This study analyzes strategic management in the context of companies entering international markets in the face of increasing geoeconomic fragmentation. Particular attention is paid to Central Asian companies operating in an environment of institutional transformation, sanctions pressure, and changes in global value chains. The paper examines how companies from Kazakhstan and Uzbekistan are adapting their internationalization strategies over the period 2010-2025, responding to rising geopolitical risks, changes in institutional quality, and the digital transformation of the economy. The empirical base for the study is formed by panel data for companies from both countries. Fixed-effects models and the systemic generalized moment method (System GMM) are also used to assess the influence of key factors on the degree and geographic direction of international expansion, accounting for the dynamic nature of internationalization and endogeneity. The level of geopolitical risk is considered as an explanatory component of these changes. Where does state ownership lie? Indicators of institutional quality and digital capabilities of companies. All the results obtained here demonstrate that increasing geopolitical uncertainty intensifies regionalization trends and reduces the global diversification of foreign assets. At the same time, the development of digital competencies contributes to a reduction in geographic concentration and the expansion of cross-border activity. State ownership has a significant impact on politically oriented expansion, especially into strategically important countries. The quality of host country institutions is also an important determinant of international diversification. Theoretically, this study addresses and expands on the concepts of internationalization and institutional theory by integrating geoeconomic fragmentation into the analysis of multinational enterprises in emerging markets. The practical significance of this work lies in the development of recommendations for businesses and government agencies aimed at increasing the strategic resilience and competitiveness of Central Asian companies in the face of global turbulence.

Central Asia, international strategy, geopolitical risk, emerging markets, regionalization, panel data.