Кwilinski Alex 71 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 2022 Volume 5 Number 2 DIGITAL TRANSFORMATION OF A COUNTRY’S IMAGE: THE CASE OF THE ASTANA INTERNATIONAL FINANCE CENTRE IN KAZAKHSTAN Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Abstract. A strong positive image is an important asset for all countries around the world. Simple recognition of a name or geographic location is not enough to make a successful brand. People should want to visit, live, and preferably work and invest in the country. The research methodology for this article used Simon Anholt’s approach. Anholt is the author of the widely recognized system Nation Brands Index which measures the power and quality of each country’s “brand image” by combining the following six dimensions: Exports, Governance, Culture and Heritage, People, Tourism, and Investment and Immigration. In this article, the authors selected one important dimension, “Investment and Immigration,” using the case of the Astana International Finance Centre (AIFC), which was created to enhance and promote Kazakhstan’s investment image. The expected outcomes of the study include assessing the perception of how the AIFC used digital technologies to build its brand as a part of the country’s image, and discussing the digital context of developing investment attractiveness. It also covers a short literature review on the theoretical and empirical aspects of digital transformation and presents a case study and a questionnaire-based survey to illustrate the impact of digital transformation, and especially the use of digital technologies for the AIFC’s image promotion. The conclusion summarizes the findings of this research and discusses some implications for investment and immigration attractiveness and the image of the AIFC. Keywords: digital transformation, country branding, place branding, investment attractiveness, immigration, image policy JEL Classification: M15; M30; O31 http://www.virtual-economics.eu/ 72 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 Authors: Azel Zhanibek Al-Farabi Kazakh National University, Faculty, Almaty, Kazakhstan E-mail: azel.zhanibek@gmail.com https://orcid.org/0000-0003-1306-5738 Rafis Abazov Kazakh National Agrarian Research University, Almaty, Kazakhstan E-mail: r.abazov@kaznaru.edu.kz https://orcid.org/0000-0001-6042-9560 Andrey Khazbulatov Kazakh Research Institute of Culture, Almaty, Kazakhstan E-mail: ar.khazbulatov@gmail.com https://orcid.org/0000-0002-1499-7396 Citation: Zhanibek, A., Abazov, R., & Khazbulatov, A. (2022). Digital Transformation of a Country’s Image: The Case of the Astana International Finance Centre in Kazakhstan. Virtual Economics, 5(2), 71- 94. https://doi.org/10.34021/ve.2022.05.02(4) Received: October 6, 2021. Revised: December 18, 2021. Accepted: February 15, 2022. © Author(s) 2022. Licensed under the Creative Commons License - Attribution 4.0 International (CC BY 4.0) http://www.virtual-economics.eu/ http://azel.zhanibek@gmail.com https://orcid.org/0000-0003-1306-5738 http://r.abazov@kaznaru.edu.kz https://orcid.org/0000-0001-6042-9560 http://ar.khazbulatov@gmail.com https://orcid.org/0000-0002-1499-7396 https://creativecommons.org/licenses/by/4.0/ 73 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 1. Introduction The economic and political processes taking place in the world today increase the importance of building and promoting a positive image of countries. To be competitive on the “Global Olympus” today means keeping abreast of global trends and “creat[ing] favorable conditions for living and working at home and abroad” (TPBO, 2020). It is as if the world has turned into one big information field where choices are made on the basis of technologies, highlighting quality processes and products (Drozdz et al., 2020b). Each country defines its own key effective tools to promote its image suitable to the realities of the region and considering global trends. In this context, the global digital transformation is one of the trends that significantly help to promote a country’s image (Petroye et al., 2020). Over the past two decades, digital technology has fundamentally changed the approach to promoting the image of countries (Kwilinski, 2018c; Miśkiewicz, 2019). It is not just channels of information flow that have changed. There are more opportunities not only to highlight but also to create the necessary processes and products. Today it is not enough just to create pretty photos or interesting videos to attract tourists and investors. What is even more important is to tell real success stories and generate narratives (Moskalenko et al., 2022; Yang et al., 2021). According to Kotler and colleagues, the modern approach uses marketing tools and mechanisms in promoting the image of territories (Kotler et al., 2002). Thus, when studying the image of countries, it is logical to focus on the promotion of a country’s brand. To date, there are many approaches to assessing the brand of countries, and perhaps the most recognized in the world science is the famous hexagon by the British scientist Simon Anholt, who identified six key elements of the modern brand of territories, categorized as tourism, export, politics, investment, culture and human capital (Anholt& Hildreth, 2004). In this context, developing countries, on the one hand, face more difficulties because the “branding” processes have become much more complex and require mobilization of significant resources – both human and financial. However, at the same time, it has also become easier, because Information and Communication Technologies (ICTs) and digital transformation have facilitated an access to the global marketplace (Kwilinski et al., 2022a; Miśkiewicz, 2021b). The past studieis outline (Abaas et al., 2018; Bilan et al., 2020; Polcyn et