Investment - The Times Of Central Asia

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U.S.-Turkmenistan Relations

Business Leaders from Turkmenistan Talk Trade on U.S. Tour

Dozens of business executives from Turkmenistan and the United States have met in Washington amid efforts by the two countries to strengthen trade. The conference of the Turkmen American Business Cooperation Association, also known by its acronym TABCA, was held on Thursday, according to Turkmenistan’s embassy in the U.S. It said the association is a “new practical platform” for expanding economic ties, with a focus on small and medium-sized enterprises. Earlier this month, business leaders from Turkmenistan attended the SelectUSA Investment Summit, an event hosted by the U.S. Department of Commerce that was designed to connect investors, companies and experts from around the world. The investment forum was held in National Harbor, Maryland. Ambassador Esen Aydogdyyev of Turkmenistan, meanwhile, has been making contacts since he was appointed to his new post in Washington in March. On May 1, Aydogdyyev met S. Paul Kapur, U.S. Assistant Secretary of State for South and Central Asian affairs. On April 22, the Turkmen ambassador held talks with Patryk Łoszewski, an executive director of the International Monetary Fund. U.S. goods trade with Turkmenistan was $152.7 million in 2025, according to U.S. government data. U.S. goods exports to Turkmenistan last year were $113.3 million, up 43.6% from the previous year, and U.S. goods imports from Turkmenistan were $39.4 million, up 169% from 2024. While those numbers are relatively low compared to the volume of trade between the United States and its bigger trading partners, the annual percentage increase is notable. One of Turkmenistan’s biggest exports to the U.S. is fertilizer. Turkmenistan has major reserves of natural gas and oil, and the Central Asian country is working to diversify its trading partners. U.S. and other foreign companies are hoping for reforms in the highly controlled country that would make it a more attractive place to invest.

Dostuk International Trade and Economic Park

Trade and Economic Park Planned at Border of Kyrgyzstan, Tajikistan, and Uzbekistan

On May 6, Kyrgyz President Sadyr Japarov visited the Dostuk Stele (Friendship) in the country’s southwestern Batken region, erected at the junction point of the state borders of Kyrgyzstan, Tajikistan, and Uzbekistan, where he reviewed the concept and master plan for the proposed Dostuk International Trade and Economic Park. During a summit in the northern Tajik city of Khujand on March 31, 2025, Presidents Sadyr Japarov of Kyrgyzstan, Emomali Rahmon of Tajikistan, and Shavkat Mirziyoyev of Uzbekistan signed a historic agreement on the junction point of the three countries’ state borders. The leaders also took part in a remote inauguration ceremony for the Friendship Stele, which marks the exact location where the borders of the three countries meet and symbolizes friendship among the three nations, the resolution of long-standing border issues, and a new stage of regional cooperation. The planned Dostuk International Trade and Economic Park would span 100 hectares and include administrative, tourism, logistics, production, commercial, and recreational zones. The project aims to strengthen trade and logistics links, attract investment, and create new economic opportunities. If implemented, the project is expected to create more than 5,000 jobs and increase cross-border trade. The concept also includes the development of tourism infrastructure and the organization of international cultural events, ethnic festivals, and exhibitions, contributing to stronger cultural and humanitarian ties while promoting the historical heritage of the Silk Road. Japarov said good-neighborly relations among Kyrgyzstan, Tajikistan, and Uzbekistan remain important, citing the role of joint infrastructure and economic initiatives in regional stability and sustainable development. He also expressed confidence that, with mutual support from the three neighboring countries, the project could become a major platform for trade and investment, as well as a symbol of peace, trust, and unity among the peoples of Central Asia.

