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Investments

Central Asia Receives Half of Eurasian Investments from China, Turkey, Iran, and Gulf States

The Eurasian Development Bank (EDB) has released a new study analyzing mutual direct investment (MDI) flows across the Eurasian region. The report examines investment trends between 13 Eurasian countries - Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan - and external partners, including China, Turkey, Iran, and the Gulf states, from 2016 to the first half of 2024. Key Findings on Investment Trends According to the EDB, total MDI stock in the region reached $90.4 billion by mid-2024, reflecting a 6.4% increase from 2023. China remains the largest investor in the Eurasian region, holding an MDI stock of $58.6 billion at the end of H1 2024, accounting for 64.8% of the total. Other major investors include: Turkey - $12.3 billion (13.6%) United Arab Emirates (UAE) - $12.2 billion (13.5%) Iran - $3.2 billion (3.5%) Saudi Arabia - $2.3 billion (2.5%) Qatar - $1.6 billion (1.8%) Among these, Iran showed the highest investment growth, doubling its investments since 2016, with 90% directed toward Azerbaijan. Turkey demonstrated broad sectoral diversification, while Saudi Arabia and Qatar emerged as new investors, making their first investments in 2021 and 2024, respectively. Investment Distribution in Eurasia The largest investment recipients in the Eurasian region include: Russia - $23.5 billion (26%) Turkmenistan - $17.5 billion (12.5%) Kazakhstan - $15.5 billion (11.1%) Mongolia - $10.3 billion (7.4%) Uzbekistan - $8.8 billion (6.3%) Central Asia received 51% of all investments from China, Turkey, Iran, and the Gulf states, totaling $46.2 billion, an increase of 25% since 2022. Outbound Investment from Eurasia The report also highlights outbound investments from the Eurasian region, which totaled $49.4 billion, doubling since 2016. Turkey received 80% of these investments, with a significant portion originating from Russia. Sectoral Trends: Energy, Manufacturing, and Greenfield Investments China continues to expand its investments in energy and manufacturing, although its traditional focus on extractive industries has declined. As of mid-2024, Chinese investment in mining and resource extraction stood at $36.2 billion, comprising 61.7% of its total investments in Eurasia. Other notable sectoral trends include: Energy sector - Chinese investment grew 2.1-fold in 18 months to $4.1 billion, with 85% directed toward Uzbekistan. Manufacturing sector - Investment increased 8% to $11.8 billion, with most projects concentrated in Central Asia. The Gulf states are also expanding their investments in the region: The UAE invested $12.2 billion, with 90% of its projects in Central Asia. Saudi Arabia increased investments from $300 million in 2021 to $2.3 billion in 2024, primarily in Uzbekistan’s power sector. Qatar made its first major investment in Kazakhstan in 2024, committing $1.6 billion to the telecom sector. Rise of Greenfield Investments Greenfield projects - new businesses and infrastructure developments - remain the dominant form of MDI, totaling $57 billion, nearly double the 2016 level. These projects now account for 63% of total investments, driven by the economic growth of Central Asia and increasing investor interest in energy, manufacturing, and extractive industries.

Global Diplomacy

Opinion: What Will a New Trump Presidency Mean for Central Asia?