al., 2022; Prokopenko & Miśkiewicz, 2020; Saługa et al., 2020; Pimonenko et al., 2021) that new paradigm of sustainable development requie to consider the energy (Melnychenko, 2021; Ingber, 2017; Drożdż et al., 2020; Miskiewicz, 2020; 2021b) and ecological (Lyulyov et al., 2020; 2021; Miśkiewicz et al., 2022) dimensions within assessment of country’s brand. This can be seen in all aspects of a country's life and operations. This article examines the digital transformation of Kazakhstan’s image in terms of its investment appeal. “Kazakhstan – like many neighboring countries in Central Asia – is undergoing an early stage of the digital revolution and making significant efforts towards building a post-industrial information society” (Abazov, 2018). A relatively young state, Kazakhstan has only recently begun active work on shaping and promoting its image in general, and in terms of investment attractiveness in particular. The image of “Kazakhstan abroad is still based on stereotypes formed from a standard set inherent in all countries whose http://www.virtual-economics.eu/ 74 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 name has the ending ‘stan’ (Kyrgyzstan, Tajikistan, etc.)” (Tlepbergenova, 2011). However, this outdated image is changing. “Big changes in the formation of Kazakhstan’s international image took place in February 2007, when the Department of International Information was established within the Ministry of Foreign Affairs of the Republic of Kazakhstan, whose main function was the formation of the country’s image abroad” (Zhanibek,2011). Among the major projects aimed at promoting the country’s image has been the creation and development of the Astana International Financial Center (AIFC). The authors have chosen the AIFC as a case study for a more detailed evaluation of the significance of the organization’s activities, which, in addition to its core business, is designed to make a major contribution to the promotion of the country’s brand. The choice of the AIFC for this case study is also due to the fact that the main objective of the organization is to “promote investment in the economy of the Republic of Kazakhstan by creating an attractive environment for investment in the financial services sector” (Constitutional Law of the Republic of Kazakhstan, 2015), as investment attractiveness corresponds to one of the key elements of the modern branding of territories. Building a country’s brand and promoting its image today are closely linked to the process of global digital transformation. This study analyzes the process of formation and promotion of Kazakhstan’s country image using the example of the AIFC and its digital transformation. The authors employ a questionnaire-based survey among representatives of the business community, academic community, government officials and culture to identify and assess the tools used by the AIFC to create and develop its image; and also, to identify and its contribution to the development of the country’s image: in this case, the investment image of the country. The purpose of this article is to evaluate the perception of the effectiveness of using digital technologies to promote the country’s image and investment appeal, focusing on the AIFC as an industry organization dedicated to shaping and developing Kazakhstan’s investment image. “The degree of investment attractiveness of the country is directly related to the image of the state” (Myakishev & Zhdanova, 2018). As a rule, investment attractiveness and the country’s image develop at the same pace and strengthen or weaken each other. Accordingly, the tools and channels chosen to promote a country’s image should be organically combined with the tools and channels to enhance investment attractiveness. Implementing a country’s image- making process through institutions and their various tools are shown in Fig. 1. It is important to note that the study considers the AIFC as an institution designed for enhancing the country’s investment appeal. Digital transformation has made an impact on many aspects of life, knowledge, and activity (Szczepańska-Woszczyna & Gatnar, 2022; Trzeciak et al., 2022; Vaníčková & Szczepańska-Woszczyna, 2020). However, in order to understand the extent to which the digital transformation process is already in place and how successful it is in promoting the country’s image and investment appeal, the authors conducted a survey designed to evaluate the perception of the level of these processes by internal stakeholders, namely the citizens of Kazakhstan. The survey was conducted during the year of 2022. A total of 17 questions were included in the questionnaire. Five of these http://www.virtual-economics.eu/ 75 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 questions asked about the geography and demographics of the respondents. Only three of the 17 questions were selected for this article. Figure 1. Implementing a country’s image-making process through institutions and their various tools Source: developed by the authors. The expert survey to evaluate perceptions of the effectiveness of using digital technologies to promote the country’s image, investment appeal and activities of the AIFC was based on three sets of questions: 1. The first set of questions aims to identify the perception of the most effective investment image communication channels. 2. The second set of questions aims to evaluate the perception of the impact of digitalization and digital transformation on the country’s investment image. 