Kazakhstan is pushing forward with its reform agenda
Kazakhstan is pursuing a comprehensive reform program aimed at attracting long-term investment, strengthening capital markets, and accelerating economic diversification beyond the commodities sector. This was stated by government representatives and business leaders during a discussion at the annual meeting of the European Bank for Reconstruction and Development (EBRD) in Riga.
Deputy Finance Minister Dauren Kambarov outlined measures to increase the involvement of foreign investors in Kazakhstan’s capital markets. These include the planned inclusion of Kazakh government bonds in the JP Morgan Government Bond Index and the introduction of a primary dealer system. According to his figures, foreign investors’ holdings of Kazakh government bonds reached approximately $4.4 billion by June 2026, representing about 8% of the total outstanding volume. In 2020, this share was still less than 0.1%.
Deputy Minister Aslan Tarbayev stated that the Kazakh economy has recently recorded annual growth of 5 to 6%. Gross domestic product (GDP) has now exceeded the $300 billion mark. In 2025, the economy grew by 6.5%, while investment in fixed assets increased by 13%. The government has set a goal of doubling economic output by 2029 through industrial development, digitalization, increased use of artificial intelligence, and investment promotion.
Tarbayev emphasized that the reforms focus on reducing bureaucratic hurdles, strengthening investment protection, and creating a more transparent regulatory environment. More than 90% of public services are now available digitally. Projects such as the “Digital Tenge” are intended to further contribute to the modernization of the financial system.
Marat Yelibayev, Chairman of the Development Bank of Kazakhstan, stated that the state holding company Baiterek had mobilized investments totaling more than $21 billion in 2025 through financing, guarantee, and insurance programs. He sees particularly attractive investment opportunities in the sectors of renewable energy, transportation infrastructure, manufacturing, and agricultural and food processing.
Among the most important projects is the EBRD-supported financing of a public-private partnership project for the Kokshetau Hospital worth 365 million euros (417 million U.S. dollars). The project is expected to benefit more than 730,000 people in the Akmola region. In addition, a gigawatt-scale renewable energy project supports Kazakhstan’s goal of achieving climate neutrality by 2060.
Batyrbek Mashkeev, founder of the pharmaceutical company VivaPharm, highlighted the growth potential of the Kazakh pharmaceutical market, which is estimated to be worth around 2.4 billion euros (2.74 billion US dollars). Despite ongoing price pressures, the company is investing in a new production facility for oncology drugs with support from the EBRD. The goal is to expand domestic drug production and improve access to modern treatment options.
