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Investments

Kazakhstan Investment Portfolio Hits $78.6 Billion – But How Much Is Secured?

Kazakhstan is trying to change not only how much investment it attracts, but where that money goes, directing more capital toward manufacturing, deeper processing of raw materials, and high-tech projects. The main test will be whether announced projects and memorandums turn into financing, construction, and production. Kazakhstan has assembled an investment portfolio of 215 projects worth a combined $78.6 billion, seeking to attract capital into raw-material processing, new manufacturing, and digital infrastructure. However, almost 60% of the announced amount is tied to projects still under development, while about $30 billion – more than a third of the entire portfolio – is associated with the planned Data Center Valley in Ekibastuz. The government presented the new investment cycle on August 31. If all the projects are implemented, they are expected to create more than 88,000 jobs. But the full $78.6 billion is far from guaranteed. Of the 215 projects, 93 worth $32.2 billion are under implementation, while another 122 worth $46.4 billion are still under development. The government has not specified the extent to which either category has already received financing or investment. A separate investment-agreement mechanism is available for major projects worth more than 32 billion tenge (about $69 million). Since its launch in 2021, Kazakhstan has signed 66 such agreements worth more than 17.8 trillion tenge ($38.5 billion), including 25 worth approximately 4.4 trillion tenge ($9.5 billion) as of August 2026. An investment agreement and inclusion in the Kazakh Invest portfolio therefore do not mean the same thing. AI Project in Ekibastuz Tops Investment Ladder The largest component of the new portfolio is far removed from Kazakhstan’s traditional investment projects. Data Center Valley is being developed near the Ekibastuz GRES-1 power station to accommodate large-scale computing capacity, cloud services, and artificial intelligence infrastructure. The authorities estimate expected investment at about $30 billion. That represents roughly 38% of the entire $78.6 billion portfolio. The area allocated for the future zone has been expanded from an initial 200 hectares to 1,400 hectares, while available power capacity is expected to increase gradually from 300 MW to 1 GW. The $30 billion figure, however, represents expected investment rather than the cost of projects that have already secured financing. The largest specific package announced so far came in June, when the Kazakh government, U.S.-based Firebird, and NVIDIA signed agreements on artificial intelligence and digital infrastructure worth $10 billion. Firebird is the investor and NVIDIA the technology partner. The plan calls for a computing cluster of around 100,000 advanced GPUs. The first phase is scheduled to launch in 2027. The authorities expect the complex, once fully operational, to generate at least $3 billion in annual export revenue. Another potential participant emerged in late August. Singapore-based Energy Capital Global is considering a separate AI campus with an initial IT load of about 100 MW and the potential to expand to 1 GW. The project’s cost has not yet been disclosed. Petrochemicals Remain Second Center of Gravity Despite the emphasis on technology, Kazakhstan’s largest industrial projects remain closely...

Pharmaceuticals

Investment in Kazakhstan’s Pharmaceutical Manufacturing More Than Triples in Three Years