3. The third set of questions aims to identify the most effective channels of communication for the AIFC as a sectoral organization designed to enhance the investment attractiveness of the Republic of Kazakhstan. The survey was designed to estimate the impact of digital transformation on the country's image, the strengths and weaknesses of brand-building activities, and tools used for developing the investment attractiveness. In this regard, the authors set the following objectives: - to study the basis for building the country's brand and promoting it through sectoral organizations; - to consider the digital context of the development of the country's investment and immigration attractiveness; http://www.virtual-economics.eu/ 76 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 - to review briefly the literature on the theoretical and empirical aspects of digital transformation; - to consider examples of the digital transformation impact through using digital technologies to promote the image of the AIFC. The object of this study is the role of digital technology in shaping and promoting the investment image of Kazakhstan. A comprehensive view of a representative group of participants on the holistic image of the country is important. The subject of the study is the activity of the AIFC as a special body for shaping and promoting the investment image of Kazakhstan. In this case the activity of the AIFC is considered as an institution for increasing investment attractiveness, so at the meeting of the government of Kazakhstan on attracting investment held on April 22, 2019 “a single center for coordination of work on investment attraction and promotion of the investment image of Kazakhstan was determined: the international financial center ‘Astana’ (AIFC)” (AIFC.KZ.,2019). Since the investment image of the country is one of the components of the country’s image as a whole, it is logical to consider the activities of the AIFC as a component of the construction and promotion of the country’s image. Globalization, growing international trade and rising economic productivity in many countries around the world contribute to increasing the competition among countries for foreign direct investments (FDIs) and for technology transfers (Kovchuha, 2020; Chygryn et al., 2018). This, in turn, requires strengthening measures to improve investment attractiveness and the country’s image, as these are the links in the chain of the country’s economic (Lyulyov et al., 2021; Melnyk et al., 2018; Kharazishvili et al., 2021; Hussain et al., 2021; ), social (Kharazishvili et al., 2020; Lyeonov et al., 2018; Smiianov et al., 2020), energy (Coban et al., 2022; Drożdż & Mróz-Malik, 2017; Drożdż et al., 2021; Dźwigol et al., 2019; Miskiewicz, 2022; Miśkiewicz et al., 2021) and political (Lyulyov et al., 2021a; Bilan et al., 2019) prosperity. This issue is relevant for all countries of the world, but especially for developing ones. The use of new digital technologies brings changes to the organization of communication, organizational, educational, cultural and many other processes. It has a particularly great impact on the organization of business processes. Cooperation with major investors today implies the readiness of the digital environment of the region. Kazakhstan today is experiencing a digital transformation in many sectors. According to the state program “Digital Kazakhstan,” the implementation of which was planned for 2018–2022, one of the five key areas is “digitalization of economic sectors” (Gosudarstvennaya programma “Tsifrovoi Kazakhstan”, 2017). As part of the implementation of this direction, the authorized bodies studied in detail the processes of digitalization. However, the impact of digital transformation on the promotion of investment attractiveness and the image of the country remains only superficially studied. The relevance of this research rests on several factors. First, the need to understand how the investment image of a country is formed, using the case of the Republic of Kazakhstan. For example, there is a need to understand and explain how, Kazakhstan achieved the ranking http://www.virtual-economics.eu/ 77 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 position No 52 in the Global Direct Investment Country Attractiveness Index for foreign investment in 2020 (ahead of neighboring Kyrgyzstan, Tajikistan, and Uzbekistan, A Global Direct Investment Country Attractiveness Index, 2020). The authors suggest that the analysis of experts’ perceptions of the methods used information and promotion of the investment image will allow better understanding of the reason for the country’s placement at this level. For comparison, Azerbaijan, another post-Soviet country, is positioned 62 in this rating. Second, the study is relevant given the need to understand how digital technology affects the promotion of the country’s investment image and its communication channels. Third, analysis of the AIFC effectiveness as an organization designed to influence the investment image of Kazakhstan in the global market allows evaluation of the digital transformation effectiveness and the use of digital technology. The issue of forming and promoting the investment image of a country is of concern for almost all countries in the world, especially due to the growing global competition for FDIs. As a country’s positive investment image is a reflection of a favorable business environment within the region, the growth of the economy as a whole depends on it, among other things (Moskalenko et al., 2022; Chygryn et al.; Dzwigol et al., 2020a; Kwilinski, 2018a; Kwilinski et al., 2020b; 2020c). A wide range of tools in this area are used by different countries at various stages. Kazakhstan has taken a comprehensive approach to the issue of shaping and promoting its investment image. In 2015, a specialized institution, the AIFC, was created, whose activities should directly affect the investment image of Kazakhstan. This organization is unique in its structure. The AIFC became the first organization in the region to offer