Kazakhstan has been named one of the leading destinations for foreign direct investment (FDI) from Eurasian countries, with inflows rising by nearly $1 billion, according to a new report by the Eurasian Development Bank.
The study shows that by the first half of 2025, accumulated FDI from Eurasian states into Kazakhstan’s economy had grown by 11.2 percent over the past two years. This pace significantly outperformed the regional average growth rate of 6.4 percent.
By mid-2025, the total stock of FDI from Eurasian countries in Kazakhstan reached $9.4 billion. This figure represents 19.5 percent of all intraregional investment, cementing the country’s central role in attracting capital within the Eurasian region.
In total, investment in Kazakhstan increased by almost $1 billion. Analysts noted that this accounted for more than one-third of the total growth in mutual investment across the region, placing Kazakhstan at the forefront of regional investment expansion.
Russia played the main role in this growth, with investments from the country rising by $0.73 billion.
At the same time, the composition of investment inflows has shifted. Manufacturing became the key driver, with accumulated FDI in the sector rising by $0.84 billion. The agro-industrial complex also saw strong growth, attracting $0.34 billion. In contrast, the raw materials sector experienced a decline, with accumulated investment falling by $0.5 billion.
This change is reflected in the country’s largest recent projects. The three biggest investment initiatives implemented in 2024 and the first half of 2025 were greenfield projects, including two in the petrochemical industry and one in agriculture.
As a result, Kazakhstan is increasingly channeling foreign capital into industrial development. Over the past 18 months, manufacturing’s share of accumulated FDI climbed from 16 percent to 23 percent, while the share of the raw materials sector dropped from 50 percent to 39 percent.
Over the past 20 years, the country has attracted $439.7 billion in foreign direct investment, cementing its position as Central Asia’s largest and most investment-friendly economy.
Kazakhstan has also remained a key destination for multilateral development banks. Institutions such as the European Bank for Reconstruction and Development and the Eurasian Development Bank have ranked among the most active channels of foreign investment into the country.
Government policy has played a role in sustaining investor interest. Measures aimed at improving the business climate, including regulatory changes and incentives, have strengthened Kazakhstan’s appeal to international investors.
As part of these efforts, the country adopted new legislation in January 2023 to modernize its investment framework.
