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Internationalization of Production in Kazakhstan and Its Economic Implications: the Role of Foreign Investment and Transnational Corporations

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Internationalization of Production in Kazakhstan and Its Economic Implications: the Role of Foreign Investment and Transnational Corporations Internationalization of production in Kazakhstan and its economic implications: the role of foreign investment and transnational corporations Baigabylova, Nurgul 2012 Link to publication Citation for published version (APA): Baigabylova, N. (2012). Internationalization of production in Kazakhstan and its economic implications: the role of foreign investment and transnational corporations. Department of Economic History, Lund University. 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LUND UNIVERSITY PO Box 117 221 00 Lund +46 46-222 00 00 Department of Economic History Internationalization of production in Kazakhstan and its economic implications: the role of foreign investment and transnational corporations Nurgul Baigabylova Licentiate Thesis 2012 Foreword and acknowledgements I am thankful to the Erasmus Mundus External Cooperation Window Lot8 program for providing me with a three-year scholarship to undertake this research. Thanks to Hugo Bragioni for coordinating and helping me with practical concerns. The Department of Economic History at Lund University kindly hosted me throughout the writing of this licentiate thesis. I owe a sincere and earnest debt to the faculty and the department for the friendly and supporting atmosphere. I am extremely grateful to my supervisor, Professor Ljungberg, for the support and guidance he showed me throughout the time it took me to complete the research and write the dissertation. I am sure it would not have been possible without his help. I would like to extend my heartfelt gratitude to Professor Gunnarson and Jing Xiao for their valuable advice and comments at the final seminar. They were helpful in refining the draft version of the dissertation into its final form. I am obliged to many of my friends who helped me with technical corrections of the thesis and for helpful suggestions in improving the text of the thesis. I am thankful to Indira Kjellstrand, Karina Mukazhanova, Katie Chapman, Olga Jankovska, Kamshat Tussupova, Bakhyt Ospanova, and Dilzhan Ergaliev. Any remaining errors are mine alone. Words alone cannot express what I owe my husband Oleksiy and my son Mark for their encouragement. Their patience and love enabled me to complete this thesis. CONTENTS List of Abbreviations ................................................................................................................... 3 List of Figures ............................................................................................................................. 4 List of Tables .............................................................................................................................. 5 1. Introduction ......................................................................................................................... 6 1.1. Research question (research objectives) ......................................................................... 7 1.2. Previous research ............................................................................................................ 8 1.3. Methods, sources and data. Limitation of the study ..................................................... 10 1.4. The outline of the thesis ................................................................................................ 11 2. Key concepts and theoretical framework .......................................................................... 12 2.1. Neoclassical approaches to foreign capital movements ............................................... 12 2.2. Alternative approaches to the international production ................................................ 15 2.3. Internalization and internationalization ........................................................................ 18 2.4. John Dunning and eclectic paradigm of international production ................................ 22 2.5. Summary ....................................................................................................................... 24 3. Development of internationalization of production in Kazakhstan during 1991-2010 ..... 27 3.1. Privatization and reorganization of the state owned enterprises after independence in 1991. ..................................................................................................................................... 27 3.2. Forms of participation of foreign capital in Kazakhstan .............................................. 31 3.3. FDI inflow: volume, distribution, and main investors .................................................. 33 3.4. Foreign investment policy, investment environment .................................................... 35 3.5. Summary ....................................................................................................................... 39 4. Internationalization and consolidation of the strategic enterprises in Kazakhstan ........... 41 4.1. Who owns the metals? .................................................................................................. 41 4.2. Who owns the fuels? ..................................................................................................... 49 4.3. Consolidation of the national enterprises ..................................................................... 52 4.4. Consolidation of the industrial enterprises with the financial entities .......................... 54 4.5. Concentration of production and foreign capital in Kazakhstan .................................. 55 4.6. Summary ....................................................................................................................... 57 5. Determinants for internationalization of production in Kazakhstan during 1991-2010 ... 59 5.1. Eclectic paradigm: OLI advantages for foreign enterprises to invest in Kazakhstan ... 59 5.2. Motivation for FDI: interaction of ownership and location advantages ....................... 60 5.3. Ownership and location specific advantages, and FDI inflows to Kazakhstan ............ 62 5.4. Location and internalization advantages ...................................................................... 67 5.5. Summary ....................................................................................................................... 68 6. Economic implications of internationalization of production in Kazakhstan ................... 70 6.1. The Investment Development Path paradigm ............................................................... 70 6.2. The Investment Development Path: implications for Kazakhstan ............................... 72 6.3. Implications for overall economic performance ........................................................... 74 6.4. Summary ....................................................................................................................... 82 7. Concluding discussion ...................................................................................................... 84 7.1. Development of internationalization of production in Kazakhstan during 1991-2010 84 7.2. The determinants of internationalization of production in Kazakhstan during 1991- 2010. ..................................................................................................................................... 85 7.3. Economic implications of internationalization of production in Kazakhstan during 1991-2010 ............................................................................................................................. 87 7.4. Further research ............................................................................................................ 89 References ................................................................................................................................. 91 2 LIST OF ABBREVIATIONS BP – British Petroleum CIS – Commonwealth of Independent States EITI – Extractive Industries Transparency Initiative ENRC – Eurasian Natural Resources Corporation EPT – Excess Profit Tax FDI – Foreign Direct Investment FPI – Foreign Portfolio Investment FSU – Former Soviet Union FIG – Financial and Industrial Group GDP – Gross Domestic Product IDP – Investment Development Path IFDI – Inward Foreign Direct Investment IPF – Investment Privatization Fund JSC – Joint Stock Company KZT – Kazakhstan Tenge (currency) KMG – KazMunaigaz LLP – Limited Liability Partnership M&As – Mergers and Acquisitions NOI – Net Outward Investment OLI – Ownership-Location-Internalization OFDI – Outward Foreign Direct Investment PSA – Production Sharing Agreement R&D – Research and Development SCO – Shanghai Cooperation Organization SOE – State Owned Enterprise
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