The Eurasian Development Bank (EDB) has released a new report as part of its flagship project Monitoring of Mutual Investments. New data show that investment activity in the Eurasian region continues to expand despite the global decline in foreign direct investment (FDI). Mutual FDI between the region’s countries reached a record US $48.4 billion at the end of the first half of 2025, with private business being the main growth driver.
According to the report, mutual FDI stock in the Eurasian region reached $48.4 billion (+6.4% compared with 2023), while global FDI flows decreased by 11% in 2024.
The share of private companies rose to 72%, with their total FDI amounting to $34.7 billion.
The share of extractive industries declined, while investment in manufacturing increased by a record $1.5 billion over 18 months.
Intra-regional FDI in Central Asia rose to $1.3 billion (+42% compared with 2023), with 80% directed to construction, manufacturing and the financial sector.
Kazakhstan and Uzbekistan are key regional players: Kazakhstan is among the largest investors and recipients (with cumulative outbound investment standing at $3.25 billion and inbound at $9.4 billion), while Uzbekistan is the largest FDI recipient ($10.7 billion, or 22.3% of the regional total).
In recent years, Uzbekistan has become an important destination for Kazakhstan’s capital exports. Over the past 18 months, Kazakhstan’s investment there has increased by 60%, mainly in construction. Uzbekistan also doubled its outbound investment compared with 2023, reaching $396 million. Uzbekistan’s companies invested mainly in manufacturing (85%) in other Eurasian countries. Russia accounts for 90% of total investment into Uzbekistan.
Kyrgyzstan continues to attract growing inflows. Incoming FDI reached $2.4 billion (+21% compared with 2023), with most of the 18-month increase coming from manufacturing and energy projects.
Tajikistan continues to increase mutual FDI from Eurasian countries, reaching $0.53 billion by mid-2025 (+3% compared with 2023). Russian investment dominates (93%), concentrated in energy, telecommunications and the financial sector.
Within the Eurasian Economic Union, mutual investment reached a historic high of $23.4 billion (+42% compared with 2016). The EAEU’s share in total mutual FDI in the Eurasian region rose to 48.4%.
In the CIS, mutual FDI stock increased to $41.6 billion (+56% compared with 2016). Investment flows are increasingly shifting towards Central Asia, particularly Uzbekistan and Kazakhstan.
Intra-regional investment in Central Asia reached $1.3 billion in the first half of 2025, up 42% compared with 2023 and nearly triple the level of 2016. Kazakhstan remains the largest regional capital exporter, while Uzbekistan is the main recipient.
Approximately 80% of all intra-regional investment is concentrated in construction, manufacturing and the financial sector, reflecting the region’s gradual shift from the dominance of extractive sectors to a more diversified investment structure.
