China edges out Russia in Kazakhstan investment

Photo: Shutterstock, photo editor: Adelina Mamedova

In Q3 2025, gross inflow of foreign direct investment in Kazakhstan totaled $4.7 billion following $3 billion in Q2, according to statistics from Kazakhstan’s National Bank.

More than $1 billion was invested in the manufacturing sector, along with vehicle retail and repairs; $997 million — in the mining industry; $772 million — in transportation and storage; and $697.4 million — in the finance and insurance sector.

Kazakhstan’s primary investors in Q3 were as follows:

China: $1.2 billion ($815 million in Q1; $596.2 million in Q2) Russia: $950.5 million ($530.7 million; $661.3 million) The Netherlands: $638.4 million ($1.5 billion; $706.7 million) Switzerland: $469.5 million ($109.1 million; $470.6 million) Belgium: $357.2 million ($215.5 million; $183 million)

Dutch investors reduced investment for the third consecutive quarter, while Russian investment increased. Investment from China doubled compared with the second quarter.

Overall, across the three quarters, the Netherlands led with $2.88 billion, followed by China ($2.6 billion) and Russia ($2.1 billion). The total gross inflow of investment since the beginning of the year amounted to $14.9 billion.

It’s worth noting that net inflow of foreign direct investment in Kazakhstan in Q3 reached $220 million after a net outflow of $1.9 billion in Q2 and a net inflow of $2.9 billion in Q1.