Move Over, Neighbour: Uzbekistan Overtakes Kazakhstan in Foreign Investment in Central Asia

In 2024, Uzbekistan attracted $2.8 bn in foreign direct investment (FDI), surpassing Kazakhstan for the first time in three decades to become Central Asia’s leading recipient of FDI, according to new data from the United Nations Conference on Trade and Development (UNCTAD).

The report shows that FDI inflows to Uzbekistan reached $2.8 bn, while Kazakhstan—long the regional leader since 1992—recorded a negative net flow of –$2.55 bn.

Turkmenistan ranked second with $1.6 bn, followed by Kyrgyzstan with $705 mln. Tajikistan came last, attracting $291 mln. Kazakhstan, once the region’s investment frontrunner, fell to the bottom of the table.

Global FDI fell by 11% in 2024 to $1.5 trillion, marking the second consecutive year of decline. However, Kazakhstan’s sharp drop stands out in Central Asia. No country in the region has previously lost ground so abruptly.

Uzbekistan, in contrast, continues to show steady growth. In 2024 alone, the country attracted $900 mln in the digital economy sector—driven by reforms in telecommunications and rising demand for digital services. An additional $1 bn went into transport projects.

Between 2020 and 2024, Uzbekistan secured $18 bn in investments across more than 40 energy projects, the highest figure in the region.

Notably, UNCTAD’s data differs from that of the UN Economic and Social Commission for Asia and the Pacific (ESCAP), which estimated that Uzbekistan attracted $4 bn in greenfield FDI in 2024. Although this placed the country second in the region, it also represented a 49% year-on-year decline.