During his first presidency, Donald Trump introduced a foreign policy approach that recalibrated U.S. engagement with Central Asia, a region strategically critical yet overshadowed by the influence of China and Russia. Trump’s policies, targeting the collective challenge of CRINK (China, Russia, Iran, and North Korea), aimed to foster regional autonomy and counter external dependency. This policy shift, aimed at countering the global influence of CRINK has extended to the vital region of Central Asia. Further, it is geographically wedged between Russia and China and serves as a critical bridge for U.S. interests. The CRINK nations, in their regional strategies, have made substantial inroads in Central Asia. Additionally, each nation is pursuing influence through economic, political, or military avenues. China’s Belt and Road Initiative (BRI) and Russia’s Eurasian Economic Union, for instance, have been noted as major forces reshaping Central Asian economies as well as infrastructure. In 2013, the BRI of China was launched, which has channeled billions into roads, railways, and other infrastructure projects in Central Asia, seeking to create new trade routes connecting Asia to Europe. On the other side, Russia has promoted its Eurasian Economic Union as a trading bloc that has aimed at fostering economic integration among Central Asia and neighboring countries. These initiatives have provided economic incentives for Central Asia but also intensified its reliance on external powers, particularly China and Russia. During his presidency, Trump emphasized a CRINK-focused strategy, which prioritized Central Asia's sovereignty and reduced dependency on China and Russia. This strategy laid the groundwork for U.S. engagement in the region, influencing current policy directions. In 2020, Trump’s administration unveiled a comprehensive strategy for Central Asia, marking the first such effort in over two decades. The policy emphasized U.S. support for border security and defense collaboration, including financial aid to Tajikistan and military training for Kazakhstan and Uzbekistan. These measures, though initiated under Trump, continue to shape current U.S. approaches to combating terrorism and fostering regional stability. For example, the U.S. has established the C5+1 initiative as a dialogue platform between the United States and the five Central Asian nations (Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan, and Tajikistan). It was developed further to promote mutual goals in regional security, economic development, and environmental resilience. Security cooperation is a vital aspect of this U.S. strategy which has given the threats of terrorism and also potential instability at CRINK’s peripheries (Sciutto, 2024). In particular, Afghanistan’s proximity to Central Asia poses both risks as well as opportunities for these nations. The U.S. has provided financial support to Tajikistan to strengthen border security and counter drug trafficking. Furthermore, while also assisting Kazakhstan and Uzbekistan with training and equipment to improve their defense capabilities the US has financially supported the nation. This military cooperation has aimed to prevent the encroachment of extremist groups like ISIS, which could exploit regional instability and threaten U.S. interests. Trump’s presidency emphasized private sector investments as an alternative to China’s Belt and Road Initiative. Although modest compared to China’s commitments, these investments reflected an effort to...

Art and Culture

Top Five Central Asian Horror Films in the Run-up to Halloween

In the run-up to Halloween, TCA has compiled a short list of the best Central Asian horror films. Although the region is not widely known for its movies in the genre, here are five horror films from Central Asia that are a must-watch. Dästür – Kazakhstan (2023) [caption id="attachment_24810" align="aligncenter" width="619"] Dästür theatrical release poster[/caption] In Dästür, the plot revolves around a girl from a remote aul (village) who is raped by the spoiled son of an influential businessman. The attacker's father does everything in his power to cover up the crime, including arranging a forced marriage in accordance with local traditions. However, after the girl moves into her husband's home, a series of strange and mysterious deaths begin to occur among those responsible for her plight. Invisible – Uzbekistan (2011) [caption id="attachment_24825" align="aligncenter" width="374"] Invisible theatrical release poster[/caption] At the heart of Invisible is a hospital where a mysterious man arrives in critical condition. After a complicated surgery, the doctor begins to sense that something terrifying and inexplicable is affecting the patient. As events unfold, his suspicions are confirmed: some patients appear to be possessed, and he is plagued by hallucinations and unsettling nightmares. Claustro – Kazakhstan (2023) [caption id="attachment_24811" align="aligncenter" width="539"] Claustro theatrical release poster[/caption] Kazakh horror Claustro takes viewers into the mysterious world of confined space. During a holiday party, two casual acquaintances, Kem and Max, retreat to an apartment, only to find themselves trapped as the place refuses to let them leave. Windows and doors lead to new, endless mazes of rooms, creating a feeling of complete isolation. Albarsty – Kyrgyzstan (2017) [caption id="attachment_24812" align="aligncenter" width="524"] Albarsty theatrical release poster[/caption] Albarsty is a psychological horror that immerses viewers in the world of fear, loss, and the supernatural. The main characters, Zamir and Ainura, struggle with a deep emotional crisis following the tragic loss of their child and their inability to conceive again. Seeking comfort and renewed hope, they decide to adopt a boy, Ulan, whom they suspect has brought an unwelcome entity — a demon (albarsty) into their home. Qash – Kazakhstan (2022) [caption id="attachment_24813" align="aligncenter" width="544"] Qash theatrical release poster[/caption] Set amidst the famine of the 1930s, Qash tells the story of a gravedigger, Isatay, who embarks on a risky journey to the nearest town to save his aul. On his way, he meets a mysterious wanderer who shows him a path that leads to nowhere. Qash delves into the theme of survival, immersing the audience in an atmosphere of despair and hopelessness while challenging the moral choices individuals make under extreme conditions.