Investment in Kazakhstan’s pharmaceutical and medical device manufacturing sector reached $142.8 million in 2025, more than three times the level recorded in 2023, according to the country’s Ministry of Health. At a recent ministry board meeting, First Vice Minister of Healthcare Timur Sultangaziyev said Kazakhstan continues to show strong growth in attracting investment into pharmaceutical production. According to Sultangaziyev, gross investment inflows into the sector totaled $46.9 million in 2023 before nearly doubling to $91.3 million in 2024. Growth continued in 2025, with investment reaching $142.8 million. “These investments are being directed toward the modernization of production facilities, capacity expansion, and the localization of pharmaceutical and medical device manufacturing,” Sultangaziyev said. “This reflects growing investor confidence in Kazakhstan’s pharmaceutical industry and demonstrates the effectiveness of government support measures.” The expansion of domestic production has gradually increased the market share of locally manufactured products. In value terms, domestic pharmaceutical and medical device producers accounted for 14.4% of Kazakhstan’s market in 2023, 15.1% in 2024, and 15% in 2025. The Ministry of Health noted that the introduction of a nationwide pharmaceutical labeling and traceability system in July 2024 has provided a clearer picture of market activity. According to ministry data, domestic manufacturers account for 39.8% of the market by volume, indicating a significant presence of local companies in terms of units sold. In 2025, products manufactured in Kazakhstan represented 32% of purchases made by the country’s state-run Unified Distributor, a figure that officials say reflects the growth of local production and strengthens the country’s pharmaceutical security. The ministry said efforts to increase the share of domestically produced medicines and medical devices will continue under Kazakhstan’s Healthcare Development Concept through 2029, alongside broader measures aimed at ensuring reliable access to pharmaceuticals. The government also recently approved an agreement between the Ministry of Health and Steppe Pharmaceuticals to build a full-cycle biopharmaceutical manufacturing complex in the Alatau Special Economic Zone in the Almaty Region. The project is expected to attract approximately $67 million in investment. The facility will manufacture 20 pharmaceutical products, including treatments for cancer and rare diseases, as well as advanced immunobiological medicines. The plant is scheduled to begin operations in 2031, reach full production capacity in 2032, and complete its transition to full-cycle manufacturing across key product lines by 2034. The investment growth comes as Kazakhstan seeks to develop its healthcare and biotechnology sectors. As previously reported by The Times of Central Asia, researchers in Kazakhstan recently developed a medical exoskeleton designed to aid stroke rehabilitation, while the Ministry of Health is expanding the use of artificial intelligence technologies to improve the early detection of strokes, cancer, among other serious diseases.

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...

ADB’s 59th Annual Meeting

Uzbekistan Showcases $147 Billion Economy at 59th ADB Meeting in Samarkand

The 59th Annual Meeting of the Board of Governors of the Asian Development Bank officially opened on May 4 in Samarkand, bringing together more than 4,000 participants from over 100 countries. Held under the theme “Crossroads of Progress: Advancing the Region’s Connected Future,” the forum has given Uzbekistan a high-profile platform to promote its reforms, regional connectivity plans, and ambitions in green energy and artificial intelligence. The agenda covers digital and green transformation, climate resilience, supply chain development, and food security. The meeting also gives Central Asia a chance to present itself as a more active player in regional infrastructure, energy, and trade planning. President Shavkat Mirziyoyev addressed the forum, highlighting Uzbekistan’s recent economic reforms and development trajectory. He said the country has attracted $150 billion in foreign investment in recent years, while exports of goods and services have tripled and the economy has expanded from $50 billion to $147 billion. “Most importantly, our reforms have focused primarily on improving the daily lives of every single family and individual,” Mirziyoyev said, noting that poverty levels have declined significantly, from nearly 35% to 5.8%. He added that Uzbekistan’s economy grew by 8.7% in the first quarter despite global economic challenges. The president also emphasized the role of international financial institutions, noting that Uzbekistan’s joint project portfolio with the ADB has reached nearly $16 billion. He expressed appreciation for cooperation with organizations, including the World Bank, the International Monetary Fund, and the European Bank for Reconstruction and Development. Particular attention was given to digital transformation and artificial intelligence. Uzbekistan has launched initiatives, including the creation of an AI Hub, the expansion of data centers, and training programs aimed at developing technological expertise. “The use of open AI models is also required in areas that are most essential to the population’s primary needs,” Mirziyoyev said. Green energy and transport connectivity were also central topics. Uzbekistan has already commissioned 5,600 megawatts of renewable energy capacity and aims to increase the share of renewables to 54% by 2030. The president also highlighted major infrastructure projects, including the China-Kyrgyzstan-Uzbekistan railway, which is expected to reduce cargo delivery times and strengthen regional transit links. In addition, proposals were put forward to develop a regional “Digital Customs and Logistics Alliance,” expand cooperation in critical minerals, and launch initiatives such as the “Green Belt of Central Asia” and a “Central Asia Tourist Ring.”

