Foreign investors are looking outside Kazakhstan’s oil and gas sector. But turning that interest into investment will require predictable regulations and stronger cross-border connections, according to Saule Zhakayeva, chairperson of Citibank Kazakhstan’s management board and president of the American Chamber of Commerce in Kazakhstan (AmCham).
Citi has operated in Kazakhstan since 1994, when it opened a representative office in Almaty. In an interview with The Times of Central Asia, Zhakayeva discussed the country’s investment climate and its role as a regional business hub. She also addressed the future of economic relations between the United States and Kazakhstan.
TCA: How is foreign investor interest in Central Asia evolving, and which of Kazakhstan’s strengths are already translating into investment? Where do you see the strongest commercial opportunities over the next three to five years, and what would help turn untapped potential into committed capital?
Zhakayeva: Investors today are looking for markets that combine economic stability, access to natural resources, strategic geography, and long-term growth potential. Kazakhstan offers each of these attributes. The country has established itself as the largest economy in Central Asia, maintains a relatively strong institutional framework, and continues to pursue reforms aimed at improving the investment climate.
Most notably, investor interest is becoming increasingly diversified. Historically, foreign investment was concentrated primarily in oil and gas. Today, we see growing interest in transportation and logistics, renewable energy, critical minerals, digital infrastructure, financial services, manufacturing, and data-related investments.
This growing interest is also reflected in the increasing level of engagement between international investors and Kazakhstan. As President of the American Chamber of Commerce in Kazakhstan, I have seen firsthand the strong momentum in U.S.-Kazakhstan business relations. Throughout 2026, Kazakhstan has hosted a growing number of high-level business engagements involving senior representatives of American companies and institutions, including the U.S. Chamber of Commerce Business Mission to Kazakhstan and other executive-level dialogues focused on investment, trade, digital transformation, energy, and infrastructure.
AmCham Kazakhstan also led its first business delegation to Washington, D.C., bringing member companies together to strengthen bilateral economic ties, promote Kazakhstan’s investment opportunities, and advocate for deeper economic cooperation. These activities underscore the growing recognition of Kazakhstan and Central Asia as strategically important destinations for long-term investment and commercial cooperation.
More importantly, they are beginning to translate into tangible outcomes. For example, in 2026, the U.S. International Development Finance Corporation announced plans to explore up to $700 million in financing opportunities to support the development of Kazakhstan’s critical minerals sector.
Kazakhstan’s location at the crossroads of Europe and Asia has become increasingly important as global companies diversify supply chains and seek alternative trade routes. The development of the Trans-Caspian International Transport Route is further strengthening Kazakhstan’s role in regional and global commerce, creating opportunities far beyond traditional sectors. Similar dynamics are being observed across the region, where alternative trade routes, logistics investments, and infrastructure development are becoming increasingly important to global investors.
We are also seeing growing international interest in strategic sectors linked to global energy security and the energy transition. Kazakhstan’s role as a major producer of uranium and its potential in critical minerals, renewable energy, and emerging green-energy value chains are attracting increasing international attention. These sectors are becoming increasingly important as governments and companies seek to diversify supply chains and secure access to strategic resources.
Looking ahead over the next three to five years, I believe the strongest opportunities will emerge in infrastructure, transport and logistics, the energy transition, critical minerals, digital economy initiatives, and sectors supporting regional trade.
To translate interest into committed capital, investors continue to value predictability. Continued progress in regulatory transparency, efficient infrastructure development, human capital, and cross-border connectivity will further strengthen Kazakhstan’s competitiveness.
TCA: Kazakhstan has faced repeated external shocks, including recent disruptions affecting global trade routes and financial markets. How do you assess its resilience, particularly in light of the recent sovereign rating upgrade to BBB by S&P Global Ratings and the country’s substantial financial buffers? Looking ahead, where do you see the main vulnerabilities, and what practical steps should companies take to mitigate financial and supply-chain risks?
Zhakayeva: Kazakhstan has demonstrated considerable resilience in navigating successive external shocks. Its macroeconomic fundamentals remain relatively strong, supported by substantial sovereign financial reserves, prudent fiscal management, and a diversified banking sector.
