Prioritizing Strategies for Attracting Foreign Direct Investment in Venture Capital Funds

Abstract

The objective of this study is to identify and prioritize the most influential strategies for attracting foreign direct investment (FDI) in venture capital funds. This applied and descriptive–analytical research was conducted through a mixed-methods design. In the qualitative phase, semi-structured interviews with 15 experts in venture capital, macroeconomics, and foreign investment attraction were carried out to extract key strategic factors. In the quantitative phase, pairwise comparison questionnaires based on the Analytic Hierarchy Process (AHP) were used, and data were analyzed using Expert Choice software. Statistical indicators including Kendall’s coefficient, KMO, and Bartlett’s test were applied to validate the data. The results revealed that the “economic and financial environment” (weight = 0.235) is the most influential determinant of FDI attraction. The “legal and regulatory framework” (0.170) and “public and private institutions” (0.120) ranked second and third, respectively. Exploratory factor analysis yielded four key dimensions—“technology and market,” “institutional framework,” “culture and communication,” and “marketing and challenges”—explaining 81.7% of total variance. The lowest weights were assigned to “investment marketing and promotion” and “global market influence,” indicating their limited effect compared to structural and institutional factors. The findings emphasize that establishing a stable economic environment, strengthening legal frameworks, and enhancing institutional support are fundamental for attracting foreign direct investment into venture capital funds. Additionally, improving technological capacity, innovation ecosystems, and managerial competence plays a complementary role in increasing FDI attractiveness and fostering sustainable development of the venture capital ecosystem.