Abstract
The purpose of this study is to assess the investment attractiveness of Kazakhstan’s largest industrial region in the context of intensifying competition for global investment and digital transformation. The paper shows that the investment attractiveness of Kazakhstan, which possesses large proven reserves of mineral resources, is largely based on systemic transformations in the strategically important extractive sector. To evaluate the significance of factors affecting the investment attractiveness of the Karaganda region, along with well-known practices of economic analysis, the results of a SWOT analysis were synthesized and a TOWS matrix of strategic initiatives was developed, identifying strategic priorities for regional investment growth. It is established that, in the medium term, the Karaganda region needs to redirect investment toward processing and energy infrastructure, the development of mining and metallurgical technologies, environmental standards, and long-term productivity. It is substantiated that the structural transformation of the national and regional economy will accelerate Kazakhstan’s integration into global value chains through the processing of rare earth metals. The results of the study can be used to develop strategies for enhancing investment attractiveness in accordance with regional potential and sectoral characteristics. The authors hope that this research will be useful for developing resource-based countries interested in achieving a synergistic effect from foreign direct investment.