Kazakhstan and Uzbekistan are becoming increasingly attractive destinations for international capital. BlackRock Investment Institute is considering the two largest economies in Central Asia alongside India and the Gulf states, the institute’s Chief Investment Strategist, Ben Powell, told Bloomberg.
According to Powell, Kazakhstan and Uzbekistan are currently “really very interesting” to investors. In Kazakhstan, BlackRock is particularly focused on ongoing reforms, including changes to the pension system and capital markets.
BlackRock Ready to Increase Investments
Powell noted that the ongoing transformations in Kazakhstan are enhancing the country’s attractiveness to investors.
“Kazakhstan is becoming more attractive to capital, and as the country sees the benefits, it becomes even more attractive. If we see more opportunities, we would be very happy to direct more capital there,” Powell said.
$2 Billion Invested in Kazakhstan
According to Bloomberg, foreign investors have invested approximately $2 billion in Kazakhstan’s tenge-denominated debt instruments since the beginning of 2026.
The country is also attracting financing for a large-scale infrastructure modernisation programme. Among the options under consideration, Bloomberg cites a potential share offering by the national railway operator and funding from the Asian Infrastructure Investment Bank.
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