In Q2 2025, Kazakhstan saw a significant decline in the number of active companies with Russian founders. Between April 1 and July 1, the figure fell by 728 to 17,600 enterprises, according to data from the Bureau of National Statistics of Kazakhstan.
This marks the fifth consecutive quarter of decline, with the downward trend only accelerating. The previous drop was already the largest in over six years of observations. Following a sharp increase in 2022 driven by geopolitical tensions, the number of Russian-linked businesses now appears to be returning to pre-crisis levels. Since April 1, 2024, the total has decreased by 2,100 enterprises — down from 19,700.
The downturn has affected all sectors where Russian companies operate. The two largest contributors to the overall decline — trade and IT — accounted for 55% of the reduction.
Uzbekistan and China Gain Momentum
Despite the drop, Russia still leads by a wide margin among the top ten countries with active businesses in Kazakhstan. However, while Russian presence is shrinking, Uzbekistan and China, which hold second and third place respectively, are showing the opposite trend.
From April to June, the number of companies with Uzbek roots grew by 527 to 5,400, entirely due to gains in the other services sector. Meanwhile, the number of Chinese businesses increased by 503 to 4,500, with 40% of this growth coming from trade.
Nevertheless, despite the positive momentum of Uzbek and Chinese firms, Russia’s decline remained the dominant factor shaping the overall number of foreign enterprises in Kazakhstan. In total, the number of companies with foreign capital dropped by 254 in the second quarter, bringing the total to 44,700.
Kursiv also reports that Japan is shifting its focus to South and Central Asia in a bid to secure foreign workers for its labour-strapped industries.
