BlackRock places Kazakhstan and Uzbekistan on new Central Asia investment map

September 28, 2026 at 09:21 AM1 min

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

BlackRock's chief investment strategist for the Middle East and Asia-Pacific, Ben Powell, told Bloomberg that Kazakhstan and Uzbekistan are entering the view of global capital alongside Gulf states and India. Foreign investors have put about $2 billion into tenge-denominated Kazakh debt instruments since the start of the year, according to Bloomberg data. Powell highlighted Kazakhstan's pension reform and capital market development as key changes.

Key Facts

Foreign investors have put about $2 billion into tenge-denominated Kazakh debt instruments since the start of 2026, according to Bloomberg data.
BlackRock's infrastructure unit Global Infrastructure Partners and partners announced an initiative with potential to attract up to $30 billion into Gulf and Central Asian infrastructure.
Ben Powell, chief investment strategist for the Middle East and Asia-Pacific at BlackRock Investment Institute, highlighted Kazakhstan's pension reform and capital market development as important changes.
BlackRock sees opportunities in energy, transport, and logistics within Kazakhstan and Uzbekistan.

Investment Flows

Foreign investors have placed about $2 billion into tenge-denominated Kazakh debt instruments since the start of 2026, Bloomberg reported. Purchasing such securities means non-residents accept both interest rate and currency risk in Kazakhstan. BlackRock views infrastructure and critical minerals as areas of opportunity in the region. Global Infrastructure Partners, BlackRock's infrastructure unit, and partners announced an initiative with potential to attract up to $30 billion into Gulf and Central Asian infrastructure.

Regional Positioning

Kazakhstan and Uzbekistan are now being considered within a broader investment arc that includes the Persian Gulf and India, according to Ben Powell. Powell told Bloomberg that Kazakhstan's pension reform and capital market development are among the important changes for the country. The focus areas for BlackRock in the region include energy, transport, and logistics. Government bonds already demonstrate that demand exists, and the next level includes infrastructure, production, privatization, and the private capital market.