businesses a legal regime of attraction, implementation and protection of investments, based on the principles, norms and precedents of the law of a foreign entity – in this case of England and Wales. It is critical to gain and secure organizational legitimacy for representatives of business, and it is good for the international image of the host country (Marschlich & Ingenhoff, 2022). This article is designed to address the challenges in evaluating the brand formation of an institution such as the AIFC and the tools used in forming it. 2. Literature Review This section presents a brief review of the literature on the digital transformation of a country’s image promotion process and its investment appeal. The purpose of the literature review is three-fold. First, it evaluates conceptual research on promoting such an image, including such concepts as image, brand and reputation of the country. Leading experts, expert organizations and the media compile various ratings using the concepts of brand, image and reputation. The purpose of this study is to determine the correct terminology for describing the public perception of the country, both domestically and abroad. This is in addition to a more detailed study of the theoretical foundations of the perception of the country’s investment attractiveness. Second, it overviews case studies on the correlation between the internal and external country image. It seeks to determine the degree of interconnectedness among the perceptions of business environment representatives, http://www.virtual-economics.eu/ 78 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 residents of the country and foreigners concerning the favorable conditions for business on the given territory. Third, it evaluates the latest research in the field of digital transformation of international public relations, marketing and branding. The concept “image” is multifaceted. American scientists Deborah J. MacInnis and Linda L. Price considered “image” from the standpoint of psychology as a unique way whereby certain characteristics of the object are processed and stored in memory, and came to the conclusion that these characteristics affect the purchasing power of a person (MacInnis& Price, 1987). According to some researchers, the image has been studied most often in fragments in accordance with the discipline in which it is considered. For instance, it can be considered in the plane of sociology, psychology, philosophy and of course in the plane of marketing, management and public relations (Popova, 2003). John Pantzalis and Carl A. Rodrigues looked at factors that contributed to the 1997 financial crisis and concluded that international capital is influenced by investors’ perceptions of the country’s brand, and that the positioning and management of this brand play a crucial role in attracting global capital. Even more, such perceptions influence how and when this global capital, in similar situations, will leave the country (Pantzalis & Rodrigues, 2011). The British scholar Simon Anholt examined the importance of building a nation’s image and concluded that a powerful and positive brand of a nation directly benefits its exporters, importers, government, cultural sector and tourism; it facilitates immigration processes for the state and virtually every other aspect of international relations (Anholt& Hildreth 2004, p.20). Ulyanovsky (2008) considers the corporate image of organizations in the context of the Eastern Europe and Central Asia (EECA) region and concludes that there is a stable image of the subject in the public consciousness. Ilyin & Leonova (2008) consider the importance of the image in conditions of globalization and prove that the image of the country today has acquired such a significant role that it can be attributed to the social value, on which there depends the success of political and economic activities of the state in the foreign policy, as well as the social stability of its internal political processes. The findings of Simon Anholt, who is the author of a number of concepts and notions in the field of building and promoting a country's image, introduced the concept of the nation branding. In his early works, he argued that countries and nations can be equated with brands and trademarks (Anholt, 2003). Next, Anholt introduced the concept of competitive identity into the academic world, presenting it as a hexagon, including six elements of the modern country’s brand: tourism, exports, foreign and domestic policy, investment and immigration, culture and heritage, and human capital. The elements of a hexagon are shown in Figure 2. In later works, he refers to these elements as natural channels through which most countries communicate with the rest of the world, either deliberately or accidentally building their reputation (Anholt, 2007). In 2004, Anholt co-authored with the young British scholar D. Hildreth a book titled Brand America: The Mother of All Brands, in which the scholars suggest the existence of links between certain product brands and the country’s image. http://www.virtual-economics.eu/ 79 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 Figure 2. Competitive identity hexagon elements Source: Anholt (2007). They highlight such American brands as Coca-Cola, Pepsi, Apple, Microsoft, Time, NBS, Nike, Johnson&Johnson and many others linked to “Brand America” (Anholt & Hildreth 2004). Anholt argues for the creation of specialized agencies for competitive identity within national and regional governments. He emphasizes the marketing necessity for a brand of the country of a product origin: “Made in...” (Anholt, 2007). In 2007, Anholt introduced the concept “place branding”, which should be based on a synthesis of brand management with public diplomacy. In 2010, in a new