ASTANA – Kazakhstan is restructuring its investment policy to increase private and foreign capital, strengthen domestic production and infrastructure, and shift state support toward mobilizing additional business investment.
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The Investment Policy Concept until 2030 was adopted in December 2025, while Baiterek Holding was transformed into a national investment holding. Through its instruments, the government plans to attract an additional $150 billion in investment by 2029, reported the Prime Minister’s press service on Sept. 18.
From investor attraction to targeted investment
Kazakhstan is moving toward proactive investor targeting, with regions identifying priority sectors and preparing investment proposals. Investor support is being reorganized across external, central and regional levels, while the Fast Track mechanism is used to accelerate project implementation.
The Investment Headquarters under the government has expanded its role, alongside stronger investor protection mechanisms, including a prosecutorial filter, a unified register of investor complaints and improved pre-trial settlement procedures.
In 2025, 30 investment agreements were concluded. This year, another 26 agreements worth approximately 5.2 trillion tenge (US$11.7 billion) have been signed.
The new digital architecture includes the National Digital Investment Platform and an integrated analytical system for monitoring investment projects, incorporating data analytics and artificial intelligence.
Investment reaches 23.5 trillion tenge in 2025
Investment activity has maintained positive momentum. Investment in fixed capital exceeded 19.4 trillion tenge (US$43.6 billion) in 2024, with real growth of 8%. In 2025, it rose to approximately 23.5 trillion tenge (US$52.8 billion), with real growth accelerating to 16.7%.
In January-August 2026, more than 13.5 trillion tenge was invested in fixed capital, up 8.1% year on year. The share of fixed-capital investment in GDP increased from 14.2% in 2024 to 14.7% in 2025.
Some 667 projects worth $162.5 billion have been selected, alongside an additional $42.6 billion portfolio focused on developing the resource base.
Greater focus on manufacturing and the real economy
Investment growth has increasingly shifted toward sectors beyond traditional extractive industries. In January-August, real investment growth reached 49.3% in energy, 45.3% in information and communications, 39.9% in manufacturing and 17.6% in agriculture.
Manufacturing’s share of total investment increased from 10.7% in 2024 to 14.1% in January-August, while agriculture rose to 5.6% and energy to 9.7%. Meanwhile, mining’s share fell from 18.7% in 2024 to 13.9%.
The manufacturing sector’s contribution to GDP reached 14% in the first half of this year, up from 12.4% in 2024.
State funding increasingly mobilizes private resources
The structure of investment financing is also changing. The share of budget funding fell from 21.5% in 2025 to 14% in January-August, while non-budget sources accounted for 86%. Enterprises’ own funds represented 66.7%, bank loans 5.6% and other borrowed funds 13.7%.
Baiterek plans to maintain 8 trillion tenge (US$18 billion) in real-sector financing this year, including 1 trillion tenge (US$2.2 billion) through its capitalization.
Since the beginning of the year, Baiterek instruments have provided 7.4 trillion tenge (US$16.6 billion) in support, including 5.4 trillion tenge (US$12.1 billion) for entrepreneurship. Around 5,000 SME projects received 1.4 trillion tenge (US$3.1 billion) through Damu Fund, while more than 1 trillion tenge (US$2.2 billion) was directed to agriculture.
Digital tools expand access to financing
Support for SMEs includes guarantees covering up to 85% of financing for loans of up to 7 billion tenge (US$15.7 million), as well as preferential lending and leasing programs.
A unified front office, contact center 1408, CRM system and AI assistant have been introduced to simplify interaction with development institutions.
Investment mechanisms are also being applied to infrastructure and agriculture. Some 346 utility infrastructure projects worth 884.6 billion tenge (US$2 billion) have been approved, while agricultural leasing reached 250.5 billion tenge (US$563 million) in the first half of this year, almost twice the level recorded a year earlier.
Overall, Baiterek’s support through its instruments amounted to 10.4 trillion tenge (US$23.4 billion) in 2025, with the 2026 focus remaining on the real sector, new production, infrastructure, entrepreneurship, agriculture and exports.
