It is about the so-called “fresh investments”, reflecting new investments in the economy, rather than reinvestment of previously received profits. This is reported by inbusiness.kz with reference to Halyk Finance.
At the same time, the general investment background remains ambiguous. Gross FDI inflow in 2025 amounted to $20.5 bln, having increased by 14.4% in annual terms after falling a year earlier (-25.1%). However, net FDI inflow turned negative for the first time since 2005 – the outflow amounted to $0.9 bln against an inflow of $1.1 bln in 2024.
Pressure factors: oil and gas sector
The key pressure factor was the oil and gas sector. In the mining sector, net outflows reached $6.5bn, of which $6.3bn came from oil and gas production. This was due to the completion of major investment projects, including the expansion of the Tengiz field, and the transition of investors to the phase of receiving and withdrawing profits.
Decrease of activity in extraction was also reflected in related industries. The construction sector recorded an outflow of $0.3 bln, negative dynamics was also observed in the water supply sector.
Supporting factors: refining and domestic market
At the same time, growth was observed in a number of industries. In the manufacturing sector, net FDI inflows amounted to $1.7 billion. The bulk of investment went to metallurgy (47% of investments in the sector), as well as chemical and food industries.
Domestic demand-oriented industries such as trade, financial activities and communications attracted about $3.4 billion, which helped offset about half of the outflow from the oil and gas sector.
The share of investment in high-tech segments remains limited. Electronics accounted for 1% of FDI in manufacturing, machine building 4%, and electrical equipment manufacturing 0.3%. In the manufacture of vehicles there was an outflow of $97.8 million.
It is separately noted that reinvested earnings in 2025 were negative and amounted to – $1.5 billion, which is characteristic of the stage of active withdrawal of profits by foreign investors.
Against the background of a decline in the external inflow, the role of internal sources has increased. Investments in fixed assets increased by 13% due to government financing and infrastructure programs.
According to UNCTAD data, by the end of 2024, Kazakhstan was the leader in North and Central Asia in terms of investment in new projects – $15.7 billion, which is 63% of the regional volume.
Experts note that to consolidate the positive dynamics requires the expansion of the inflow of new capital into non-resource sectors with high added value and further development of the investment environment.