International Relations

Kazakhstan Hosts Summit of Central Asian Countries and Germany

Opening the summit in Astana, Kazakh President Kassym-Jomart Tokayev expressed gratitude to Federal Chancellor Olaf Scholz and Central Asian leaders for their participation and support of regional cooperation. Noting the strengthened relationship following the high-level dialog launched in Berlin last September, he stated, “I believe this is evidence of interest and aspiration from the Central Asian states and Germany for comprehensive development of strategic partnerships. Our meeting is called to summarize joint work and outline new ways to deepen cooperation. Today, we will discuss important trade, investment, energy, ecology, transportation and logistics, education, and science issues. I am confident that our constructive discussions will lead to concrete solutions that will benefit all our countries.” According to the President of Kazakhstan, Germany's socio-economic, scientific, and technological progress is an example for many countries. The positive impact of German technologies and investments in various spheres of the economy cannot be overestimated. Hence, full-scale partnership with Germany, one of the world's most developed countries and the largest economy in the European Union, is a priority for Kazakhstan and other Central Asian states. The most promising areas of cooperation between Central Asian states and Germany include increasing trade turnover, cooperation in the energy sector, development of industrial cooperation, transportation and logistics interconnection, and development of scientific and educational ties. With reference to the above, Tokayev stated: “Wide investment prospects are opened by the development of the Middle Corridor, including the modernization and digitalization of the Caspian Sea ports and construction of cargo terminals. Further integration of Central Asian and European transportation and logistics systems remains urgent. Kazakhstan welcomes the decision of European partners to allocate 10 billion euros under the Global Gateway program for the development of the Middle Corridor. We count on Germany's assistance connecting this route with the Trans-European Transport Network (TEN-T) and the Global Gateway strategy." Citing the need for sustained focus on strengthening and ensuring international security and stability, Tokayev then emphasized: “Our countries closely cooperate in a multilateral format, including within the framework of the United Nations. We intend to continue to strongly support the efforts of this non-alternative universal Organization in the fight against terrorism, extremism, illegal migration, climate change, peacekeeping, and disarmament. Kazakhstan is ready to participate in the UN reform process. We believe that several developed countries, including Germany, certainly deserve a place as permanent members of the UN Security Council. I want to take this opportunity to wish the Kyrgyz Republic success in promoting its candidacy for the post of a non-permanent member of the UN Security Council for 2027-2028. I am confident that Kyrgyzstan will be able to significantly contribute to strengthening stability and security in Central Asia and beyond." Following speeches by Federal Chancellor of Germany Olaf Scholz, President of Kyrgyzstan Sadyr Japarov, President of Tajikistan Emomali Rahmon, President of Turkmenistan Serdar Berdimuhamedov and President of Uzbekistan Shavkat Mirziyoyev, a Joint Declaration was adopted by the Heads of the Central Asian states and the Federal Chancellor of Germany.