study, Anholt notes that nations and countries can have brands – in the sense that they have a reputation, which is certainly important for prosperity in today’s world, just like brand images for corporations and their products. However, according to Anholt, the idea that one can “brand” a country identically to the way companies would “brand” their products is futile (Anholt, 2010). Prue Robson suggests that place branding shares many commonalities with public relations: it involves relationships with a wide range of stakeholders and communication campaigns that involve no direct sale of product (Robson, 2021). In this context, similar to the studies (Bogachov et al., 2020; Borodin et al., 2021; Kwilinski, 2018b; Kwilinski et al., 2021), the author confirms that digital transformation might play an important role in improving the image of a country. According to Jafari-Sadeghi theory, digital transformation should be divided into “three categories, namely technological readiness (e.g., ICT investment), digital research (e.g., research and development) and digital exploration (e.g., patents and trademarks)” (Jafari- Sadenhi et al., 2021, p.100; Abazov, 2021). http://www.virtual-economics.eu/ 80 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 3. Methods Based on the previous studies (Abazov, 1997; 2010; 2021) the authors prepared the questionnaire-based survey using the competitive identity theory of the British scholar Simon Anholt (Anholt, 2007), according to which “investment and immigration” are important components of a country’s image. Based on the studies (Arefieva, 2021; Dzwigol, 2020; 2021; Dzwigol et al., 2020b; Kuzior et al., 2021b; Kwilinski et al., 2020a; 2022; Miśkiewicz, 2018; Lyulyov et al., 2015) the authors, therefore, compiled questions on the respondents' perceptions of the country’s image in the areas of: tourism, exports, foreign and domestic policy, investment and immigration, culture and heritage, human capital. In addition, the questionnaire included a group of questions concerning the activities of the AIFC, as the authors considered it as a case study. As a result, the questionnaire consisted of 17 questions, of which five were the passport data of the respondents. For this article, three questions belonging to different groups were selected, which, according to the authors, show information relevant to achieving the purpose of the research. As a first step, the authors organized a focus group to evaluate how a representative sample and relevant information could be collected. During the focus group interviews, it was determined that the questionnaire should be compact and mobile, in both paper and electronic form. The participants had a choice of answering in Russian, Kazakh or English. As a second step, the research team worked on achieving the proportional geographical diversity of respondents to cover not only the residents of Nur-Sultan and Almaty, but also other large regional centers. As a third step, the questionnaire was created on the Google forms platform and the link to it was distributed via various platforms. It was critical to select respondents from industries related to the key elements of the country’s contemporary brand. Preference was given to experts with a university degree and/or academic degree and/or MBA. 4. Results and Discussion A total of 105 people took part in the survey. However, five questionnaires were dismissed due to incomplete data. The survey was conducted among experts. In addition to age, other demographic and geographic indicators were recorded in the passport data. The demographic indicators included age, gender, education and occupation of the respondents, while the geographical indicators included the city of residence. This study does not report a detailed correlation of respondents’ responses according to passport data, but this can be made available upon request. The research questions were presented in three groups. The first group was designed to identify the most effective communication channels for the investment image. When asked how the investment image of Kazakhstan was constructed, the respondents’ answers were distributed as follows: 17% of respondents chose traditional media, 2% of respondents http://www.virtual-economics.eu/ 81 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 marked social networks, 38% of respondents said through conferences and other events, and 38% of respondents chose a combination of social networks and traditional media as it shown in Figure 3. Figure 3. Communication channels for the image of Kazakhstan Source: Devised by the authors. In addition, respondents had an open-ended option and 5% provided their own answer. Below are the examples of interesting answers. Respondent X: In my opinion, the investment image of the Republic of Kazakhstan is developing quite dynamically and uses the whole range of promotion technologies. Big contribution to the development of the investment image in my opinion is made by the AIFC. Mostly they implement it through an integrated approach, working with international partners of various levels and using modern communication channels. One respondent suggested that Kazakhstan’s investment image was built through behind-the- scenes arrangements that were not advertised to the general public. The authors focused on this example, as they suggest that it also demonstrates the view of the 38% of respondents who chose the option “through conferences and other events.” Respondents were not given an explanation as to which other events fell into this category. These may be of very different formats and of course of varying levels of confidentiality. It is therefore possible that some respondents may have meant other events that are confidential and not publicly visible. It is also very interesting that only 2% of respondents mentioned social media as an independent tool to promote the country’s investment image. It is especially interesting that this is 8.5 times less than those who chose traditional media as an independent channel for promoting the country’s investment image. 