Kazakhstan posts net FDI outflow of $916.4 mln in 2025
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Kazakhstan recorded net foreign direct investment outflows of $916.4 million in 2025, a reversal from positive balances in prior years, according to Energyprom and Eurasian Economic Commission data. The National Bank of Kazakhstan put the net outflow at $861.1 million, citing methodological differences. The reversal was driven by a $7.5 billion net outflow from the oil and gas sector.
Annual FDI Balance
Kazakhstan's net foreign direct investment balance turned negative to minus $916.4 million in 2025, according to Energyprom data based on Eurasian Economic Commission figures. The National Bank of Kazakhstan reported a net outflow of $861.1 million for the same period. The previous positive balance reached $5.7 billion in 2023, when Kazakhstan led the EAEU in FDI inflows.
Oil and Gas Outflows
The extractive sector drove the negative result, with a net outflow of $7.5 billion in 2025. Investors in oil and gas withdrew 4.1 times more funds than in 2024. Analysts attributed the reversal to the completion of major oil projects and a shift by investors toward profit repatriation, with reinvested earnings falling particularly sharply.
Country and Sector Breakdown
Non-EAEU investors accounted for the largest reversal: inflows of $4.6 billion in 2022 turned into an outflow of $1.4 billion in 2025. U.S. investors withdrew about $4.2 billion, and Bermuda-registered investors pulled $2 billion. Singapore's investments doubled to $1.4 billion, while Qatar's rose eightfold to $1.3 billion. Within the EAEU, Russia remained the largest investor at $395.7 million, or 87.3% of the bloc's total, despite a 4.4-fold drop from $1.7 billion. Financial and insurance activities received $2.7 billion, nearly ten times more than in 2024, and information and communications drew $1.2 billion, up 4.4 times.
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