Intraregional investments in Central Asia have increased fourfold over the past five years, a report by the Eurasian Development Bank (EDB) says.
The report notes that accumulated mutual investments between the countries of the region are growing rapidly. In 2024–2025 alone, their increase amounted to about $400 million (+42 percent), reaching $1.3 billion. Compared to 2020, the volume of mutual foreign direct investment nearly quadrupled, establishing strong investment links within the region.
Kazakhstan is the region’s main investor, accounting for 72 percent ($930 million) of all outgoing investment, with a total of 21 projects.
Uzbekistan accounts for 28 percent ($370 million) of outgoing investments, increasing its portfolio more than fourfold.
The main recipients of investments are Uzbekistan ($680 million) and Kyrgyzstan ($450 million), together representing 87 percent of all foreign direct investment inflows from other Central Asian states.
Analysts also note a sectoral shift in accumulated investments:
- Construction: its share grew from 2 to 34 percent (+$430 million), driven by activity of Kazakh developers in Uzbekistan;
- Manufacturing: remains significant as a strategic sector with a 25 percent share, investment growth of $250 million;
- Financial sector: share declined from 50 to 20 percent amid bank asset sales and more moderate investment dynamics.
The growth of intraregional investments was supported by anchor projects, including the construction of residential complexes in Tashkent with participation of Kazakh enterprises, Kazakhstan’s investments in Optima Bank in Kyrgyzstan, and Uzbek investments in building a household appliance factory in Kazakhstan’s Karaganda region.
