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FOREIGN DIRECT INVESTMENT IN THE ECONOMIC GROWTH OF THE REPUBLIC
OF KAZAKHSTAN THROUGH IMPROVING HUMAN CAPITAL DEVELOPMENT
Bacharova AD.
L.N. Gumilyov Eurasian National University,
Astana, Kazakhstan
E-mail: s.a.n.d.r.a_718@mail.ru
With the development of market economy, the issue of increasing economic growth is
considered more closely. The Republic of Kazakhstan along with the developed countries pays
considerable attention to this issue. One of the most important sources for the development of the
economy is foreign direct investment, as well as the diversification of the economy. Advantage of
the first method is in the fact that foreign direct investment can ensure economic growth and attract
to the national economy not only new knowledge and technology, but also examples of innovative
management and technological innovation.
Recently there has been a shift in favor of enterprises with foreign direct investment to serve
foreign markets. This method pushes exports to the background and converts foreign direct
investment in the dynamic force of the world economy.
In the world's economic literature there are a numerous studies about the problem of the
influence of foreign direct investment on economic growth.
For example, Love J. and Chandra R. in their study of the Chinese economy have noted that
in provinces with higher FDI ratio (proportion of FDI to GDP) experienced rapid economic growth.
They did the conclusion that foreign direct investment will help increase economic growth fairly
quickly by accelerating scientific and technological progress. Empirical studies Chakraborty C. and
Basu P., as the example of India's economy, confirmed the importance of FDI and trade as an
accelerator of growth [1].
Therefore, these conditions increase importunes of policy to attract foreign direct investment
to generate sustainable economic growth of Kazakhstan.
But in this article we try to focus not on the justification of the need to attract foreign direct
investment into the national economy. We try to allocate the relationship of the positive effect of
foreign direct investment and the level of human capital development in the country. This analysis
is carried out on the basis of the Republic of Kazakhstan.
In the international ranking of Doing Business Republic of Kazakhstan took the 77th place
in 2015, and in the ranking of Human Development Index Republic of Kazakhstan took 56th place.
These two ratings were taken not by accident. Ranking of Doing Business analyzes the legal
systems in relation to private enterprises to 11 criteria; it shows the simplicity of doing business in
the country. The Human Development Index is calculated each year to compare and measure the
standard of living, education and literacy, as well as longevity.
Analyze the impact of foreign direct investment to gross domestic product in Kazakhstan
Correlation analysis shows interrelation between two variables. In our case, there is
interrelation between gross domestic product and foreign direct investment, the correlation between
97
them is 0.879. From this we can conclude about the strong direct dependence of FDI on GDP, as the
correlation is close to unity. It means that if foreign direct investments’ flows increase, gross
domestic product will increase too.
Figure 1.1 - Correlation between the rate of economic growth (GDP) and foreign direct investment (FDI) in
the 1993-2014. (Mln. USD)
Source: author's own calculations [2].
Unfortunately, only the flow of investment into the country may not always provide a
positive economic effect. In their studies, Jose De Gregorio Borensztein and Jong-Wha Lee
confirmed that the effect of attracting foreign direct investment depends on the level of human
capital development in the country. This study was conducted on the basis of 69 countries [3].
Figure 1.2 - Correlation between foreign direct investment (FDI) and the amount of people receiving higher
education in the 1993-2014 in the Republic of Kazakhstan
Source: author's own calculations [2].
The correlation between foreign direct investment and the amount of people receiving
higher education is 0.555, which indicates a strong direct relationship. Direct dependence means
that increasing of one parameter will cause increasing the second parameter. For comparison, the
estimated rate of correlation between gross domestic product and the number of people receiving
y = 7,476x + 7603,
R² = 0,773
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