2% 17% 38% 38% 5% How do you see the investment image of Kazakhstan being built through traditional media through social media through a combination of traditional media and social media through conferences and other events other http://www.virtual-economics.eu/ 82 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 This data may indicate either low coverage of the topic in social media or low trust in social media information. Kazakhstan's statistics also lead to such a conclusion: in January 2021 the number of users of social networks amounted to 12 million people, which is 26% more (2.5 million people) compared to the beginning of 2020. The total population of Kazakhstan as of January 2021 stood at 19,126,000. According to some recent studies, the country has increasingly the “internet and social media active population” as the share of social media users reached 62.7% in 2021 (Zhusupova, 2021). For example, if we look at the top five popular social networks in the country, the most popular social network in the world in January 2021, according to Statcounter Global Stats, is Facebook, with a share of 69.8%. Next comes Pinterest (11.9%), Twitter (9.5%), YouTube (4.9%) and Instagram (2.56%). All of the above- mentioned networks are, for the most part, entertaining and informative, which explains the respondents’ perception of social networks as an independent communication channel for the country’s investment appeal (Statcounter Global Stats, 2021). Thus, it can be seen that the greatest preference, and perhaps even trust, among the target audience of our study is firstly for conferences and other events, and secondly for traditional media. It is particularly interesting to observe these responses in the light of the fact that as many as 74% of respondents believe that the digitalization of image policy will have an impact on the formation and promotion of a positive investment image of the country. Only 5% believe that there will be no impact and 20% did not answer as it shown in Fig. 4. Figure 4. The impact of digitalization of the image policy on promoting a positive country image Source: devised by the authors. The distribution of responses clearly demonstrates the positive perception of digitalization by the target audience, and their acceptance of it as an effective tool to promote the country’s image in the area of investment attractiveness. To some extent, such a positive assessment 74% 5% 20% 1% Do you think the digitalization of image policy will affect the formation and promotion of a positive investment image of the country? yes no I can't answer other http://www.virtual-economics.eu/ 83 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 by respondents is also due to the level of Internet penetration, which stood at 81.9% at the beginning of 2021. The second set of questions aims at evaluating how the impact of digitalization and digital transformation on the country’s investment image is perceived. Digitalization is a strategic priority for Kazakhstan, because the introduction of digitalization technologies allows the state to develop effectively in a variety of ways, including promoting its investment image and increasing the investment attractiveness of the country. In 2017, Kazakhstan launched a state program “Digital Kazakhstan,” which aims at creating conditions for the transition to a digital economy. In the UN E-Government Survey 2020, Kazakhstan ranked 29th out of 193 UN member states, with a score of 0.92 out of 1 for e-services (UN, 2020, p.270). A favorable business environment, and the resulting increase in attractiveness to foreign investors, largely depends on the region’s technological development. Digital support for doing business in the country is one of the key factors of comfortable business conduct. Kazakhstan has created quite comfortable conditions in this respect. Another critical key factor is the legal and judicial system. Taking the opportunity to give an open response, 1% of respondents pointed out that digitalization alone without a transparent judicial system cannot be effective in improving the investment image. Respondent Y: Indeed, I would say that in the modern world it is impossible to do without it. For example, compared to neighboring countries Fintech is developing well in Kazakhstan, which is very important for foreign investors. The FinTech Lab has been opened at the AIFC, which brings together developers of innovative financial products. Leadership in such breakthrough areas becomes the basis for the digital component of promoting the country's image. The digitalization of the image policy has a positive effect on the country's investment image, especially in the business environment, and the AIFC plays a big role in this. Earlier they very correctly determined what should be emphasized. In 2014 Tursunbek Omurzakov, a member of the Majilis of the Kazakh parliament, spoke about the need to develop a positive investment climate in the country and noted that “59% of investors already operating in Kazakhstan consider the regulatory environment to be insufficiently transparent and stable. Foreign companies operating in Kazakhstan regularly encounter instances of ambiguous interpretation and selective application of the law. In addition, the judicial and arbitration systems have proven ineffective in handling cases involving investors. Respondents expressed their concerns about respecting property rights and guaranteeing investment security” (Kuatova, 2014). This means that at