As part of implementing the Address of the Head of State Kassym-Jomart Tokayev to the people of Kazakhstan, "Kazakhstan in the Era of Artificial Intelligence: Current Tasks and Their Solutions Through Digital Transformation," a comprehensive reset of investment policy is being carried out in the country.

In December 2025, the Investment Policy Concept until 2030 was adopted, and Baiterek Holding was transformed into a national investment holding company. The new model is focused on attracting private and foreign capital, developing domestic production, infrastructure, technology, and non-resource exports. By 2029, an additional $150 billion in investments is planned to be attracted through the holding's instruments.

The approach to attracting capital is also being refined: the state is shifting to proactive search and targeting of investors. For example, regions determine priority sector niches and form pre-developed investment proposals.

The investor support system is being restructured; it now operates at the external, central, and regional levels. The Fast Track mechanism is applied for accelerated project processing, and the capabilities of the Investment Headquarters under the Government are being expanded. Investor protection has been strengthened: a "prosecutorial filter" is in place, a single register of problematic issues and complaints is being formed, and mechanisms for pre-trial settlement of investment disputes are being improved. In 2025, 30 Investment Agreements were concluded, and in 2026 – already 26 agreements worth about 5.2 trillion tenge.

Additionally, a task force working group mechanism is being formed to support key foreign partners, and a "green corridor" is applied for accelerated completion of required procedures. The digital component of the new model provides for the development of the National Digital Investment Platform and the creation of an Integration Analytical System for Monitoring Investment Projects featuring data analytics tools and artificial intelligence elements.

In 2025, fixed capital investments grew by 16.7%

Investment activity in Kazakhstan maintains positive dynamics. In 2024, fixed capital investment volume exceeded 19.4 trillion tenge with real growth of 8%. In 2025, the indicator increased to around 23.5 trillion tenge, and real growth rates accelerated to 16.7%.

Over January–August 2026, more than 13.5 trillion tenge was directed into fixed capital, which is 8.1% more than in the same period last year. The share of fixed capital investments in GDP grew from 14.2% in 2024 to 14.7% in 2025. Based on the results of the first half of 2026, it reached 13.4%.

In parallel, a new investment portfolio is being formed. Based on Kazakh Invest, plans call for establishing a single information center in Astana, the Kazakhstan Investment House, operating on a "one-stop shop" principle. To date, 667 specific projects with an aggregate investment volume of $162.5 billion have been selected, as well as an additional project portfolio for raw material base development worth $42.6 billion.

Among the new projects attracted in 2024–2025 are production facilities in deep processing, manufacturing, the agro-industrial complex (AIC), and transport infrastructure. In Zhambyl Region, Fufeng Group is implementing a $350 million deep corn processing project: construction and installation work began in 2025, with the launch of the first phase expected in 2026. In Akmola Region, Dalian Hesheng Holding Group is constructing a $500 million deep wheat processing complex. Spanish Roca Group is implementing a $70 million project for a sanitary ware manufacturing and assembly plant in Kyzylorda Region.

In Almaty Region, Solico Group began construction of a $58.8 million cheese production plant with a capacity of 155 tonnes of products per day; the enterprise launch, creating around 400 jobs, is planned for 2027. Guoyou Materials Group is working out a project for a new $1.1 billion port on the Kazakh Caspian coast with throughput capacity up to 15 million tonnes. Swiss Harvest Group SA has begun implementing a $700 million agro-industrial cluster providing for the phased conversion of 300 thousand hectares of land into irrigated farmland.

Share of budget funds fell to 14%, off-budget sources grew to 86%

One of the notable changes is the investment financing structure. In 2024, the state budget share accounted for 21.6% of total fixed capital investments, and in 2025 – 21.5%. Over January–August 2026, it decreased to 14%.

Off-budget sources accounted for 86% of investments during this period. The main source remains enterprises' own funds – 66.7%. The share of bank loans amounted to 5.6%, and other borrowed funds – 13.7%.

Current dynamics demonstrate a decline in the role of direct budget financing and an increase in the proportion of businesses' own and borrowed funds. This model aligns with the task of utilizing state instruments not as the sole capital source, but as a mechanism to attract additional private resources.

Share of manufacturing in investments rose to 14.1%

In 2025, some of the highest real investment growth rates were recorded in energy – 61.8%, the agro-industrial complex – 51.8%, manufacturing – 39%, and the information and communications sector – 32%.

This trend continued in 2026. Over January–August, real investments in energy grew by 49.3%, in information and communications – by 45.3%, in manufacturing – by 39.9%, and in the AIC – by 17.6%.

The shift in the share of individual sectors in total investment volume is particularly noticeable. In manufacturing, the indicator grew from 10.7% in 2024 to 12.7% in 2025 and 14.1% over January–August 2026. In the AIC – from 3.8% to 5.6%, in energy – from 6.9% to 9.7%, and in information and communications – from 1.8% to 2.3%.

