From 2024 to 2025, the growth of these investments amounted to about $400 million, which corresponds to 42 percent, reaching $1.3 billion. Compared to 2020, the volume of foreign direct investment has increased almost fourfold, indicating the development of sustainable investment ties.
Kazakhstan is the leader in terms of investment volumes in the region, accounting for 72 percent of all outgoing investments, which totals $930 million. Currently, 21 projects are being implemented.
Uzbekistan ranks second, forming 28 percent ($370 million) of all outgoing investments, representing more than a fourfold increase in its investment portfolio.
The main recipients of investments are Uzbekistan, which received $680 million, and Kyrgyzstan with $450 million. Together, this accounts for 87 percent of the total inflow of foreign direct investments from Central Asia.
Analysts also point to a change in the structure of attracted accumulated investments:
- in construction, the share increased from 2 to 34 percent (+$430 million) due to the activity of Kazakh developers in Uzbekistan;
- the manufacturing sector maintains its significance, remaining at 25 percent, with an increase in investments of $250 million;
- the share of the financial sector decreased from 50 to 20 percent due to asset sales by banks and a more moderate investment dynamic.
The increase in intra-regional investments has been made possible by significant projects, including the construction of residential complexes in Tashkent with the participation of Kazakh companies, investments from Kazakhstan in "Optima Bank" in Kyrgyzstan, and Uzbek investments in a household appliance manufacturing plant in the Karaganda region of Kazakhstan.
