It is noted that mutual accumulated investments between the countries of the region have significantly grown. In 2024-2025, the increase amounted to approximately $400 million, which corresponds to a growth of 42 percent, reaching a total of $1.3 billion. Compared to 2020, the volume of mutual foreign direct investments has nearly quadrupled, leading to the formation of stable investment ties.
Kazakhstan is the leading investor in this region, accounting for 72 percent of all outgoing investments, which totals $930 million and includes 21 projects.
Uzbekistan ranks second with 28 percent ($370 million) of investments, increasing its portfolio more than fourfold.
The main recipients of investments include Uzbekistan, which received $680 million, and Kyrgyzstan with $450 million. These two countries account for 87 percent of the total inflow of foreign direct investments from other Central Asian states.
Analysts also highlight changes in the sectors receiving accumulated investments:
- Construction: the share increased from 2 to 34 percent (+$430 million) due to the activity of Kazakh developers in Uzbekistan;
- The manufacturing industry retains its strategic significance with a 25 percent share and an investment increase of $250 million;
- Financial sector: the share decreased from 50 to 20 percent due to transactions involving the sale of banking assets and more modest investment dynamics.
The significant growth of intraregional investments has been ensured by key projects, such as the construction of residential complexes in Tashkent involving Kazakh companies, Kazakhstan's investments in "Optima Bank" in Kyrgyzstan, as well as Uzbek investments in a household appliance manufacturing plant in the Karaganda region of Kazakhstan.