Against this backdrop, the weight of the mining industry decreased from 18.7% in 2024 to 13.9% over eight months of 2026.

Changes are also reflected in the structure of the economy. The share of manufacturing in GDP increased from 12.4% in 2024 to 12.8% in 2025, and reached 14% based on H1 2026 results. Simultaneously, the oil and gas sector's share decreased from 8.1% to 7.8% of GDP, and mining overall – from 12% to 11.7%.

8 trillion tenge for the real sector: Baiterek restructures financing system

A key role in the new investment architecture is assigned to Baiterek Holding. In 2026, real sector financing volume through its instruments is planned to be maintained at 8 trillion tenge, including 1 trillion tenge through the Holding's capitalization.

Financing parameters are also changing. Development Bank of Kazakhstan raised the minimum financing threshold for investment projects to 15 billion tenge, and for export operations – to 3 billion tenge, focusing on major strategic initiatives. The Industrial Development Fund is strengthening its emphasis on mechanical engineering: the minimum financing amount for such projects is set at 1 billion tenge, whereas for projects outside mechanical engineering, the minimum total investment project cost is 15 billion tenge.

Since the beginning of the year, total support volume including the housing sector reached 7.4 trillion tenge, of which 5.4 trillion tenge was directed to entrepreneurship. Around 5 thousand SME projects worth 1.4 trillion tenge were supported through the Damu Fund. Over 1 trillion tenge was directed to the AIC via Agrarian Credit Corporation and KazAgroFinance for more than 10 thousand agricultural producers. About 2.5 trillion tenge was allocated through Development Bank of Kazakhstan, Industrial Development Fund, and Qazaqstan Investment Corporation to finance 504 large business projects and investment initiatives. Support from the Export Credit Agency was received by 78 exporters totaling over 522 billion tenge.

Up to 7 billion tenge per project and guarantee up to 85%: small business support expanded

For small and medium-sized businesses, expanding access to finance remains the main focus. For loans up to 7 billion tenge under the Guarantee Fund, the guarantee can cover up to 85% of the financing amount, but not more than 3.5 billion tenge. The mechanism can be used for investment purposes, working capital replenishment, and refinancing.

The "Orleu" preferential lending program continues: financing is provided in amounts up to 7 billion tenge at a final rate of 12.6% per annum for up to 10 years. Priorities include manufacturing, tourism, IT, and creative industries. To upgrade production capacities, "Orleu Leasing" operates with financing up to 500 million tenge per borrower.

A standalone instrument became the Unified Small Business Support Program "Isker Aymaq". The maximum loan amount under it is 200 million tenge. Funds can be directed both to investment goals and working capital. The subsidy rate is 40% of the nominal interest rate, and 50% for social entrepreneurship entities; the subsidy term is up to three years. Processing and manufacturing are defined as the core focus of the program.

At the same time, business interaction with development institutions is being simplified. A single front office was created, contact center 1408, a CRM system, and a unified AI assistant were launched, and integration with the National Digital Investment Platform was ensured.

346 projects worth 884.6 billion tenge aimed at utility infrastructure modernization

The Holding's investment mechanisms also extend to infrastructure modernization. Under MEKS, Baiterek acts as a financial operator, organizing and coordinating financing through subsidiaries, commercial banks, and international financial institutions.

To date, 346 projects worth a total of 884.6 billion tenge have been approved under this mechanism. They are aimed at upgrading utility networks, reducing accident rates, and improving the quality of heat, electricity, water supply, and sanitation.

250.5 billion tenge in H1: agroleasing volume almost double last year's

Another direction is the renewal of agricultural machinery. In 2025, lease agreements worth 268.9 billion tenge were concluded through KazAgroFinance for the acquisition of 10,393 units of machinery. In the first half of 2026, financing volume reached 250.5 billion tenge compared to 126.6 billion tenge in the same period last year. The company's services were used by 3,931 agricultural producers.

A range of leasing programs operates to renew the tractor and machinery fleet. Preferential leasing of agricultural machinery is provided at a rate of 6% per annum for up to 10 years; a separate program operates at 5% for up to 7 years with an advance payment of at least 10%. Under the "Made in Kazakhstan" program, domestic equipment and transport are available at 6% per annum for up to 10 years; the "Svoi Korma" program covers forage harvesting equipment and mobile irrigation systems under the same conditions. For agricultural producers not qualifying for preferential programs, "Agroleasing" operates at 12.6% per annum for up to 10 years.

The process of obtaining leasing is completely available online: an agricultural producer can submit an application remotely, while an AI service analyzes documents and provides a decision within 10 minutes. An electronic queue for preferential programs via a Telegram bot and an online leasing item monitoring system using artificial intelligence were also launched.

Based on 2025 results, total support volume through Baiterek Holding's instruments across all areas amounted to 10.4 trillion tenge. In 2026, the focus remains on financing the real sector, launching production facilities, infrastructure projects, supporting entrepreneurship, the AIC, and exports.

#Address of the Head of State #Digitalization #Investments

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