ASTANA – Kazakhstan has attracted $151 billion of foreign direct investment (FDI) inflows since gaining independence in 1991, making it a leader in Central Asia, according to the United Nations Conference on Trade and Development’s (UNCTAD) 2025 World Investment Report, released on June 19.
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The report’s main finding is that global FDI flows have decreased by 11% to $1.5 trillion, with developing and landlocked countries bearing the largest share of this loss.
Kazakhstan accounted for approximately 70% of the total net investments in the region, followed by Turkmenistan with $44 billion, Uzbekistan with $16 billion, and Tajikistan and the Kyrgyz Republic with around $4 billion each.
Overall, the FDI flows to landlocked developing countries (LLDCs) declined by 10% in 2024, to $23 billion. This marked a reversal of the modest recovery recorded in the previous year. The decline was largely driven by sharp contractions in several of the larger LLDCs, including Kazakhstan. The country recorded its first-ever negative net FDI reversal since gaining independence, from $3.7 billion to a net outflow of -$2.6 billion, which impacted the overall regional statistics.
According to Kazakh Invest national company, the negative result was mainly due to companies repatriating previously reinvested earnings for dividend distribution.
“While Kazakhstan does not influence such shareholder decisions, it highlights that companies generate and reinvest profits in the country, a sign of its ongoing attractiveness to investors. The ability to freely repatriate profits also reflects Kazakhstan’s open and stable economic environment. This is not a warning sign, but a natural transition from the investment phase to returns. Kazakhstan remains a reliable and appealing destination for global investors,” reads a statement from Kazakh Invest.
Other factors contributing to the decline include global instability, geopolitical risks, reduced activity by major multinationals, and accounting methodologies that include capital repatriation from large projects.
Kazakhstan’s leadership in greenfield projects
UNCTAD recognized Kazakhstan’s leadership in attracting investment in greenfield projects.
In 2024, despite the overall decline in value, five greenfield projects exceeding $1 billion were announced in LLDCs, with Kazakhstan attracting four of them. Among these was a $5.5 billion natural gas facility announced by Qatar’s UCC Holding. In addition, Fujian Hengwang from China announced a $1.8 billion steel manufacturing project in the country.
The energy and gas supply sector remained the dominant destination for greenfield projects in LLDCs from 2020 to 2024, attracting nearly $50 billion. This represented more than a doubling of investment in the previous period and accounted for almost 30% of total greenfield activity in LLDCs. Investment flows were heavily concentrated in a few key countries. Uzbekistan emerged as the top host, securing around $18 billion across more than 40 projects. Kazakhstan followed with around $5 billion.
In the transport sector, Kazakhstan attracted the largest share of greenfield projects, with nearly $8 billion across 19 projects.
Kazakhstan maintained strong investment facilitation efforts in 2024, launching a digital licensing platform and introducing fast-track procedures for priority investment projects.
Additionally, the UNCTAD report highlighted the establishment of a unified registry for investor issues and complaints, an essential step toward strengthening aftercare mechanisms and investor advocacy.
Kazakhstan is also one of only four developing nations to implement a national emissions trading system (ETS), demonstrating a strong commitment to a sustainable economy and green technology.
