Kazakhstan’s investment attractiveness in 2024: steady interest from investors

• Foreign direct investment (FDI) in Kazakhstan reached $16.3 billion in the first 10 months of 2024, with 49 new projects launched and 17,828 jobs created.
• Investors show the greatest interest in the energy, transport and logistics, metallurgy, and renewable energy sectors.
• Key investor expectations: predictability of legislation, a skilled workforce, and effective interaction with government authorities.

Almaty, 2 April 2025 — EY has presented its annual report on Kazakhstan's investment attractiveness. Amid global economic volatility and intense competition for capital, Kazakhstan has maintained a stable inflow of foreign direct investment, reaffirming its position as one of the leading investment destinations in the Central Eurasian region.

According to fDi Markets, gross FDI inflow for January–October 2024 amounted to $16.3 billion, with 49 investment projects implemented, resulting in the creation of 17,828 new jobs. This is comparable to the 2023 level, underscoring the resilience of investment activity despite external economic risks and a slowdown in GDP growth.

The main investment areas remain unchanged: energy ($6.5 billion), transport and warehousing ($5.9 billion), metallurgy ($2.1 billion). There is also sustained interest in projects in renewable energy, food production, business services, and R&D.

Among the largest investors are Qatar ($11 billion), China, Turkey, Australia, and Germany. These countries are implementing both infrastructure and technological projects, including the construction of gas processing plants, logistics hubs, and rare earth metals production facilities.

Investor perspective: stability and people are key

As part of the EY study, over 100 international investors were surveyed. 73% of respondents already do business in Kazakhstan, and 46% of those not yet present plan to begin operations in 2025. This reflects a positive perception of the country as a destination for long-term investment.

The most important factors in choosing an investment jurisdiction, according to respondents, include: the qualification and availability of the workforce, transparency and stability of the legal and tax environment, political stability and regulatory predictability, developed infrastructure and market access.

Areas for improvement: focus on processes and predictability

Investors recognize significant steps taken by the government to improve the investment climate — in particular, the launch of a digital investment platform and the development of “green corridor” mechanisms. However, the survey revealed several areas where investors expect further progress:

• Streamlining administrative procedures, especially for obtaining investment incentives
• Increasing predictability in tax and customs legislation
• Enhancing communication with government bodies, including clarity on support measures
• Digitalization should lead to reduced administrative burdens, not increased ones.

Follow the link to read the survey.

About the analysis

The analysis of FDI inflows in Kazakhstan is based on data from fDi Markets (Financial Times Group). It tracks FDI projects that have led to the creation of new facilities and new jobs. The database also shows actual investments by foreign companies in production and services in the region, excluding portfolio investments and M&A deals. Investments in a company are usually included in the FDI data if a foreign investor acquires more than 10% of the company’s shares and participates in its management. FDI includes equity capital, reinvested earnings, and intra-company loans.

About the survey

The survey was conducted in collaboration with Longitude Research in November-December 2024 through questionnaires involving 104 international investors.

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