анализируется панельный набор данных по пяти странам Центральной Азии — Казахстану, Кыргызстану, Узбекистану, Туркменистану и Таджикистану — в период с 2013 по 2022 год с целью изучения взаимосвязи между прямыми иностранными инвестициями ЕС и семью ключевыми факторами. Результаты показывают, что размер рынка имеет отрицательную корреляцию с потоками прямых иностранных инвестиций ЕС в Центральную Азию, в то время как рабочая сила имеет положительную корреляцию. Однако природные ресурсы, торговая открытость, инфраструктура, коррупция и политическая стабильность не имеют значимой связи с прямыми иностранными инвестициями ЕС в Центральной Азии. Исследование предполагает, что инвесторы из ЕС стремятся воспользоваться изобилием и дешевой рабочей силой в регионе, а не сосредотачиваться на природных ресурсах или других общепринятых факторах. Эти выводы имеют важное значение для политиков и предприятий, работающих в Центральной Азии, подчеркивая важность решения проблем с рынком и рабочей силой для привлечения прямых иностранных инвестиций из ЕС.

Биографии авторов

Цзиньтао Ян, Латвийский университет, Латвия

Цзиньтао Ян — докторант экономики и менеджмента в Латвийском университете. Его исследовательские интересы включают прямые иностранные инвестиции и устойчивое развитие.
Билал Ахмед Мемон, Международный Вестминстерский университет в Ташкенте, Узбекистан

Билал Ахмед Мемон — старший преподаватель финансов в Международном Вестминстерском университете в Ташкенте. Он опубликовал множество высококачественных статей в ведущих рецензируемых журналах. Его исследовательские интересы включают финансовую экономику, финансовые рынки, искусственный интеллект, эффективность рынка и эконофизику.
Темур Махкамов, Международный Вестминстерский университет в Ташкенте, Узбекистан

Темур Махкамов — старший преподаватель финансов в Международном Вестминстерском университете в Ташкенте. Его исследовательские интересы включают корпоративное управление и экономический рост.

Библиографические ссылки

Agarwal, J. P. (1980). Determinants of foreign direct investment: A survey. Weltwirtschaftliches Archiv, 116(4), 739-773. https://doi.org/10.1007/BF02696547.

Ahmad Jafari, S., Reza, M., & Khosro, A. (2011). Political Stability and FDI in OIC Countries. Journal of Social and Development Sciences, 1(1). https://doi.org/10.22610/jsds.v1i1.624.

Al-Sadig, A. (2009). The effects of corruption on FDI inflows. The Cato Journal, 29(2), 267.

Anarfo, E. B., Agoba, A. M., & Abebreseh, R. (2017). Foreign Direct Investment in Ghana: The Role of Infrastructural Development and Natural Resources. African Development Review, 29(4), 575-588. https://doi.org/10.1111/1467-8268.12297.

Ashurov, S., Othman, A. H. A., Bin Rosman, R., & Bin Haron, R. (2020). The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan (A quantitative analysis using GMM). Russian Journal of Economics, 6(2). https://doi.org/10.32609/j.ruje.6.48556.

Asiedu, E. (2002). On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different? World Development, 30(1), 107-119. https://doi.org/10.1016/S0305-750X(01)00100-0.

Asif, M., & Majid, A. (2018). Institutional quality, natural resources and FDI: empirical evidence from Pakistan. Eurasian Business Review, 8(4), 391-407. https://doi.org/10.1007/s40821-017-0095-3.

Astana Times. (2020). FDI to Central Asia Reached 378.2 billion Over Past 13 years. Retrieved 26 February 2023 from https://astanatimes.com/2020/12/fdi-to-central-asia-reached-378-2-billion-over-past-13-years/.

Azam, M. (2010). Economic determinants of foreign direct investment in Armenia, Kyrgyz Republic and Turkmenistan: theory and evidence. Eurasian Journal of Business and Economics, 3(6), 27-40.

Brewer, T. L. (1993). Government Policies, Market Imperfections, and Foreign Direct Investment. Journal of International Business Studies, 24(1), 101-120. https://doi.org/10.1057/palgrave.jibs.8490227.

Buckley, P. J., & Casson, M. (2016). The future of the multinational enterprise. Springer.

Cheng, L. K., & Kwan, Y. K. (2000). What are the determinants of the location of foreign direct investment? The Chinese experience. Journal of International Economics, 51(2), 379-400. https://doi.org/10.1016/S0022-1996(99)00032-X.

