Assessment of investment attractiveness of universities in Kazakhstan
Authors
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Nursultan Ybyray
Karaganda National Research University named after academician Ye.A. Buketov, Kara ganda, Kazakhstan
-
Nurgul Kuttybayeva
Karaganda National Research University named after academician Ye.A. Buketov, Karaganda, Kazakhstan
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Abdumalik Kadirov
Fergana State Technical University, Ferghana, Uzbekistan
DOI:
https://doi.org/10.31489/3136-0807/2026-1-1/59-67Keywords:
higher education, investment attractiveness, regional economics, Kazakhstan, human capital, public-private partnershipAbstract
In the knowledge economy, higher education has become a strategic area for investment; however, existing approaches to assessing the investment attractiveness of universities are either limited to financial in dicators or rely on global rankings, paying insufficient attention to regional context. This study aims to substantiate a comprehensive approach to assessing the investment attractiveness of Kazakhstani universities through regional differentiation. The methodological framework combines a literature review with an analysis of open data from the Bureau of National Statistics of Kazakhstan and the OECD for the period 2019 2025. Based on a synthesis of human capital theory, the stakeholder approach, and regional economics, a
system of four indicator groups is proposed: academic potential, financial and economic sustainability, regional complementarity, and infrastructural maturity. A priority matrix has been developed for four categories of investors: the state, private investors, international funds, and the business community. The study demonstrates that disregarding regional specificities when comparing metropolitan and regional universities leads to systematic managerial errors, which is particularly relevant given the increasing spatial concentration of student enrolment in major urban agglomerations. The share of students in Almaty, Astana, and Shymkent increased from 53.2 % to 60.8 % between 2019 and 2025. The proposed approach has practical
significance for regional education authorities, potential investors, and universities themselves. Policy recommendations for stimulating investment in regional higher education are also proposed.
References
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Marginson, S. (2014). University rankings and social science. European Journal of Education, 49(1), 45-59. https://doi.org/10.1111/ejed.12061
OECD. (2017). Reviews of national policies for education: Higher education in Kazakhstan 2017. Paris: OECD Publishing. https://doi.org/10.1787/9789264268531-en
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