Public-private partnership as a tool for governance modernization: lessons from the past and challenges for the future

Purpose of the research. Public-private partnerships (PPPs) play a vital role in sustainable development. In line with development strategies such as Qazaqstan 2050, PPPs are essential tools for promoting sustainable economic growth and improving the quality of life for the population. Global experience, especially in Europe and the United States, demonstrates the effectiveness of PPPs as a collaborative form between government and industry. For Qazaqstan, it is essential to adapt these models to local conditions. Since the enactment of the Law "On Public-Private Partnerships" in 2015, PPP mechanisms have been actively developed in the country. Analysing international experience and adapting it to Qazaqstan’s context can improve project results and strengthen the public administration system.

Methodology. The study employed data collection and analysis methods, including content, historical, and comparative analyses.

Originality/value. This paper offers a historical overview of PPP development in Qazaqstan, highlights the strengths and weaknesses of the legislative framework, and provides recommendations to enhance the institutional environment. The novelty of the study lies in the integration of empirical statistical analysis with institutional and legal analysis, which enabled us to identify systemic limitations to the effectiveness of PPPs and to propose measures to improve their social and economic performance.

Findings. The analysis revealed a notable decrease in the number of PPP agreements since 2018, indicating systemic inefficiencies and over-regulation. The shift from quantitative to qualitative indicators was accompanied by stricter procedures for evaluating economic feasibility, risk sharing, and centralised oversight. A comparative analysis indicated that successful PPP models in developed countries depend on transparent digital platforms, equitable risk distribution, and long-term financial sustainability-elements that still need further development in Qazaqstan.

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