Kazakhstan climbs 17 positions in global investment risk ranking

Investment in Kazakhstan increased by 9.6% during the first half of 2026, exceeding USD 20 bln, while private capital investment grew by over 21%. At the same time, Kazakhstan advanced from 70th to 53rd place in the Safest Countries for Investors 2026 ranking, strengthening its position as the highest-ranked country in Central Asia.

The International Monetary Fund (IMF) projects Kazakhstan’s economy to grow by 4.6% in 2026, while the World Bank expects stable economic expansion to continue in the years ahead.

Competition for capital became competition for trust

For the past two decades, investment decisions have been driven primarily by access to natural resources, low-cost production, and tax incentives. Today, investors increasingly prioritize the quality of public institutions, the predictability of economic policy, and an economy’s capacity to sustain long-term growth.

The COVID-19 pandemic, geopolitical tensions, and the restructuring of global supply chains have fundamentally reshaped corporate investment strategies. Alongside profitability, investors now assess the resilience of the business environment and the effectiveness of public administration.

As a result, trust has emerged as an economic asset in its own right. It influences the cost of capital, multinational corporations’ willingness to relocate production, and a country’s overall investment risk profile. Nations now compete not only through fiscal incentives but also through institutional quality and the efficiency of government decision-making.

This trend extends well beyond Central Asia. Saudi Arabia is implementing its Vision 2030 agenda, India continues to develop manufacturing clusters and its digital economy, while the United Arab Emirates is expanding international financial services and high-technology industries.

Growth is increasingly driven by the non-extractive economy

According to the Bureau of National Statistics, Kazakhstan’s GDP expanded by 6.5% in 2025 compared with the previous year. Growth was primarily driven by manufacturing, transport, construction, and trade rather than the traditional extractive industries.

This trend continued in 2026, with GDP growing by 4.1% between January and June. Construction expanded by more than 15%, while transport, logistics, and manufacturing also recorded strong performance.

The composition of new investment reflects this structural shift. The largest investment flows are directed toward manufacturing, construction, transport infrastructure, agriculture, and the information and communications sector, reducing the economy’s dependence on commodity cycles.

Three competitive advantages of a landlocked economy

For many years, Kazakhstan was primarily perceived as a resource-based economy. Its abundant natural resources have made the country the world’s largest producer of uranium and one of the leading exporters of oil and metals. Under the leadership of President Tokayev, investment policy has shifted from maximizing investment volumes to improving investment quality and promoting production localization.

New instruments for investors and skilled professionals

The Investment Headquarters now operates as a unified coordination platform, enabling government agencies to streamline investment procedures and remove administrative barriers. Meanwhile, the National Digital Investment Platform supports investment projects throughout every stage of implementation.

Investment agreements provide strategic investors with regulatory stability for up to 25 years, and by mid-2026 a total of 57 agreements had been concluded.

Kazakhstan has also introduced the Altyn Visa programme for investors, entrepreneurs, and highly qualified professionals. Visa holders are granted access to public and financial services on conditions equivalent to those available to citizens, the right to work without quotas or additional permits, duty-free importation of personal belongings, and access to healthcare and education. Kazakhstan remains the largest recipient of foreign direct investment in Central Asia.

Independent assessments confirm institutional strength

Fitch Ratings reaffirmed Kazakhstan’s sovereign credit rating at BBB with a Stable Outlook. S&P Global Ratings maintained its BBB- rating with a Positive Outlook, while Moody’s Ratings confirmed its Baa1 rating, also with a Positive Outlook. The consistent assessments of the three leading international credit rating agencies indicate that Kazakhstan continues to meet investment-grade standards.

Beyond sovereign credit ratings, the Safest Countries for Investors 2026 index evaluates public sector governance, regulatory quality, political stability, and currency risks. Kazakhstan advanced 17 positions, rising to 53rd place.

In the IMD World Competitiveness Ranking, Kazakhstan improved from 37th place in 2023 to 34th place based on the 2025 results. In the Global Peace Index 2025, the country moved from 61st to 56th place, an indicator widely considered by international businesses when assessing long-term investment risks.

According to the Sustainable Development Report 2026, published by the UN Sustainable Development Solutions Network (SDSN), Kazakhstan improved from 70th to 67th place among 169 countries, with its overall score increasing from 71.5 to 72.0. Covering 123 indicators, including economic performance, education, healthcare, environmental sustainability, and institutional quality, the index ranks Kazakhstan ahead of Türkiye, India, Indonesia, Mexico, Saudi Arabia, and South Africa.

While international rankings are not an objective in themselves, they provide independent expert assessments that help reduce perceived investment risk and lower the cost of capital. In today’s global economy, trust has become a strategic economic asset that increasingly determines the direction of international capital flows and the pace of economic growth.