ASTANA — Kazakhstan is launching a new investment cycle to accelerate economic growth and modernize key industries.
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At a Nov. 19 government meeting chaired by Prime Minister Olzhas Bektenov, officials reviewed the draft Joint Action Program of the Government, National Bank, and the Agency for Regional Development and Financial Markets (ARDFM) for 2026–2028, which aims to stabilize the economy, boost real incomes, and stimulate investment growth.
The main focus of the plan is the transformation of Baiterek Holding into the country’s Investment Holding Company, tasked with overseeing 15-20 systemically important projects. The 2026 portfolio prioritizes chemical and petrochemical industries (42%), transport and logistics (19.6%), and energy (12.1%), with up to 1 trillion tenge (US$1.9 billion) allocated for 2026-2028, reported the Prime Minister’s press service.
The program introduces the ‘investment order’ principle and a national digital investment platform to simplify processes, ensure transparency, and attract large-scale private and foreign investment. Investment agreements guaranteeing legislative stability for 25 years will be offered for priority projects exceeding 29.5 billion tenge (US$56.7 million).
Foreign investors will also be supported through the Astana International Financial Centre (AIFC), while microfinance institutions will help implement major public-private partnership projects. These measures aim to increase the share of fixed capital investment to 21% of GDP by 2028.
In addition, the government plans to modernize 30,000 kilometers of utility networks with around 3 trillion tenge (US$5.7 billion), optimize the quasi-public sector by transferring 500 assets worth over 2 trillion tenge (US$3.8 billion) to competitive environments, and prepare IPOs/SPOs for major companies, including Kazakhtelecom JSC and Qazaq Green Power PLC.
Deputy Prime Minister Serik Zhumangarin emphasized that these measures, combined with countercyclical fiscal policies, will build long-term production capacity and gradually bridge the gap between GDP growth and wage growth. The investment strategy is expected to maintain GDP growth at a minimum of 5% per year, ensuring stability and transparency for investors.
