Legal regulation and analysis of management effectiveness in the field of international investment cooperation in capital market in free economic zones of neighbouring countries

This article is a comprehensive study of international investment cooperation and concept of the effectiveness of innovation in free economic zones (hereinafter referred to as FEZ) and their role in the modern world. The FEZ represent new centres of competence in various socio-economic and industrial spheres, contributing to the development of the international investment coope ration. In modern market conditions, they can become a catalyst for structural transformation, stimulation of innovation, attraction of capital investment, and technology exchange. Thus, in the context of global economic transformation and increased competition for technological leadership, the FEZ are becoming a key tool for stimulating innovation and attracting investment. Financial activity, being a key area of the economy, not only ensures the stability and sustainability of business entities, but also acts as a driver of innovations that are critically important for increasing competitiveness, optimising resource management, and adapting to global challenges, such as digitalisation and sanctions pressure. The analysis of legal models of the FEZ in the countries of the Commonwealth of Independent States demonstrates their multidirectionality. In the Russian Federation, for example, the emphasis is on industrial production zones, where benefits are linked to the localisation of production. In contrast, China is dominated by innovation and technology clusters, offering research and design grants and simplified staff migration.