Keywords
Abstract
This section examines the interaction between domestic investment, foreign direct investment (FDI), and economic growth in Kazakhstan between 2015 and 2024. Drawing upon data from UNCTAD, the IMF, the World Bank, and the Astana International Financial Centre (AIFC), it highlights the shifting dynamics of Kazakhstan’s investment landscape amid external shocks, commodity cycles, and institutional modernization.
The study finds that FDI in Kazakhstan remains dominated by hydrocarbons and mining, but increasing diversification into petrochemicals, logistics, and renewable energy is evident. While 2022–2023 saw positive inflows supported by large-scale joint ventures and infrastructure projects, volatility persisted, culminating in negative net flows in 2024. Institutional platforms such as the AIFC have played a vital role in improving investor confidence, dispute resolution, and financial transparency.
References
UNCTAD. (2025). World Investment Report: Country Fact Sheet – Kazakhstan.
2. International Monetary Fund (IMF). (2024). Article IV Consultation Report: Republic of Kazakhstan.
3. Astana International Financial Centre (AIFC). (2023). Annual Review and Sectoral Data Summary.
4. World Bank. (2024). TRACE Logistics Corridor Project Overview.
5. Asian Infrastructure Investment Bank (AIIB). (2023). Kazakhstan Railway Modernization Financing.
6. European Bank for Reconstruction and Development (EBRD). (2023). Renewable Energy Investment Profile: Kazakhstan.