The recent upgrade of Kazakhstan’s sovereign credit rating to BBB by S&P is a significant milestone. Sovereign ratings are closely monitored by global investors because they provide an independent assessment of a country’s creditworthiness, policy credibility, and capacity to meet its financial obligations. The upgrade reflects confidence in Kazakhstan’s economic management, institutional framework, external balance sheet, and ability to maintain stability despite a challenging global environment.
We have observed this progress firsthand. Citi has served as an adviser to the Government of Kazakhstan on sovereign ratings since 2019, working closely with economic authorities to support engagement with international rating agencies and investors. During this period, Kazakhstan has achieved six sovereign rating upgrades, reflecting continued improvements in economic fundamentals, governance, and policy credibility. Today, Citi is also supporting discussions around a medium-term roadmap aimed at further strengthening Kazakhstan’s sovereign credit profile over time.
From an investment perspective, a stronger sovereign rating can help improve investor confidence, support access to international capital markets, and contribute to lower financing costs over time for both the public and private sectors. Combined with Kazakhstan’s substantial sovereign assets and financial buffers, it reinforces the country’s position as one of the stronger investment-grade markets in the region.
Investor engagement is equally important. As a committed financial partner to Kazakhstan for more than 30 years, Citi continues to help connect the country with global capital markets and international investors. Through investor forums, roadshows, and strategic dialogues in major financial centers such as New York and London, we help showcase Kazakhstan’s economic progress, reform agenda, and long-term investment potential to the global investment community.
At the same time, resilience today does not mean immunity. Businesses operate in an environment characterized by volatile commodity prices, changing trade patterns, geopolitical uncertainty, and fluctuating financial conditions. The most successful companies are responding by focusing on diversification. One of the key lessons emerging globally is that no company or country can rely on a single market, supplier, financing source, or trade route. Recent disruptions have reinforced the importance of building multiple channels for sourcing, logistics, and market access. Similar observations have been made regarding global supply chains and trade routes, where organizations increasingly seek alternatives rather than depending on a single corridor.
From a practical standpoint, companies should prioritize active foreign exchange risk management and hedging programs; diversification of funding sources and financing tenors; supply chain mapping and contingency planning; digital visibility across procurement and logistics networks; scenario planning to prepare for external disruptions.
Resilience is no longer simply about absorbing shocks. It is about maintaining strategic flexibility and being able to adapt quickly as circumstances evolve.
TCA: Kazakhstan is increasingly viewed as a commercial hub between Europe and Asia. Are you seeing more international companies establish regional headquarters in the country, and what factors are driving those decisions?
Zhakayeva: We increasingly see Kazakhstan recognized not only as an investment destination, but also as a regional operating hub. A growing number of international companies are evaluating Kazakhstan as a base from which to serve Central Asia and neighboring markets. Several factors are driving this trend.
First, Kazakhstan offers access to the largest economy in Central Asia and provides companies with a strategic platform for serving the wider region. Second, improvements in connectivity, logistics infrastructure, and trade corridors are making it easier for businesses to manage regional operations from Kazakhstan. Globally, companies are paying closer attention to jurisdictions that can serve as regional coordination centers for trade, finance, and supply chains. Third, Kazakhstan has developed a strong financial sector, a relatively deep talent pool, and an increasingly digital business environment.
We are seeing this trend reflected in a number of major industrial investments. For example, Stadler Kazakhstan is investing in passenger coach manufacturing in Astana, serving both Kazakhstan and the broader region. We are also seeing global manufacturers such as Wabtec and Alstom expand production capacity in Kazakhstan, reinforcing the country’s role as a manufacturing and logistics hub for Central Asia. Beyond transportation, multinational companies are increasing investment across sectors including food processing, pharmaceuticals, mining services, and renewable energy, reflecting growing confidence in Kazakhstan as a platform for serving both domestic demand and broader regional markets.
These factors create a compelling proposition for international companies seeking both regional reach and operational efficiency by using Kazakhstan as a platform for long-term growth across Central Asia.