Investment

Kazakhstan to Improve Investor Protections and Accelerate Digital Reforms

Kazakhstan Prime Minister Olzhas Bektenov has instructed government agencies to accelerate the removal of administrative barriers for investors and expand the digitalization of investment procedures amid intensifying global competition for capital. Speaking at a meeting on investor rights protection attended by government officials, prosecutors, business representatives, and the Atameken National Chamber of Entrepreneurs, Bektenov said improving the investment climate remains a government priority. “Just last week, a presidential decree was signed on improving migration policy, aimed at creating a better environment for attracting investors, entrepreneurs, and highly qualified specialists,” Bektenov said. According to the government, Kazakhstan’s Investment Headquarters reviewed 44 projects worth approximately $25.5 billion during the first quarter of 2026. Prosecutor General Berik Asylov said the number of criminal cases against businesses has fallen fourfold over the past three years. “We are overseeing more than 3,000 investment projects. We maintain direct communication and continuous monitoring with investors and the business community,” he said. According to the Foreign Ministry, investors submitted 273 appeals during the first quarter of the year, with around half resolved positively. The main concerns related to tax administration, customs procedures, and land issues. Baurzhan Yeraly, chairman of the Committee for the Protection of Investors’ Rights under the General Prosecutor’s Office, said the rights of around 600 investors had already been protected this year, with complaints handled directly rather than transferred between agencies. Officials cited several successful cases, including the connection of a major energy project in the Atyrau region to engineering infrastructure and the inclusion of a paper products manufacturer in the national registry of domestic producers. Bektenov criticized what he described as a formalistic approach by some state bodies in dealing with businesses. “Every request from an investor is a signal behind which stand decisions on capital allocation, the launch of new production facilities, and the creation of jobs,” he said. The prime minister warned that officials and managers in the quasi-state sector responsible for bureaucratic delays would face “the strictest measures.” He also pointed to systemic problems, including weak coordination between agencies, delays in public service delivery, and insufficient oversight at the regional level. Particular attention was given to the role of local administrations, which were instructed to supervise key investment projects directly and accelerate the allocation of land, infrastructure, and permits. The government also plans to speed up development of the National Digital Investment Platform. More than 3,000 projects worth around $200 billion have already been integrated into the system, though more than 400 projects have yet to be uploaded. “In the context of global competition for investment, we must ensure a stable and favorable investment climate,” Bektenov said. Asset Irgaliyev, chairman of the Agency for Strategic Planning and Reforms, said the agency is developing a “regulatory intelligence” platform using artificial intelligence to identify excessive requirements and administrative barriers. Authorities also plan to expand the overseas network of Kazakh Invest. According to company head Sultangali Kinzhakulov, representative offices in the United States, Germany, China, Russia, Turkey, Malaysia, and Qatar will operate as “one-stop...

