Diversification of the economy of the Mangystau region based on the strategies of Norway and Australia: assessment of opportunities and development prospects

The purpose of this study is to determine whether Mangystau could benefit from adopting economic diversification techniques from Australia and Norway. With a focus on the pressing need for diversification because of Mangystau's reliance on low-tech and raw material exports, the research aims to determine the strategic adjustments that must be made in order to preserve a diverse economic structure. Qualitative interviews, content analysis, and retrospective and comparative industrial data analysis were all used in the study. These techniques were applied to evaluate the benefits and difficulties of economic diversification in detail. The research shows that combining elements of Australia's and Norway's economic models can improve the socioeconomic dynamics in Mangystau. The implementation of Norway's resource management strategies, which prioritize long-term stability, has the potential to greatly enhance the effectiveness of the region's use of oil and gas assets. The region may be able to attract investments and boost economic growth by leveraging Australia's experience in developing infrastructure and fostering a positive business climate. The suggested tactics may serve as the foundation for the creation of long-term resource management initiatives, the enhancement of the local infrastructure, and the promotion of commercial activities.