According to the Eurasian Development Bank (EDB), mutual accumulated investment between Central Asian countries is rapidly growing. In 2024-2025, it increased by approximately $400 million (+42%), reaching $1.3 billion. Compared to 2020, the volume of mutual foreign direct investment (FDI) has almost quadrupled, reflecting sustainable investment ties within the region.
According to the EDB’s report “Investment Cooperation in the Eurasian Region based on EDB Monitoring of Mutual Investments,” from 2020 to first half of 2025, Kazakhstan was the region’s leading investor, accounting for 72% ($930 million) of all outbound investment. Uzbekistan accounted for 28% ($370 million) of outbound investment, more than quadrupling its portfolio.
The main recipients of investment were Uzbekistan ($680 million) and Kyrgyzstan ($450 million), together accounting for 87% of all FDI inflows from other Central Asian countries.
There was a sectoral shift in FDI flows:
– Construction saw an increase in the share of the total investments from 2% to 34% (+$430 million), driven by the activity of Kazakh developers in Uzbekistan;
– Manufacturing retained its strategic importance with a 25% share, with investment growing by $250 million;
– Financial Sector saw a decrease in share from 50% to 20% amid banking asset sales and more moderate investment dynamics.
The growth in intra-regional investment in Central Asia was driven by anchor projects, including the construction of residential complexes in Tashkent with the participation of Kazakh companies, Kazakh investments in Optima Bank in Kyrgyzstan, and Uzbek investments in the construction of a household appliances plant in Kazakhstan’s Karaganda region.