data center

U.S.-Linked Consortium to Build $1.5 Billion Data Center in Kazakhstan

Kazakhstan has signed a memorandum of cooperation with an international consortium that includes Dornan Engineering Group and JMOT04 to develop a major high-capacity data center project in the country. Kazakhstan’s Ministry of Artificial Intelligence and Digital Development signed the agreement during GITEX AI Kazakhstan. According to the ministry, the project involves the construction of a Tier III–Tier IV high-reliability data center with planned capacity ranging from 50 MW to 200 MW. Investment in a 200 MW Tier IV facility is estimated at between $1 billion and $1.5 billion. To ensure a stable and independent power supply, the project also includes plans to build a gas-fired power plant with capacity of up to 250 MW. Investment in the energy facility is estimated at between $200 million and $400 million. The project will be implemented by Ample Solution Limited, one of Asia’s largest suppliers of electronic components, founded in 2008. “Kazakhstan has a unique geographic position, a favorable climate, and competitive electricity costs. These factors create a solid foundation for hosting international data centers and developing digital infrastructure,” said Zhaslan Madiyev, deputy prime minister and head of the Ministry of Artificial Intelligence and Digital Development. Authorities are currently selecting the optimal location for the project, prioritizing sites near gas infrastructure to ensure efficient electricity generation and operational reliability. The Times of Central Asia previously reported that Kazakhstan’s planned “data center valley” would be located in the northeastern Pavlodar region. Speaking after a government meeting on May 5, Deputy Energy Minister Sungat Yessimkhanov said the first facilities in the cluster are expected to appear as early as next year. According to Yessimkhanov, work is currently underway to formalize land allocations and ensure a stable electricity supply for the centers. “We are directly involved in the overall process. At the first stage, 300 MW will be required, and there are no issues with that volume,” he said. “The first facilities will appear in 2027, and uninterrupted electricity supply will be guaranteed by then.” During the GITEX AI forum, Kazakhstan’s Energy Ministry and the Ministry of Artificial Intelligence and Digital Development also signed cooperation memorandums with Ample Solution Limited and Dominor Partners Ltd covering the development of hyperscale data centers in Kazakhstan, including the creation of a specialized cluster combining digital and energy infrastructure. Under the agreements, the parties will cooperate on the development of supporting energy infrastructure, including power generation projects using gas, coal, and renewable energy sources to ensure a stable electricity supply for the data centers. Particular attention will also be given to localizing the production of equipment and technologies to strengthen technological independence and create new opportunities for industrial development. The agreements additionally provide for technology transfer, workforce development, and joint work on digital and energy infrastructure projects, including the Industrial & Digital Energy Hub initiative. According to Kazakhstan’s Energy Ministry, the projects are expected to attract investment, support the development of the digital economy, create jobs, and strengthen Kazakhstan’s position as a regional technology and energy hub.

U.S.-Kazakh Partnership

SelectUSA Investment Summit: U.S.-Kazakhstan Trade and Investment Relations on the Rise

Despite global economic headwinds and ongoing conflict in the Middle East, Kazakhstan is doubling down on its efforts to deepen commercial ties with the United States, an ambition on full display at this year’s SelectUSA Investment Summit in National Harbor, Maryland, near Washington, D.C. The annual forum, organized by the U.S. Department of Commerce, serves as the U.S. government’s flagship platform for attracting foreign direct investment. While SelectUSA is designed to attract foreign direct investment into the United States, Kazakhstan’s presence also reflects a broader shift: Kazakhstani companies are increasingly looking for ways to enter and scale in the U.S. market. [caption id="attachment_48403" align="aligncenter" width="1280"] Magzhan Ilyassov, Ambassador of Kazakhstan to the U.S. - image: TCA[/caption] “Kazakhstan views the United States not only as a strategic partner, but as an emerging priority destination for long-term investment and technological collaboration,” said Magzhan Ilyassov, Kazakhstan’s ambassador to the United States. “One of our missions is to facilitate collaboration for Kazakh companies to enter the American market while strengthening bilateral trade and innovation ties.” That vision is being driven in large part by Kazakhstan’s private sector. “We already have a significant number of companies operating in the U.S. market, including in fintech and construction,” said Timur Turlov, founder and CEO of Freedom Holding Corp. “We have learned how to meet international standards, and the products being developed within our ecosystems today are becoming truly global. I genuinely believe that our competitiveness has grown, and our business culture has matured. We are now going to see many more success stories of our companies expanding beyond Kazakhstan.” SelectUSA says its investment summit has helped generate more than $250 billion in new U.S. investment projects, supporting more than 125,000 jobs across the United States and its territories. This year marked a milestone in that evolving relationship. Kazakhstan became the first country from Central Asia and the South Caucasus to host an investment and trade roundtable at SelectUSA. The roundtable, focused on “Strategic Sectors and U.S. Market Entry Opportunities,” brought together government officials, investors, and business leaders, underscoring Kazakhstan’s transition from participant to initiative-taking player within SelectUSA. [caption id="attachment_48401" align="aligncenter" width="833"] U.S. Ambassador to Kazakhstan, Julie Stufft - image: TCA[/caption] U.S. Ambassador to Kazakhstan Julie Stufft said that a delegation of 30 Kazakhstani firms representing various business sectors has come to the U.S. for the summit to pursue trade and investment prospects. "This is a historic event for our relations and for Kazakhstani business - one that truly demonstrates the level of development Kazakhstani companies and investors have achieved, enabling them to enter the world's largest market: the United States," Ambassador Stufft stated. The roundtable highlighted a clear trend: Kazakhstani firms are increasingly looking outward. Companies from sectors including manufacturing, agri-tech, healthcare, food production, and digital platforms presented plans for entering or expanding in the U.S. market, while also outlining the challenges of regulatory compliance, localization, and competition. Support from institutions like SelectUSA and the U.S. Commercial Service remains critical in navigating these complexities. Economic conditions are...

