Kazakhstan holds 66% of Central Asia's FDI stock at $156.4 billion

AI digestMimile.ai EditorialJuly 23, 2026 at 12:29 PM

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan holds 66% of Central Asia's FDI stock at $156.4 billion

Central Asia's foreign direct investment stock rose 3.6% to $235.5 billion in 2025, with Kazakhstan accounting for nearly two-thirds of the total, according to UNCTAD's World Investment Report. Kazakhstan's FDI stock reached $156.4 billion, up from $155.1 billion in 2024, while Uzbekistan posted the strongest annual increase to $26 billion. The region's FDI inflows rose 12.1% to $4.97 billion, driven by Uzbekistan, even as Kazakhstan recorded net outflows of $861 million.

FDI Stock Dominance

Kazakhstan held nearly 66% of Central Asia's total FDI stock at $156.4 billion in 2025, up from $155.1 billion in 2024 and $82.6 billion in 2010. Uzbekistan recorded the strongest annual increase, with its stock rising from $20.5 billion to $26 billion. The region's total FDI stock reached $235.5 billion, a 3.6% increase year-on-year.

Inflows Divergence

Central Asia's FDI inflows rose 12.1% to $4.97 billion in 2025, but remained well below the $9.8 billion recorded in 2022. Uzbekistan attracted nearly $4.4 billion, driving the regional recovery, while Kazakhstan posted net outflows of $861 million, compared with net inflows of $227 million in 2024. The Kyrgyz Republic saw inflows more than double to $642 million, while Tajikistan's fell 70% to $86 million.

Sectoral and Global Context

Resource and infrastructure projects in Kazakhstan and Uzbekistan dominated regional investment, with metals and metal products accounting for 45% of greenfield projects. Globally, FDI rose 6% to $1.6 trillion in 2025, with the US receiving $277 billion as the top destination. Semiconductors, AI infrastructure, and renewable energy drove large projects worldwide.

What's Next

UNCTAD is set to release its next World Investment Report in June 2027, which will track whether Kazakhstan reverses its net outflow trend. It remains unclear if Uzbekistan can sustain its rapid FDI growth amid global economic uncertainty.

1 source

Kazakhstan holds 66% of Central Asia's FDI stock at $156.4 billion

astanatimes.com

The Astana Times

Finance

Kazakhstan leads Central Asia with $20 billion in new foreign investment

Kazakhstan attracted nearly $20 billion in new foreign direct investment in 2025, the highest in Central Asia, according to Inbusiness.kz. The figure represents a 15% increase from the previous year, driven by energy and infrastructure projects. The inflow underscores Kazakhstan's position as the region's top investment destination despite global economic headwinds.

Business

China-Central Asia trade rises 6.5% to $52.9 bln in first half of 2026

China’s trade with Central Asia rose 6.5% year-on-year to $52.94 billion in the first half of 2026, according to the PRC’s General Administration of Customs. Growth was driven by Kazakhstan and Uzbekistan, which saw increases of 25% and 31% respectively. The expansion occurred even as Kyrgyzstan’s trade with China plummeted by nearly a third, with exports dropping to $75 million from $3.89 billion.

Finance

Kazakhstan leads Central Asia in panda bond surge

Kazakhstan has become the first Central Asian country to issue panda bonds, raising 3 billion yuan ($443 million) through sovereign wealth fund Samruk-Kazyna. The move aligns with President Tokayev's multi-vector foreign policy and offers cheaper funding amid the Iran war's economic fallout.

Politics

Uzbekistan to challenge Kazakhstan as Central Asia logistics hub

Uzbekistan is pursuing new transport corridors and infrastructure projects to rival Kazakhstan's dominance in Central Asian logistics. The push includes expanded rail links and investments in multimodal hubs, aiming to capture a larger share of regional trade flows.

Kazakhstan holds 66% of Central Asia's FDI stock at $156.4 billion

FDI Stock Dominance

Inflows Divergence

Sectoral and Global Context

What's Next

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