Kazakhstan is widening its economic base. Long known to international investors for oil, gas and metals, Central Asia’s largest economy is increasingly trying to attract capital into manufacturing, logistics, agriculture and technology, DKNews.kz reports.
That shift is at the centre of a new analysis by British business publication The World Financial Review, which examines how Kazakhstan’s investment profile has evolved in recent years.
One figure captures the scale of the change: gross foreign direct investment inflows reached $155.8 billion between 2019 and 2025. Between 2021 and 2025 alone, Kazakhstan attracted $114.2 billion.
$155.8bn in FDI — but the destination of capital matters more
For decades, Kazakhstan’s appeal to foreign investors was closely tied to its vast natural resources.
Oil and gas brought international capital, export revenue and funding for major infrastructure. But that model also left the economy exposed to swings in commodity prices and external demand.
The government is now trying to broaden the sources of growth.
President Kassym-Jomart Tokayev has made economic diversification one of his policy priorities, with a focus on manufacturing, infrastructure modernisation and private-sector development.
The World Financial Review points to several indicators of that transition. GDP per capita exceeded $15,000 in 2025, up 52.9% over seven years.
For international companies, the investment proposition is therefore becoming broader. Kazakhstan is seeking capital not only for resource extraction, but also for factories, processing facilities, logistics hubs and technology-driven businesses.
625 new industrial enterprises have opened
Manufacturing is one of the clearest signs of this shift.
According to the analysis, the share of manufacturing in Kazakhstan’s economy has already moved above that of the mining industry.
Over the past seven years, 625 new industrial enterprises have been launched, creating nearly 62,000 jobs.
That matters beyond the factories themselves.
A larger manufacturing base creates demand for machinery, components, engineering services, logistics and technology. It also gives foreign companies more opportunities to localise production and enter regional supply chains from Kazakhstan.
The same pattern is visible in more recent investment data. In January–August 2026, manufacturing accounted for 14.1% of total investment, up from 10.7% in 2024, while the mining sector’s share declined. We recently examined Kazakhstan’s $162.5 billion pipeline of 667 investment projects and the growing role of private capital.
Nearly 800,000 cars produced in seven years
Kazakhstan’s automotive industry offers one of the most visible examples of the industrial shift.
Nearly 800,000 vehicles were produced in the country over the past seven years. Major projects include Kia Qazaqstan and Astana Motors Manufacturing Kazakhstan.
The significance is not limited to vehicle output.
Larger assembly and manufacturing operations create potential demand for parts suppliers, industrial equipment, logistics companies and technology partners. The deeper localisation becomes, the more value can remain within the domestic economy.
Kazakhstan has also been actively pitching itself as a production base for international companies. We previously looked at why global businesses are increasingly considering Kazakhstan for local manufacturing.
Agriculture grew from KZT 5.2tn to KZT 9.8tn
Diversification is not confined to heavy industry.
Over seven years, gross output in agriculture, forestry and fisheries increased by 24% in real terms. In nominal terms, it rose from KZT 5.2 trillion to KZT 9.8 trillion.
That creates another set of opportunities for international capital: food processing, storage, agricultural machinery, logistics and technology.
Kazakhstan’s size also gives the sector an export dimension. Investors are looking not only at domestic demand, but at the possibility of using the country as a production base for wider Central Asian and Eurasian markets.
S&P upgraded Kazakhstan to BBB
Kazakhstan’s changing investment profile is also being reflected in sovereign ratings.
In August 2026, S&P Global Ratings upgraded Kazakhstan’s long-term sovereign rating from BBB− to BBB, with a stable outlook.
The agency cited the country’s sizeable external buffers and economic resilience, while also pointing to fiscal and commodity-related risks.
Fitch Ratings has likewise kept Kazakhstan at BBB with a stable outlook.
For foreign investors, those ratings matter because they feed into assessments of sovereign risk, financing conditions and the viability of long-term projects.
We recently explained what Kazakhstan’s BBB rating means and which risks S&P still sees.
36,300 kilometres of roads strengthen Kazakhstan’s transit role
Geography is another part of the investment story.
Kazakhstan sits between China, Russia, the Caspian region and European markets, giving transport infrastructure an unusually important economic role.
Over the past seven years, 36,300 kilometres of roads have been built or repaired. Around 5,000 kilometres of railway lines have been constructed or modernised, while construction and upgrade work was completed at 110 railway stations.
For international companies, better connectivity can make Kazakhstan more attractive for distribution centres, warehousing, regional supply operations and export-oriented manufacturing.
In 2025, Kazakhstan’s foreign trade in goods and services exceeded $170 billion, up 40.5% over five years.
That is also why the country increasingly presents itself not simply as a destination market, but as a logistics platform connecting several major economic regions.
More than 90% of public services are online
Kazakhstan’s digital infrastructure adds another layer to its investment pitch.
More than 90% of public services are available electronically. The number of digital government services increased from 657 in 2021 to 1,333 in 2026, while internet access covers 97.5% of the population.
For businesses, that can reduce the need for physical interaction with government agencies and support the development of fintech, e-commerce and digital services.
Research and development spending has also risen sharply, from KZT 42.3 billion in 2019 to KZT 252.5 billion in 2025.
Kazakhstan now hosts 32 branches of foreign universities and other international higher-education partnerships.
Those developments matter if the country wants to compete for more technology-intensive investment, where skilled labour can be as important as tax incentives or infrastructure.
Kazakhstan has not escaped commodity dependence
The transition is far from complete.
Oil exports and global commodity markets continue to have a major influence on Kazakhstan’s economy, and The World Financial Review describes diversification as a long-term process rather than an accomplished shift.
That distinction matters.
Kazakhstan is not replacing its resource sector. It is trying to build additional sources of growth around it.
One other indicator points to a change in the country’s financial position: over five years, external debt as a share of GDP declined from 83.1% to 59.4%.
At the same time, manufacturing, transport, agriculture and digital services are becoming more visible on the investment map.
The trend can also be seen in Kazakhstan’s regional standing. We previously reported that the UN had recognised Kazakhstan as a leading destination for new investment projects in North and Central Asia.
And as competition for capital intensifies, Kazakhstan is increasingly positioning itself as a Eurasian investment hub rather than simply a commodity exporter.
