Kazakhstan Attracts Nearly 70% of Central Asia’s Foreign Investment
Kazakhstan remains the leading destination for foreign capital in Central Asia, accounting for nearly 68% of all foreign direct investment (FDI) in the region, according to the United Nations Conference on Trade and Development World Investment Report.
The total stock of FDI in Kazakhstan reached $151.3 billion, reflecting the scale of international capital operating in the country’s economy. This investment encompasses foreign-owned enterprises, industrial facilities, infrastructure, and technologies. Compared with Kazakhstan’s gross domestic product (GDP) of $291.5 billion in 2024, the FDI stock represents approximately 51.9% of GDP.
By comparison, the combined GDP of neighboring Central Asian countries—Uzbekistan, Turkmenistan, the Kyrgyz Republic, and Tajikistan—was roughly $215 billion in 2024, with a combined FDI stock of $69.3 billion. Consequently, Kazakhstan alone hosts nearly 68.6% of all foreign investment in Central Asia.
Internationally, Kazakhstan’s FDI position is comparable with some Baltic states. Estonia’s FDI stock equals 73.9% of GDP, Latvia’s 55.2%, and Lithuania’s 40.9%. Yet, Kazakhstan surpasses the three Baltic countries in both economic size and overall accumulated foreign investment.
UNCTAD data show that Kazakhstan’s FDI leadership developed gradually following independence in 1991. In 2000, Kazakhstan’s accumulated FDI was $10.1 billion, moderately higher than Estonia, Lithuania, and Latvia, and substantially exceeding other Central Asian nations, which had minimal investment levels. By 2010, Kazakhstan’s FDI had grown to $63.4 billion, widening the gap with its neighbors. By 2023, the country’s FDI stock reached $157.6 billion, exceeding Estonia’s by more than five times, Latvia’s by 6.7 times, and Lithuania’s by 4.8 times. FDI in Kazakhstan was 10.5 times higher than in Uzbekistan, 3.7 times higher than Turkmenistan, and more than 40 times greater than in the Kyrgyz Republic and Tajikistan.
Outward investment by Kazakhstan has grown more modestly, from $0.7 billion in 2000 to around $17–18 billion in 2023–2024. The country remains primarily a net importer of capital, with foreign inflows exceeding outward investment by eight to nine times.
Recent declines in some investment indicators were attributed to global economic instability, geopolitical risks, reduced activity by multinational corporations, and the repatriation of reinvested profits, according to UNCTAD.
Economists highlight that Kazakhstan’s economic scale, market capacity, and relatively stable institutional environment continue to attract international capital. Speaking to The Astana Times, Jihad Azour noted that the region could evolve “from a corridor to a connector” in global trade and investment networks. He added that accelerating structural reforms, expanding the private sector, supporting small and medium-sized enterprises, and improving the investment climate could further enhance capital inflows and support long-term economic growth.
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