Foreign Investment

Iranian Company to Build Oil Plant and Poultry Farm in Kazakhstan

Iranian companies are increasingly looking to Kazakhstan for investment and production as tensions between the United States and Iran continue. Iran’s Golrang Industrial Group plans to implement two major projects in Kazakhstan: the construction of a sunflower oil production plant and a poultry farm for meat production. Agreements on the projects were reached on May 4 between Kazakhstan’s Deputy Minister of Agriculture Yermek Kenzhekhanuly and Golrang’s leadership, with total investment estimated at approximately $120 million. At the meeting, Golrang Industrial Group expressed strategic interest in developing its business in Kazakhstan and localizing production. According to the Ministry of Agriculture, the first project involves the construction of an oil extraction plant with a processing capacity of up to 3,000 tons of sunflower seeds per day, with direct investment of approximately $70 million. The project is expected to increase the processing depth of Kazakh agricultural raw materials and boost the added value of finished products. Investment in the second project, a poultry meat farm, is estimated at approximately $50 million. The projects come against a backdrop of steadily growing cooperation between Kazakhstan and Iran. In 2025, bilateral agricultural trade increased by 55.8%, exceeding $341 million. Exports of Kazakh products, primarily wheat and barley, have also grown significantly.

Critical Minerals

U.S.-Kazakhstan Tungsten Venture Advances as Critical Minerals Cooperation Deepens

A U.S.-linked critical minerals venture in Kazakhstan is moving forward with plans to develop one of the world’s largest undeveloped tungsten resources, strengthening cooperation between Washington and Astana at a time of growing demand for secure mineral supply chains and greater Western interest in Central Asia’s strategic minerals base. Skyline Builders Group Holding Ltd. and Cove Kaz Capital Group LLC have announced a merger agreement that would create Kaz Resources Inc., a Nasdaq-listed company focused on tungsten, rare earths, and other critical minerals. The combined company is expected to trade under the ticker symbol “KAZR,” subject to shareholder and regulatory approvals and other closing conditions. The transaction builds on cooperation between Cove Kaz Capital and Kazakhstan’s national mining company, Tau-Ken Samruk. Cove Kaz has acquired a majority interest in Severniy Katpar LLP, which holds licenses for the Northern Katpar and Upper Kairakty tungsten projects in Kazakhstan’s Karaganda mining district, while Tau-Ken Samruk retains a minority stake, giving Kazakhstan’s state mining sector continued participation in the project. The Financial Times has reported that Donald Trump Jr. and Eric Trump held indirect stakes in Skyline Builders, the Nasdaq-listed company that has agreed to combine with Cove Kaz Capital. The reported investments were made through a Dominari-affiliated vehicle before the business combination. The report has drawn scrutiny because of the project’s connection to U.S. critical minerals policy and potential U.S. government-backed financing. The report cites no evidence that the Trump sons influenced the project award or the financing process. A spokesperson for Donald Trump Jr. said he is a passive investor, has no operational role, and does not engage with the federal government on behalf of companies in which he invests or advises. Eric Trump did not respond to requests for comment reported by the Financial Times. The Export-Import Bank of the United States and the U.S. International Development Finance Corporation have issued letters of interest indicating potential financing support for the project. Such letters are preliminary expressions of interest, not final loan approvals, binding commitments, or government contracts, and any financing would remain subject to due diligence, agency approvals, and other conditions. The projects are strategically significant because tungsten is widely used in defense, aerospace, industrial manufacturing, and advanced technologies. The United States has identified tungsten as a critical mineral and has sought to diversify supply chains amid heavy global dependence on China. Kazakhstan’s tungsten deposits hold significant potential, but many remain at an early stage of development, requiring substantial investment and time before production can scale. Even so, the country has begun to emerge as a meaningful producer, with public and industry estimates pointing to Kazakhstan becoming a top-three producer in 2025 after the launch of the Boguty deposit, behind China and Vietnam. The Association of Mining and Metallurgical Enterprises has cited production of around 2,400 tons of tungsten in 2025. The country’s rising role in the global market coincides with a sharp increase in tungsten prices. Following export restrictions imposed by China in February 2025, prices rose sharply through 2025...