EVALUATING POLICY INCENTIVES FOR ATTRACTING FDI INTO THE INDUSTRIAL SECTOR: AN EXTENDED COMPARATIVE REVIEW OF SELECTED CIS ECONOMIES

Abstract

This comprehensive policy analysis investigates the effectiveness of foreign direct investment (FDI) incentive regimes across five post-Soviet economies—Uzbekistan, Kazakhstan, Belarus, Armenia, and Azerbaijan—between 2020 and 2024. The article adopts a hybrid theoretical lens that includes Dunning’s OLI framework, strategic industrial policy theory, and cost–benefit logic to examine how fiscal, financial, regulatory, and spatial instruments shape investor behavior in the manufacturing sector. Using both quantitative data (from UNCTADstat and national sources) and qualitative evaluations (e.g., investor services efficiency, policy credibility), the authors trace the evolution of each country’s incentive package and link specific policy shifts to measurable FDI outcomes such as sectoral diversification and SME integration.