Environmental Awareness

CAREC Think Tank Development Forum to Focus on Climate Solutions

The 8th CAREC Think Tank Development Forum (CTTDF) will be held on August 27 and 28 in Almaty. Themed “The Climate Challenge: Thinking Beyond Borders for Collective Action,” the forum aims to address regional climate challenges by fostering collaborations for policy recommendations and joint research. The CAREC Institute, the Eurasian Development Bank, the Asian Development Bank, and other partners will organize the forum, which will bring together policymakers, experts, and leaders from across Asia to advance regional cooperation on climate action. Headquartered in Urumqi in China’s Xinjiang, the CAREC Institute is an intergovernmental organization contributing to the Central Asia Regional Economic Cooperation (CAREC) Program through knowledge generation and capacity building. The Institute is jointly shared and governed by the CAREC's eleven member countries: Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. The forum participants will engage in meaningful policy discourse to identify solutions for a climate-resilient region, explore joint research opportunities, and facilitate innovative climate studies beyond mainstream agendas. Representatives from international organizations, high-level government officials, esteemed university scholars, and experts from leading think tanks will be key speakers. The Director of the CAREC Institute and the Vice President of the Asian Development Bank will address the opening ceremony. The forum will include a research presentation by Arman Akhunbaev, Eurasian Development Bank’s head of the Center for Infrastructure and Industrial Research, with insights into the financial solutions to close the investment gap in Central Asia's drinking water and sanitation infrastructure. The forum will also feature presentations, panel discussions, case studies, and interactive sessions designed to foster dialogue and develop actionable strategies for climate resilience in the CAREC region.

Tourism

Turkmenistan Tourism: Dinosaur Footprints, a Mystical Crater and Healing Lakes

Dotted with historical and cultural sites, and blessed with beautiful nature and a good climate, Turkmenistan is beginning to develop its tourism industry. Turkmen authorities are expanding tourist itineraries, and improving the infrastructure and quality of services. Measures are also in place to provide a clean environment, safe drinking water and better food hygiene. Turkmenistan has a variety of natural wonders. The unique landscapes of Kopetdag, the Karakum desert, the Amu Darya river, Koytendag, the subtropics of south-western Turkmenistan and the Turkmen coast of the Caspian Sea are ideal spots for ecological tourism. The Aydere Gorge in western Kopetdag is also popular with travelers. Here there are dozens of picturesque valleys with pure springs, as well as ancient fortresses and historical monuments that guard the secrets of ancient times. Koytendag, located in the south-east of the country, attracts tourists seeking the traces of dinosaurs that lived here in prehistoric times. The Sumbar Gorge in the south-west of the country also offers great opportunities for tourism development. Its beautiful mountain valleys, life-giving springs, and diversity of animal life make this place especially attractive. The national tourist zone Avaza on the Caspian Sea coast attracts tourists from all over the world. Its comfortable climate, therapeutic mud, and mineral springs create ideal conditions for the development of ecotourism. The Caspian Sea coast, with its amazing nature, changing in every season, impresses one with its beauty and charm. Places that are also worth visiting in Turkmenistan: Darvaza In the heart of Turkmenistan's Karakum Desert is the Darvaza gas crater, which looks like a gateway to the underworld. The fire pit results from unsuccessful drilling conducted by Soviet geologists in 1971. To prevent the natural gas from harming people and livestock, the geologists decided to set it on fire. The fire, which was supposed to go out in a few days, is still burning to this day. The tongues of flame, reaching ten meters in height, can be seen from several kilometers away. The crater is about 60 meters in diameter and 20 meters deep. Darvaza is located 266 kilometers north of Ashgabat and 90 kilometers north of the village of Erbent. Several sinkholes can be found in the vicinity of the crater; one of them is filled with a bright turquoise liquid. The most impressive sight is Darvaza in the early evening light. Arriving before sunset, you can enjoy a fantastic contrast: the crater, bathed in the orange rays of the setting sun, gradually sinks into darkness, illuminating the desert landscape with bright flames. Other sinkholes are best viewed during daylight hours, but one should be careful as the loose earth near the edges crumbles and chunks of earth fall into the abyss. There is a strong smell of gas near the pit, and the temperature is quite high, so staying here for a long time is not recommended. Yekedeshik Yekedeshik, or “one hole,” is a mysterious cave city located near the village of Takhta Bazar in Mary province, on the left bank of...