Cho, H., & Ha, Y. (2009). Determinants of FDI Inflow in Regional Port with Resource-Based View and Institutional Theory: A Case of Pohang-Yeongil Port. The Asian Journal of Shipping and Logistics, 25(2), 305-331. https://doi.org/10.1016/S2092-5212(09)80007-2.

Cohen, A., & Grant, J. (2018). Future Calling: Infrastructure Development in Central Asia. Retrieved 21 January 2023 from https://static1.squarespace.com/static/5a789b2a1f318da5a590af4a/t/5bfca9106d2a 736f2eac1e0b/1543285011333/Infrastructure+Development+in+Central+Asia.pdf.

Council of the EU. (2019). Council Conclusions on the New Strategy on Central Asia. Retrieved 26 February 2023 from https://www.consilium.europa.eu/media/39778/st10221-en19.pdf.

Cuervo-Cazurra, A. (2006). Who cares about corruption? Journal of International Business Studies, 37(6), 807-822. https://doi.org/10.1057/palgrave.jibs.8400223.

Doytch, N., & Eren, M. (2012). Institutional Determinants of Sectoral FDI in Eastern European and Central Asian Countries: The Role of Investment Climate and Democracy. Emerging Markets Finance and Trade, 48(sup4), 14-32. https://doi.org/10.2753/REE1540-496X4806S402.

Drogendijk, R., & Blomkvist, K. (2013). Drivers and Motives for Chinese Outward Foreign Direct Investments in Africa. Journal of African Business, 14(2), 75-84. https://doi.org/10.1080/15228916.2013.804320.

Dunning, J. H. (1977). Trade, Location of Economic Activity and the MNE: A Search for an Eclectic Approach. In B. Ohlin, P.-O. Hesselborn, & P. M. Wijkman (Eds.), The International Allocation of Economic Activity: Proceedings of a Nobel Symposium held at Stockholm (pp. 395-418). Palgrave Macmillan UK. https://doi.org/10.1007/978-1-349-03196-2_38.

EC. (no date). Investment. Retrieved 26 February 2023 from https://policy.trade.ec.europa.eu/help-exporters-and-importers/accessing-markets/investment_en.

EEAS. (2022a). Central Asia. Retrieved 21 January 2023 from https://www.eeas.europa.eu/eeas/central-asia_en#:~:text=The%20EU%20has%20significant%20stakes,%2C%20Tajikistan %2C%20Turkmenistan%20and%20Uzbekistan.

EEAS. (2022b). Central Asia’s Growing Importance Globally and for the EU. Retrieved 21 January 2023 from https://www.eeas.europa.eu/eeas/central-asia%E2%80%99s-growing-importance-globally-and-eu_en#:~:text=The%20EU%20accounts%20for%20more, Russia%20and%203.7%25%20for%20China.

EEAS. (2022c). EU-Central Asia Relations. Retrieved 26 February 2023 from https://www.eeas.europa.eu/eeas/eu-central-asia-relations_en.

Eurostat. (no date). EU direct investment flows, by country and economic activity (BPM6). Retrieved 26 February 2023 from https://ec.europa.eu/eurostat/databrowser/view/BOP_FDI6_FLOW__custom_4707274/ default/table?lang=en.

Faeth, I. (2009). Determinants of Foreign Direct Investment – A Tale of Nine Theoretical Models. Journal of Economic Surveys, 23(1), 165-196. https://doi.org/10.1111/j.1467-6419.2008.00560.x.

Hamdi, H., & Hakimi, A. (2020). Corruption, FDI, and Growth: An Empirical Investigation into the Tunisian Context. The International Trade Journal, 34(4), 415-440. https://doi.org/10.1080/08853908.2019.1699481.

Hymer, S. H. (1960). The international operations of national firms, a study of direct foreign investment, Massachusetts Institute of Technology.

Kamal, M. A., Li, Z., Akhmat, G., Bashir, M. F., & Khan, K. (2014). What determines China’s FDI inflow to South Asia? Mediterranean Journal of Social Sciences, 5(23), 254. https://doi.org/10.5901/mjss.2014.v5n23p254.

Kang, Y., & Jiang, F. (2012). FDI location choice of Chinese multinationals in East and Southeast Asia: Traditional economic factors and institutional perspective. Journal of World Business, 47(1), 45-53. https://doi.org/10.1016/j.jwb.2010.10.019.

Kasimov, I., & Saydaliev, H. B. (2022). Unveiling the Determinants of Foreign Direct Investment and Economic Growth in Central Asia. European Journal of Business and Management Research, 7(6), 108-114.

