Kazakhstan Dominates Central Asia’s FDI Stock as Uzbekistan Gains Ground
Central Asia’s foreign direct investment landscape shifted significantly in 2025. According to the latest UNCTAD World Investment Report, the region’s total FDI stock reached $235.5 billion, a 3.6% increase from the previous year. Kazakhstan maintains its status as the regional leader, holding nearly 66% of that total. The country’s accumulated FDI stock sits at $156.4 billion, supported by large-scale projects like the $12 billion non-ferrous metals initiative from China’s East Hope Group.
While Kazakhstan holds the largest total share, Uzbekistan demonstrated notable momentum during 2025. FDI inflows into Uzbekistan hit $4.4 billion, a sharp contrast to Kazakhstan, which recorded net outflows of $861 million during the same period. This trend reflects a broader shift in how capital flows into the region, moving away from simple cost-cutting toward sectors that require specific infrastructure and technical capacity.
Data indicates that regional investment activity focuses heavily on metals, energy, chemicals, and digital infrastructure. Nearly 45% of all greenfield project activity in Central Asia occurred within the metals and metal products sector. This aligns with global trends where investors prioritize advanced manufacturing, battery supply chains, and AI infrastructure over traditional extractive projects.
Experts note that the global investment model is changing. Investors no longer move capital simply to find the cheapest labor. Instead, success depends on a nation's ability to provide reliable energy, transport links, and skilled engineering talent. For Kazakhstan, this means a shift in strategy. The government now treats investment as a core component of industrial policy rather than a secondary function of foreign relations.
By securing partnerships that emphasize technology transfer and local value creation, countries in the region aim to become more than just raw material suppliers. The goal is to establish stable manufacturing bases and critical-mineral processing hubs that can integrate into global supply chains. As global competition for industrial advantage intensifies, these nations must navigate the balance between economic security and international partnership.