Net foreign direct investment (FDI) inflows into Kyrgyzstan reached $335.4 million by the end of 2025, an increase of 110.7% over two years. According to the Eurasian Economic Commission, China became the largest source of foreign capital for the first time, investing $305.7 million. Beijing thus displaced Russia, which held the lead in investment volume in 2023–2024, Economist.kg reported.
In 2024, net FDI inflows amounted to $255.3 million, and in 2023, $159.2 million. While two years earlier, the main investors were Russia ($102.9 million) and Kazakhstan ($79 million), in 2025, China will be followed by the Netherlands ($69.5 million), Russia ($56.3 million), Turkey ($48.6 million), Cyprus ($26 million), Kazakhstan ($25.6 million), and the United Kingdom ($24.3 million).
The most notable change was the sharp reversal of Chinese investment. After a net capital outflow of $72.7 million in 2023 and $77.8 million in 2024, China saw the largest FDI inflow in 2025. At the same time, the largest negative figure was recorded for India, where a net outflow of $196.5 million was recorded.
The change in the leading foreign investor reflects the changing structure of Kyrgyzstan's foreign economic relations. The sharp increase in Chinese investment is likely due to the transition to large infrastructure, industrial, and logistics projects, including initiatives within the China-Kyrgyzstan-Uzbekistan transport corridor and the expansion of industrial cooperation. Meanwhile, the decline in Russian investment does not indicate an outflow of Russian capital, but rather indicates increased competition among foreign investors. For Kyrgyzstan, maintaining a diversified FDI structure is key to avoiding overreliance on a single source of capital and ensuring sustainable financing for long-term economic development.
CentralasianLIGHT.org
August 3, 2026