Smart investment model: a review analysis of strategies for diversifying Kazakhstan’s economy under conditions of limited capital

The article presents a review analysis of the “smart investment” concept as a tool for the strategic selection of sectors to diversify Kazakhstan's economy under conditions of limited capital. The main goal of the work is to systematize theoretical approaches and practical experience to identify priority areas for public investment aimed at reducing dependence on raw materials and stimulating the development of high-tech and innovative industries. The study applies methods of systematic literature review, comparative analysis of state programs of Kazakhstan and foreign countries (Malaysia, South Korea, Norway, Great Britain), as well as critical analysis of institutional mechanisms that promote integration into global value chains. The scientific significance of the work lies in identifying the factors that hinder and contribute to the successful diversification of the economy with limited resources, and in forming a theoretical basis for the development of a national “smart investment” strategy. The practical significance of the research is reflected in the development of recommendations for state bodies of Kazakhstan on prioritizing investment areas, improving the institutional environment, and supporting innovative clusters. The work contributes to the theory of smart specialisation by adapting it to resource-dependent economies. The results obtained can be used to formulate effective public policy, optimise the allocation of financial resources, increase the investment attractiveness of regions, and create conditions for sustainable economic growth

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