TCA: How is digitalization transforming Central Asia’s financial sector, and to what extent is it helping businesses operate across borders?
Zhakayeva: Technology is fundamentally reshaping financial services across Central Asia. Digital technologies are simplifying the way businesses move money, access financing, manage treasury operations, and conduct cross-border transactions. For corporate clients, these innovations reduce friction in day-to-day operations. Payments can be processed more efficiently, reporting is becoming more transparent, and access to financial services is improving. Digital tools also help companies optimize working capital and strengthen risk management capabilities.
Another important development is the emergence of new digital financial instruments and processes. Across global markets, we are seeing innovation in areas such as digital securities, streamlined transaction processing, and technology-enabled financing solutions that improve efficiency and reduce operational complexity. Recent examples in Citi markets include digital bond initiatives and fully digital transaction workflows.
Across the banking industry, digital transformation is increasingly focused on modernizing infrastructure, strengthening cybersecurity, reducing operational complexity, and enabling faster, more seamless cross-border transactions. Businesses are increasingly expecting real-time access to information, greater transparency, and fully digital solutions that allow them to manage treasury and payments more efficiently across multiple markets. In the long term, digitalization will play a crucial role in supporting trade, facilitating cross-border commerce, and promoting deeper regional integration.
TCA: In your view, what specific step toward deeper economic integration among Central Asian countries could have the greatest impact on the region’s attractiveness to international investors over the next three to five years?
Zhakayeva: If I had to identify one area that could have the greatest impact on investor attractiveness, it would be greater cross-border economic connectivity. Investors increasingly evaluate opportunities through a regional lens rather than viewing individual markets in isolation. For many international investors, the attractiveness of a market is shaped not only by national fundamentals but also by the strength of the broader regional ecosystem.
Simplifying trade procedures, improving customs coordination, strengthening transport links, harmonizing regulations where appropriate, and enhancing digital connectivity would significantly improve Central Asia’s attractiveness as a destination for international capital. The Trans-Caspian International Transport Route demonstrates how greater regional connectivity can create tangible economic benefits. As investments continue across Kazakhstan, the Caspian region, the South Caucasus, and Turkey, improved transport networks have the potential to reduce transit times, strengthen supply-chain resilience, and enhance the region’s attractiveness for international investment. A more integrated Central Asia would offer investors larger markets, more efficient supply chains, lower transaction costs, and greater scalability.
TCA: Which U.S.-Central Asia commercial partnerships have delivered the strongest results, and what lessons do they offer companies in Kazakhstan seeking American investment or business partners?
Zhakayeva: U.S. companies have been important partners in Kazakhstan’s development for more than three decades. The strongest partnerships have generally been those built on long-term commitment, knowledge transfer, and investment in local capabilities. They have spanned sectors including energy, infrastructure, technology, financial services, professional services, and, increasingly, digital innovation.
One common characteristic of the most successful partnerships is that they create value beyond capital. They bring international best practices, advanced technologies, robust governance standards, workforce development, and global market access.
We are also seeing growing interest from U.S. companies in sectors such as infrastructure, digital technologies, logistics, energy transition, and critical minerals, reflected in the increasing level of business dialogue and commercial engagement between the United States and Central Asia.
For Kazakh companies seeking U.S. investment or partnerships, the key lessons are clear: Maintain high standards of corporate governance. Prioritize transparency and compliance. Invest in talent and innovation. Focus on long-term value creation rather than short-term gains. Develop scalable business models with regional potential.
American investors are often attracted not only by market opportunities but also by partners that demonstrate strong governance, operational excellence, and a commitment to sustainable growth. As president of AmCham Kazakhstan, I remain optimistic about the future of U.S.-Central Asia economic relations. The region’s strategic importance continues to grow, and the opportunities to deepen commercial cooperation are substantial. Looking ahead, I see particularly strong opportunities for U.S.-Central Asia collaboration in infrastructure, critical minerals, digital technologies, energy security, renewable energy, and advanced manufacturing. These are areas where international expertise, technology transfer, and long-term investment can create lasting value for both the region and investors.
