$4.8 billion at KGIR: Kazakhstan's investment summit shrinks by a third
Central Asia Column “Steppe Ahead”
22 agreements totaling $4.8 billion: That’s the outcome of the 9th Kazakhstan Global Investment Roundtable (KGIR), held on October 22 in Shymkent. According to the English-language Kazakh newspaper Astana Times, the previous forum in 2025 in Astana resulted in 49 agreements totaling $7.5 billion. The volume thus fell by 36%, and the number of deals dropped by more than half. Nevertheless, the government is promoting a new investment cycle beyond oil. The forum took place for the first time in Shymkent, a city of over a million in southern Kazakhstan; previously, it had been held in the capital.
Wind power, the Port of Kuryk, and a data center: the largest projects
According to the Kazakh government’s press office, more than 500 investors from over 40 countries came to Shymkent, including Boeing CEO Kelly Ortberg, Masdar CEO Mohamed Jameel Al Ramahi, and the President of the Islamic Development Bank, Muhammad Al Jasser. The largest binding agreement is an investment deal worth $730 million. The Ministry of Energy and Turan Wind Energy plan to use these funds to build a 1,000 MW wind farm with energy storage in the Kostanai region. In addition, there is a $249.6 million investment for a smart road monitoring system from Freedom Lab and a $150 million investment for a glass container plant in Aktobe.
The largest sums, however, are outlined in letters of intent. The state holding company Baiterek and the Chinese Guoyou Materials Group are planning a $1 billion multipurpose terminal at the Caspian port of Kuryk, a hub of the Middle Corridor. A network of 20 inclusive schools is also expected to cost $1 billion. Shoval Kazakhstan plans to build an international medical city for $650 million. Amsa Digital is planning a 250 MW data center for $500 million in the Data Center Valley near Ekibastus. Smaller memoranda of understanding cover a meat processing cluster worth $111.1 million and a Coventry University campus in Astana worth $40.8 million. According to the press service, Prime Minister Olshas Bektenov stated: “Kazakhstan remains an open and predictable country for long-term investments.”
Investment Promotion to Counter the Oil Shortfall
The forum comes amid a period of declining oil production. From January through September, Kazakhstan produced 69.4 million metric tons of oil, 8.3% less than in the same period last year. This was reported by the Kazakh business newspaper Kursiv, citing Deputy Energy Minister Yerlan Akbarov. At the largest field, Tengiz, the decline was about 12%, and at the Karachaganak field, about 18%. The government is therefore prioritizing other sectors. Bektenov cited manufacturing, chemicals, agricultural processing, transportation equipment manufacturing, and IT infrastructure as priorities in the investment strategy through 2030. Regarding the economic outlook, he pointed to a gross domestic product of over $300 billion in 2025 and 6.5% growth.
As evidence of investor confidence, Bektenov cited investment figures. According to these figures, nearly 500 billion U.S. dollars in direct investment has flowed into the country since independence, including over 100 billion U.S. dollars in the last five years. According to the government, the rating agency S&P raised the country’s credit rating for the first time in a decade to “BBB” with a stable outlook. According to Bektenov, Kazakhstan rose 17 places to 53rd in the Global Investment Risk and Resilience Index. The Kazakh news agency Kazakhstan Today also highlights ongoing projects by international corporations: On October 1, Carlsberg, in partnership with PepsiCo, opened a $344 million beverage plant near Almaty, creating 230 permanent jobs. Stadler Rail manufactures railcars in Astana, Mars is building a pet food plant, and Air Liquide is entering the hydrogen production sector.
Many Memorandums, Few Binding Agreements
The figures lack binding force. Of the broken-down deals, over $3.3 billion is attributable to memorandums of understanding and a framework agreement. The government reports only about $1.1 billion in binding investment agreements. Whether the letters of intent will turn into funded projects remains to be seen. The government does not provide a implementation rate for previous KGIR commitments. In the balance of payments as well, it will take years to see how much capital actually flows. In the meantime, two major projects serve as showcases: the Data Center Valley near Ekibastus and the planned high-tech city of Alatau City, for which Bektenov specifically sought investors in Shymkent.
At the same time, the decline reflects the intensifying competition for foreign capital in the region. Last week, Uzbekistan announced agreements with U.S. corporations totaling $12 billion. Kazakhstan is countering this with predictability: English law at the AIFC financial center, an investor visa, and over 100 support instruments. The next pivotal decision is coming up this Friday: The National Bank will decide on the key interest rate, currently set at 16.25%.
Source: Press Service of the Government of Kazakhstan, Kazakhstan Today, Astana Times (KGIR-2025), Kursiv, Astana Times (key interest rate) (all EN)