U.S.-Kazakhstan Relations

Kazakhstan Central Bank Chief Eyes Deeper U.S. Investment Links

Addressing senior executives from more than a dozen Fortune 100 companies active in Kazakhstan at a U.S. Chamber of Commerce-hosted event in Washington, D.C., on April 14, Timur Suleimenov, Governor of the National Bank of Kazakhstan, laid out the country’s economic outlook and later spoke with The Times of Central Asia on a range of related issues. He was accompanied by Erzhan Kazykhan, President Kassym-Jomart Tokayev’s Special Representative for Negotiations with the United States, Deputy Foreign Minister Alibek Kuantyrov, and Kazakhstan’s Ambassador to the United States, Magzhan Ilyassov. [caption id="attachment_47306" align="aligncenter" width="1536"] Timur Suleimenov, Governor of the National Bank of Kazakhstan, with Javier Piedra[/caption] Kazakhstan’s U.S. Financial Stakes Amid Growth and Inflation Suleimenov offered a compelling case for Kazakhstan’s economy, citing steady growth, higher investment flows, and a deepening consumer market. Kazakhstan’s economy expanded 6.5% in 2025, marking a third straight year of growth above 5%. GDP per capita surpassed $15,000 – compared to approximately $3,162 in Uzbekistan and about $2,420 in Kyrgyzstan. Fixed-income investments rose 15% year-on-year, and foreign direct investment climbed to 20.5% (from 14.5%), broadening beyond oil. Suleimenov emphasized the Central Bank’s strong stewardship, citing a new tax and budget code to enhance fiscal discipline and monetary policy that supports investment, stressing that, “We will deal with inflation pressures and external shocks simultaneously while managing cryptocurrencies and private digital payments systems, which can weaken central bank control over money and policy transmission. The markets suggest that we have been doing an excellent job in a complex environment.” The government, Suleimenov said, is on track to consolidate the budget, with the deficit projected at 2.5% this year, 1.7% next year, and 0.9% by 2028, adding that this will strengthen fiscal-monetary coordination, and noting Kazakhstan’s debt-to-GDP ratio of 24% remains low compared with countries such as the United States (125%), Japan (230%), Italy (137%). As inflation declined to 11% in March 2026 from 11.7% the previous month, Suleimenov reassured TCA that officials regard it as transitory, saying that “inflation was driven by resilient domestic demand backed by fiscal and quasi-fiscal stimulation, external price pressures (Russian inflation, global food prices), increasing regulated prices (utilities and fuel), and tax reform (a VAT increase from 12% to 16%), with volatile and elevated inflation expectations. For these reasons, we responded with rate hikes and liquidity tightening, bringing inflation down to about 11%, with a further easing expected to single digits by the end of this year.” Suleimenov reaffirmed that “the United States is integral to Kazakhstan’s financial system and long-term asset strategy.” He noted that Kazakhstan manages approximately $190 billion in long-term assets, including some $75 billion in National Bank reserves, $60 billion in the National Fund, and $55 billion in the unified pension fund. Around one-third of these assets are invested in U.S. securities, while roughly $50 billion is managed by American firms, underscoring deep financial ties beyond industrial investment. TCA asked how U.S. sanctions and export controls affect Kazakhstan, a concern that was especially acute in the initial stages of the Russo-Ukrainian...