turanВестник университета «Туран»Bulletin of "Turan" University1562-29592959-1236Университет «Туран»10.46914/1562-2959-2026-1-3-89-104turan-5675Research ArticleЭКОНОМИКА: ИСТОРИЯ, ТЕОРИЯ, ПРАКТИКАECONOMY: HISTORY, THEORY, PRACTICEОт сырьевых инвестиций к цепочкам добавленной стоимости: инвестиционное сотрудничество Казахстана и Европейского СоюзаFrom resource-based investment to value chains: Kazakhstan–EU investment cooperationhttps://orcid.org/0000-0002-9401-1573ТаракбаеваР. Е.TarakbayevaR. Е.

к.т.н., ассоциированный профессор.

Алматы

c.t.s., associate professor.

Almaty

raushan_29@mail.ruhttps://orcid.org/0000-0002-5851-9505ЕримпашеваА. Т.YerimpashevaA. Т.

к.э.н., профессор-исследователь.

Алматы

c.e.s., professor-researcher.

Almaty

aidayerimpasheva@gmail.comhttps://orcid.org/0000-0002-8421-5150МырзахметоваА. М.MyrzakhmetovaA. M.

к.э.н., профессор.

Алматы

c.e.s., acting professor.

Almaty

aida.myrzakhmetova@kaznu.kzhttps://orcid.org/0000-0003-0284-5667БраувайлерХ.-К.BrauweilerH.-CҺ.

д.э.н., профессор.

Цвиккау

d.e.s., рrofessor.

Zwickau

christian.brauweiler@whz.deУниверситет «Туран»КазахстанTuran UniversityKazakhstanКазахский национальный университет им. аль-ФарабиКазахстанal-Farabi Kazakh National UniversityKazakhstanЗападно-Саксонский университет ЦвиккауГерманияWest Saxon University of Applied Sciences of ZwickauGermany2026021020260389104Copyright © Таракбаева Р.Е., Еримпашева А.Т., Мырзахметова А.М., Браувайлер Х., 20262026Таракбаева Р.Е., Еримпашева А.Т., Мырзахметова А.М., Браувайлер Х.Tarakbayeva R.Е., Yerimpasheva A.Т., Myrzakhmetova A.M., Brauweiler H.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.turan-edu.kz/jour/article/view/5675

В статье анализируется инвестиционное сотрудничество Казахстана и Европейского союза. Авторы задаются вопросом, является ли модель инвестиционного сотрудничества традиционной ресурсоориентированной или произошел переход к более диверсифицированной структуре, способной поддерживать внутренние и международные цепочки создания стоимости. Методология исследования основана на анализе статистических данных Национального банка Казахстана по валовому притоку прямых иностранных инвестиций (ПИИ) в Казахстан за 2015–2025 гг. Рассчитаны два взаимосвязанных показателя концентрации: (1) индекс Херфиндаля–Хиршмана (HHI), измеряющий географическую концентрацию инвестиций ЕС-27 по странам-инвесторам, и (2) секторальный HHI, отражающий концентрацию общего объема входящих ПИИ по основным видам экономической деятельности Казахстана. Для интерпретации результатов использованы сравнение периодов до и после 2020 г., структурная декомпозиция и качественная оценка значимости отдельных секторов с точки зрения их вклада в развитие цепочек создания стоимости. Результаты показывают, что инвестиции из стран ЕС-27 на протяжении всего анализируемого периода составляли приблизительно 43–52% годового валового притока ПИИ в Казахстан, что подтверждает устойчивый характер инвестиционного партнерства. Одновременно географическая концентрация инвестиций ЕС по странам-инвесторам снизилась: среднее значение HHI уменьшилось с 0,502 в 2015–2019 гг. до 0,385 в 2020–2025 гг. Доля Нидерландов в положительных валовых притоках ПИИ из стран ЕС-27 также сократилась, хотя страна сохранила позицию крупнейшего зарегистрированного инвестора из ЕС. Секторальная концентрация входящих ПИИ по экономике в целом также снизилась: среднее значение HHI уменьшилось с 0,295 до 0,243. Средняя доля горнодобывающей промышленности сократилась, тогда как доли обрабатывающей промышленности, торговли, транспорта, а также сектора информации и связи увеличились.

This article analyzes investment cooperation between Kazakhstan and the European Union. The authors ask whether the investment cooperation model remains traditionally resource-oriented or has shifted to a more diversified structure capable of supporting domestic and international value chains. The research methodology is based on an analysis of statistical data from the National Bank of Kazakhstan on the gross inflow of foreign direct investment (FDI) into Kazakhstan for 2015–2025. Two interrelated concentration indicators are calculated: (1) the Herfindahl– Hirschman Index (HHI), which measures the geographic concentration of EU-27 investments by investor country, and (2) the sectoral HHI, which reflects the concentration of total incoming FDI by Kazakhstan’s main economic activities. To interpret the results, comparisons of periods before and after 2020, structural decomposition, and a qualitative assessment of the importance of individual sectors in developing value chains are used. The results show that investments from the EU-27 countries accounted for approximately 43–52% of annual gross FDI inflows to Kazakhstan throughout the analyzed period, confirming the sustainable nature of the investment partnership. At the same time, the geographic concentration of EU investments by investor country decreased: the average HHI value decreased from 0.502 in 2015–2019 to 0.385 in 2020–2025. The Netherlands’ share of positive EU-27 gross FDI inflows also declined, although it retained its position as the largest registered EU investor. The sectoral concentration of inward FDI across the economy as a whole also decreased: the average HHI value decreased from 0.295 to 0.243. The average share of mining decreased, while the shares of manufacturing, trade, transport, and information and communication increased.

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The authors declare that there are no conflicts of interest present.