IMPORT SUBSTITUTION AS A DEVELOPMENT STRATEGY FOR COUNTRIES IN TRANSITION: THE EXPERIENCE OF KAZAKHSTAN

Abstract

The purpose of the research is to reveal the role of Kazakhstan's import substitution policy in choosing the economic trajectory of economic development from the standpoint of its decarbonization and expansion of international cooperation.Methodology: the theoretical and methodological basis of the research is based on the methods of systemic and structural analysis, which allow studying the essence of the import substitution policy and identifying the degree of its impact on the economy of Kazakhstan. characterizing the policy of import substitution.The originality / value of the research lies in the rationale for accelerating the adaptation of the institutional framework to new realities, which will provide support for priority sectors of the economy as leaders of the new technological order.Findings – the structural constraints of the economy are identifi ed, which must be taken into account when implementing the import substitution policy. The most problematic sectors of the economy of Kazakhstan are identifi ed in terms of dependence on import supplies. The priority directions of the import substitution policy are formulated in the context of growing geopolitical risks and the transformation of global value chains. The key aspects of the transformation of the real sector of the economy of Kazakhstan, which has the potential to reduce import dependence and increase the attractiveness of foreign investors, are highlighted. The role of digital solutions in the implementation of the import substitution policy is substantiated.The practical signifi cance of the study. Kazakhstan adapts the accumulated world experience in the formation of import substitution policy. The example of Kazakhstan can be useful for countries with economies in transition, seeking to increase self-suffi ciency and competitiveness of the real sector of the economy, expanding their presence in international markets.