The Investment Climate of the Republic of Kazakhstan: Interim Results and Achievements in Implementing the Investment Policy Concept until 2026

Introduction. Since gaining independence, Kazakhstan has focused on attracting foreign investment by improving its investment climate and establishing favorable legal and institutional conditions. A developed treaty-based legal framework plays a crucial role in this effort, encompassing 47 bilateral and one multilateral agreement signed by Kazakhstan, which ensure the protection and promotion of foreign investments in the country. The research was aimed at analyzing the interim results of implementing the investment policy in the Republic of Kazakhstan until 2026. Materials and methods. The research utilized scientific articles from reputable journals and proceedings of international conferences. Statistical data were sourced from UNCTAD materials for Central Asian countries, including information on investment inflows and outflows, their volumes, project costs, and new investment enterprises. Results. In 2024, the gross inflow of foreign direct investment (FDI) into Kazakhstan decreased by approximately 28% compared to 2023, resulting in the first recorded net outflow of investments, primarily due to reduced investments in the mining sector. In 2025, a phased recovery was observed, particularly in financial and insurance activities, offering hope for a rebound. However, the decline in FDI inflow has cast doubt on achieving the targets set within the investment policy framework until 2029, with the volume of foreign investment at the end of 2024 being 30.8% below the planned level of USD 24.8 billion. Conclusion. Despite the continued reliance on hydrocarbon and mineral resources as mainstays of the economy, Kazakhstan is taking measures towards diversification, actively cooperating with foreign investors through official institutions and bilateral agreements. President Tokayev’s reform program aims at industrial development, expanding privatization, and seeking new trade routes, including comprehensive tax changes in 2026. Simultaneously, concerns among foreign investors are raised by issues such as regulatory volatility, corruption, and the need for improvements in the legal system and infrastructure.