the highest level of the country’s leadership, there was a clear understanding of the weaknesses of promoting investment attractiveness in the traditional “old” ways and the need to come up with the new innovative ideas including integration of digital tools and digital transformation for both improving effective management of investors’ needs and creating an attractive investment image of the country. http://www.virtual-economics.eu/ 84 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 The AIFC establishment in 2015 was a part of the country’s effort in introducing new modern and effective ways of working with investors and international businesses and it began working with the mandate to ensure investor protection and maintain investor confidence. All of these benefits need to be communicated. How effective these channels of communication are after almost seven years is addressed in this study under the third set of questions, which seeks to identify the most effective channels of communication for the AIFC as a sectoral organization designed to enhance the investment attractiveness of the Republic of Kazakhstan. Regarding the most effective communication tool used by the AIFC, 8% of respondents chose social media, 14% chose traditional media, 35% chose a combination of social media and traditional media, while 37% chose conferences and other events and 6% preferred an open response as it is shown in Figure 5. Figure 5. Perception of the most effective channel of communication used by the Astana International Financial Center (AIFC) Source: devised by the authors. The overall picture of respondents’ perception of the effectiveness of the AIFC’s communication channels is similar to how the same group of respondents evaluated the effectiveness of communication channels of the country's investment image as it is shown in Figure 6. The main reason for this similarity, according to the authors, lies in the fact that respondents identify the activities of the AIFC as the main mouthpiece for information about the country’s investment attractiveness. On the one hand, this is evidenced by the fact that in the respondents’ perception in the general information field there is no gradation of messages into those initiated by the AIFC or by other participants in the process of formation and promotion of the investment image of Kazakhstan. 8% 14% 35% 37% 6% What is the most effective communication tool used by the Astana International Financial Center (AIFC)? social media traditional media a combination of social media and traditional media conferences and other events other http://www.virtual-economics.eu/ 85 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 Figure 6. A comparison of the perception of communication channels of the investment image of Kazakhstan and the communication channels of the Astana International Financial Center (AIFC) Source: devised by the authors. The volume of information flow also plays a significant role in this, and the diversity and uniqueness of the AIFC’s products today allow the Center to be on the agenda and generate a variety of information occasions. On the other hand, despite the strategic importance of digitalization as designated at the state level, and a sufficient level of Internet penetration, there can be seen a scarce use of social networks as a separate channel of communication for AIFC activities and promotion of the investment image of the country as a whole. 5. Conclusions A rapid development of information communication technologies affects all aspects of economy at both the macro and micro levels, including the formation and promotion of the country’s investment image. Changing practices in using digital technologies contribute to the development of new approaches, tools and institutions to reshape the investment image in many countries. By their very nature, digital technologies become a driver of the globalization process for developing countries through creating favorable conditions for integrating their economies into the global economic system (Trushkina, 2020). However, ICTs and digital transformation can either help some countries integrate into the global community, or become an insurmountable barrier undermining international competitiveness of other national economies. 0 10 20 30 40 a combination of traditional media and social media social media other conferences and other events Communication channels of Kazakhstan's investment image AIFC's communication channels http://www.virtual-economics.eu/ 86 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 This study reconfirms the Anholt’s assumption that there are links between certain product brands and a country’s image (Anholt & Hildreth 2004, p.23-26) and shows the positive impact of digital transformation of some product brands (in our case – the AIFC in Kazakhstan) on the country’s investment image and investment attractiveness. In fact, the majority of responses in the survey confirmed the link between the work of AIFC and an investment image of Kazakhstan. In the case of Kazakhstan, digital technologies were actively introduced not only in the core business, but also in the development of new communication channels. Yet, the picture is more nuanced as the respondents pointed out that it was the combination of traditional media and new social networks that played an important role in promoting the investment image of the country. The existence of this trend is confirmed by research conducted in other countries. For example, Albishri Osama in his recent studies suggests that some governments began using strategically mediated and digitalized public diplomacy tools, including satellite news, radio, newspapers and, more recently, social media platforms for building a country’s image (Osama, 2019). The information