At the end of the first half of 2025, Kazakhstan strengthened its status as one of Central Asia's key investment centers, accumulating $9.4 billion in mutual investments. This is according to data from the Eurasian Development Bank's (EDB) Mutual Investment Monitoring, Zakon.kz reports.
According to the report, Kazakhstan accounted for more than a third of the total capital growth in the Eurasian region and became the second largest investment exporter after Russia. Total accumulated foreign direct investment in the region reached a record $48.4 billion by mid-2025, despite a global decline in investment flows in 2024.
This growth was largely driven by private sector investment, whose share increased to 72%, and investment volume reached $34.7 billion. Investment in Kazakhstan's economy grew faster than the regional average: while mutual investment increased by 6.4% overall, accumulated investment in the country grew by 11.2%.
Kazakhstan attracted $9.415 billion from its regional partners, second only to Uzbekistan. Almost $1 billion of the increase in investment was attributed to Kazakh projects. Russia remains the primary source of capital, accounting for over 78% of regional investment, a significant portion of which is channeled into Kazakhstan's economy.
The report also notes changes in the structure of investment. In 2024–2025, capital inflows increased into the manufacturing industry (+$0.84 billion) and agro-industrial complex (+$0.34 billion), while the raw materials sector saw a decline of $0.5 billion. As a result, the share of manufacturing increased to 23%, while the raw materials sector declined to 39%.
At the same time, Kazakhstan strengthened its position as a capital exporter, channeling $3.25 billion into the economies of neighboring countries. The main destinations were Russia, Georgia, Kyrgyzstan, and Uzbekistan. Together with Russia and Azerbaijan, the republic accounts for approximately 60% of all mutual investments in Eurasia.
EDB analysts also note a shift in investment models: for the first time, the share of greenfield projects has reached 40%, exceeding the share of projects expanding existing assets. Overall, investment flows are increasingly shifting toward Central Asia, where intraregional investment increased to $1.3 billion by mid-2025, reflecting the region's gradual transition to a more diversified economic model.
CentralasianLIGHT.org
January 16, 2026