Korsah, E., Amanamah, R. B., & Gyimah, P. (2022). Drivers of foreign direct investment: new evidence from West African regions. Journal of Business and Socio-economic Development, ahead-of-print(ahead-of-print). https://doi.org/10.1108/JBSED-12-2021-0173.

Lee, K. J., & Kim, C. J. (2022). The Role of Government in Attracting Private Investment in Sustainable Infrastructure: Case of Foreign Direct Investment Inflows in Central Asia. In Unlocking Private Investment in Sustainable Infrastructure in Asia (pp. 171-189). Routledge.

Liargovas, P. G., & Skandalis, K. S. (2012). Foreign Direct Investment and Trade Openness: The Case of Developing Economies. Social Indicators Research, 106(2), 323-331. https://doi.org/10.1007/s11205-011-9806-9.

Liu, H. Y., Tang, Y. K., Chen, X. L., & Poznanska, J. (2017). The Determinants of Chinese Outward FDI in Countries Along “One Belt One Road”. Emerging Markets Finance and Trade, 53(6), 1374-1387. https://doi.org/10.1080/1540496X.2017.1295843.

Lucas, R. E. (1990). Why doesn't capital flow from rich to poor countries? American Economic Review, 80(2), 92-96.

Mamytova, N., & You, H. (2018). Determinants of IFDI in Central Asian Countries: Econometric Analysis. International Journal of Business Marketing and Management, 3(12), 22-31.

Metaxas, T., & Kechagia, P. (2016). FDI in Central Asia: The case of Uzbekistan. Applied Econometrics and International Development, 16(1), 63-76.

Nistor, P. (2015). FDI Implications on BRICS Economy Growth. Procedia Economics and Finance, 32, 981-985. https://doi.org/10.1016/S2212-5671(15)01557-9.

Okafor, G., Piesse, J., & Webster, A. (2015). The motives for inward FDI into Sub-Saharan African countries. Journal of Policy Modeling, 37(5), 875-890. https://doi.org/10.1016/j.jpolmod.2015.07.003.

Pajunen, K. (2008). Institutions and inflows of foreign direct investment: a fuzzy-set analysis. Journal of International Business Studies, 39(4), 652-669. https://doi.org/10.1057/palgrave.jibs.8400371.

Rashid, M., Looi, X. H., & Wong, S. J. (2017). Political stability and FDI in the most competitive Asia Pacific countries. Journal of Financial Economic Policy, 9(02), 140-155. https://doi.org/10.1108/JFEP-03-2016-0022.

Rugman, A. M. (1980). Internalization as a general theory of foreign direct investment: A re-appraisal of the literature. Review of World Economics, 116(2), 365-379. https://doi.org/10.1007/BF02696864.

Schneider, F., & Frey, B. S. (1985). Economic and political determinants of foreign direct investment. World Development, 13(2), 161-175. https://doi.org/10.1016/0305-750X(85)90002-6.

Tocar, S. (2018). Determinants Of Foreign Direct Investment: A Review. Review of Economic and Business Studies(21), 165-196.

Ulzii-Ochir, N. (2019). The Determinants of FDI in Landlocked Developing Countries in Central Asia. In K. Jayanthakumaran, N. Shukla, C. Harvie, & O. Erdenetsogt (Eds.), Trade Logistics in Landlocked and Resource Cursed Asian Countries (pp. 95-121). Springer Singapore. https://doi.org/10.1007/978-981-13-6814-1_5.

UNCTAD. (2022). Foreign investment in developing Asia hit a record $619 billion in 2021. Retrieved 18 April 2023 from https://unctad.org/news/foreign-investment-developing-asia-hit-record-619-billion-2021.

Varma, S., Bhasin, N., & Nayyar, R. (2015). Motives as Locational Determinants: A Study of FDI between India and LAC. Transnational Corporations Review, 7(3), 335-352. https://doi.org/10.5148/tncr.2015.7306.

World Bank. (2021). Improving Transport Connectivity in Central Asia Requires a Coherent Approach. Retrieved 26 February 2023 from https://www.worldbank.org/en/news/press-release/2021/04/02/improving-transport-connectivity-in-central-asia-requires-a-coherent-approach.

World Bank. (no date). Trade (% of GDP) - Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyz Republic, Tajikistan. Retrieved 26 February 2023 from https://data.worldbank.org/indicator/NE.TRD.GNFS.ZS?end=2021&locations=KZ-UZ-TM-KG-TJ&start=2013.

Zheng, P. (2009). A comparison of FDI determinants in China and India. Thunderbird International Business Review, 51(3), 263-279. https://doi.org/10.1002/tie.20264.