and image policy of the state has become increasingly complex in its nature. Therefore, this requires the creation of specialized institutions or support of certain national private companies dedicated to the implementation of various activities in different areas by using the full range of digital technology capabilities (Dementyev & Kwilinski, 2020; Dźwigoł & Wolniak, 2018; Kotowicz et al., 2022; Kuzior et al., 2021a; Saługa et al., 2021). For instance, the AIFC activities exemplifies the emergence of such national institutions specifically designed to work both on improving investment climate for the international investors inside the country and on developing the investment image of the country in the international business arena, especially among large international investment entities. The authors conducted a comparative analysis of how the communication channels of the country’s investment image in general and of the AIFC in particular are perceived. The analysis suggested that the respondents perceived the existence of the links between the AIFC efforts in developing investment image and changing image of the country in the international economic space. The authors determined that most respondents have recognized the AIFC’s activities as one of the important tools for creating and disseminating information about the country’s investment appeal utilizing various tools. This, in turn, leads to the suggestion that the nation’s image in the developing countries and in emerging economies can be effectively shaped and promoted not only by traditional “old” communication tools, but also through the work of “new” institutions which utilize “new” digital tools for promoting an image of their respective countries. There is some additional evidence which confirms this trend. For example, Kazakhstan was ranked 63rd in 2014 in the Global Direct Investment Country Attractiveness Index. It was before the active work of the AIFC started in 2015 (A Global Direct Investment Country Attractiveness Index, 2020). Over the next few years Kazakhstan gradually improved its positions in the Index, and it was ranked 52nd in 2020. This data combined with the results of our research may lead to an assumption that the work of specialized private and/or public institution (in this case of the AIFC) contributed to the improvement of country’s position in the global ranking (Table 1). http://www.virtual-economics.eu/ 87 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 Table 1. Global Direct Investment Country Attractiveness Index Global Direct Investment Country Attractiveness Index Kazakhstan 2014 2015 2016 2017 2018 2019 2020 63 56 54 55 55 53 52 Source: Global Direct Investment Country Attractiveness Index (2020) Indeed, the AIFC operates as a unique and innovative new institution which works on improving investment climate for foreign investors inside the country and on improving the country’s image in a very competitive global investment environment. It utilizes both traditional tools for communicating with international partners (such as Business-to-business (B2B) events: investment seminars, forums and consultations) and innovative digital communication and social media tools (such as social media presence on such platforms as Instagram, Facebook, Twitter, etc.). In fact, in March 2022, AIFC’s managing director Kairat Kelibmetov announced that the AIFC became one of the most successful institutions in attracting the FDIs to Kazakhstan and he quoted several macroeconomic statistical data as the evidence of success. According to him, the total amount of investments attracted through the AIFC platform accounts for $6.2 billion (Nurgaliyeva, 2022). Our study suggests that a careful and effective use of ICTs and digital transformation may contribute to the development of a positive investment environment and ultimately to the positive investment image of a country. In addition, the results of the study suggest that traditional ‘old’ channels of communication should not be discharged. Another lesson is that the activities of a combination of communication channels – both traditional and new digital ones – should be anchored in an especially dedicated institution(s) that would coordinate the work of public and private organizations and partners in developing the investment attractiveness of the country. In the development of the country’s investment image and investment attractiveness, this institution should also combine and coordinate media tools in order to achieve synergies. Indeed, the lessons from the AIFC suggest that it is possible that in such a short time – less than a decade of functioning of the AIFC – it became a model institution contributing to the development of the investment image of the country through digital transformation of communication channels. Future studies should pay more attention to the diversity and effectiveness of digital tools for shaping the country’s investment image and investment attractiveness, both in terms of core business and in terms of communications. 6. Acknowledgements The authors would like to express their gratitude to the editorial board of the journal and to the anonymous reviewers of the article. http://www.virtual-economics.eu/ 88 www.virtual-economics.eu ISSN 2657-4047 (online) Azel Zhanibek, Rafis Abazov, and Andrey Khazbulatov Virtual Economics, Vol. 5, No. 2, 2022 References Abaas, M. S. M., Chygryn, O., Kubatko, O., & Pimonenko, T. (2018). Social and economic drivers of national economic development: The case of OPEC countries. Problems and Perspectives in Management, 16(4), 155-168. https://doi.org/10.21511/ppm.16(4).2018.14 Abazov, R. (1997). Formation of the non‐state sector and privatisation in Kazakhstan and Uzbekistan. 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