Kazakhstan’s Investment Policy Overhaul
Kazakhstan is in the process of revamping its investment strategy, aiming to attract more private and foreign capital, bolster local production and infrastructure, and redirect state aid to promote further business investments.
The new Investment Policy Concept, set to guide initiatives until 2030, was implemented in December 2025, coinciding with the transformation of Baiterek Holding into a national investment body. The government has set a goal to draw in an additional $150 billion in investments by 2029, as reported by the Prime Minister’s office on September 18.
From Investor Attraction to Targeted Investment
The approach to attracting investors is becoming more proactive, with regions determining key sectors and crafting tailored investment proposals. Support systems for investors are being reorganized across various levels, and a Fast Track mechanism is now used to expedite project development.
The Investment Headquarters established under the government is seeing an expanded role, alongside enhancements in investor protection, such as a prosecutorial filter, a comprehensive registry for investor complaints, and improved procedures for pre-trial resolutions.
In 2025, Kazakhstan entered into 30 new investment agreements, and during this year alone, 26 agreements have already been signed, totaling approximately 5.2 trillion tenge (around $11.7 billion).
A new digital framework has emerged, featuring the National Digital Investment Platform along with a cohesive analytical system to monitor investment projects, which utilizes data analytics and AI technologies.
Investment Surges to 23.5 Trillion Tenge in 2025
Investment activity has remained strong. In 2024, fixed capital investment surpassed 19.4 trillion tenge (roughly $43.6 billion), marking a real growth of 8%. This figure rose to about 23.5 trillion tenge (approximately $52.8 billion) in 2025, with a significant real growth rate of 16.7%.
From January to August 2026, investments in fixed capital exceeded 13.5 trillion tenge, reflecting an increase of 8.1% compared to the previous year. The portion of fixed-capital investments in the GDP grew from 14.2% in 2024 to 14.7% in 2025.
Approximately 667 projects worth $162.5 billion have been identified, alongside an additional portfolio focused on resource development amounting to $42.6 billion.
Increased Emphasis on Manufacturing and Real Economy
There has been a noticeable shift in investment growth towards sectors outside of the traditional extractive industries. In the first eight months of the year, real investment growth was recorded at 49.3% in energy, 45.3% in information and communications, 39.9% in manufacturing, and 17.6% in agriculture.
The manufacturing sector’s share of total investment increased from 10.7% in 2024 to 14.1% in early 2026, while agriculture accounted for 5.6% and energy for 9.7%. In contrast, the mining sector saw its share decline from 18.7% in 2024 to 13.9%.
Manufacturing’s contribution to GDP reached 14% in the first half of the year, an increase from 12.4% in 2024.
State Funding to Mobilize Private Resources
The financing structure for investments is evolving. The percentage of budget funding decreased from 21.5% in 2025 to 14% in the initial months of 2026, with non-budget sources now making up 86% of total funding. Private enterprises’ funds accounted for 66.7%, bank loans made up 5.6%, and other borrowed funds represented 13.7%.
Baiterek plans to secure 8 trillion tenge (around $18 billion) for financing in the real sector this year, including 1 trillion tenge (about $2.2 billion) through its capitalization efforts.
Since the start of the year, support from Baiterek instruments has yielded 7.4 trillion tenge (approximately $16.6 billion), with 5.4 trillion tenge (around $12.1 billion) directed to entrepreneurship. About 5,000 small and medium-sized enterprises have benefited from 1.4 trillion tenge (approximately $3.1 billion) through the Damu Fund, while over 1 trillion tenge (roughly $2.2 billion) has been allocated for agricultural projects.
Digital Tools Enhance Financial Access
SME support includes guarantees that can cover up to 85% of financing for loans reaching up to 7 billion tenge (around $15.7 million), in addition to preferential lending and leasing options.
To streamline interactions with development institutions, a unified front office, a contact center (1408), a CRM system, and an AI assistant have been implemented.
Investment mechanisms are now also applied to infrastructure and agricultural sectors. Some 346 utility infrastructure projects amounting to 884.6 billion tenge (about $2 billion) have received approval, and agricultural leasing reached 250.5 billion tenge (approximately $563 million) in the first half of the year, nearly double the previous year’s figures.
Overall, Baiterek’s support through its instruments totaled 10.4 trillion tenge (around $23.4 billion) in 2025, and the focus for 2026 will continue to align with the real sector, new production, infrastructure, entrepreneurship, agriculture, and exports.
