Kazakhstan posts net FDI outflow of $916.4 mln in 2025
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Kazakhstan recorded net foreign direct investment outflows of $916.4 million in 2025, a reversal from positive balances in prior years, according to Energyprom and Eurasian Economic Commission data. The National Bank of Kazakhstan put the net outflow at $861.1 million, citing methodological differences. The reversal was driven by a $7.5 billion net outflow from the oil and gas sector.
Annual FDI Balance
Kazakhstan's net foreign direct investment balance turned negative to minus $916.4 million in 2025, according to Energyprom data based on Eurasian Economic Commission figures. The National Bank of Kazakhstan reported a net outflow of $861.1 million for the same period. The previous positive balance reached $5.7 billion in 2023, when Kazakhstan led the EAEU in FDI inflows.
Oil and Gas Outflows
The extractive sector drove the negative result, with a net outflow of $7.5 billion in 2025. Investors in oil and gas withdrew 4.1 times more funds than in 2024. Analysts attributed the reversal to the completion of major oil projects and a shift by investors toward profit repatriation, with reinvested earnings falling particularly sharply.
Country and Sector Breakdown
Non-EAEU investors accounted for the largest reversal: inflows of $4.6 billion in 2022 turned into an outflow of $1.4 billion in 2025. U.S. investors withdrew about $4.2 billion, and Bermuda-registered investors pulled $2 billion. Singapore's investments doubled to $1.4 billion, while Qatar's rose eightfold to $1.3 billion. Within the EAEU, Russia remained the largest investor at $395.7 million, or 87.3% of the bloc's total, despite a 4.4-fold drop from $1.7 billion. Financial and insurance activities received $2.7 billion, nearly ten times more than in 2024, and information and communications drew $1.2 billion, up 4.4 times.
What's Next
It remains unclear whether Singapore and Qatar's increased inflows will offset further withdrawals from U.S. and Bermuda investors. Energyprom data show the extractive sector drove the 2025 reversal, leaving the 2026 balance dependent on whether profit repatriation from completed oil projects continues.
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Kazakhstan posts net FDI outflow of $916.4 mln in 2025
