Kazakhstan
The Economic Powerhouse
of Central Asia
Kazakhstan stands as Central Asia’s undisputed economic leader, with a GDP of $248 billion in 2024 and per capita income of $12,800 — the highest in the region. This vast nation of 19.6 million people leverages its strategic position as the world’s ninth-largest country and its abundant natural resources to drive sustained economic growth. Leading the C5 countries across virtually every economic metric, Kazakhstan’s transformation from Soviet republic to emerging market champion represents one of the most successful transition stories in post-communist economies.
“Kazakhstan stands as Central Asia’s it leverages its strategic position as the world’s ninth-largest country and its abundant natural resources.”
The oil and gas sector remains the economic backbone, with proven oil reserves of 30 billion barrels and natural gas reserves of 2.4 trillion cubic meters. Kazakhstan produces 1.8 million barrels of oil daily, ranking as the world’s 12th-largest oil producer. The sector contributes 27% to GDP and 60% to export revenues, generating over $55 billion annually. Major projects like the Tengiz expansion ($45 billion investment) and Kashagan field development position Kazakhstan as a critical energy supplier to both Asian and European markets.
“The oil and gas sector remains the economic backbone, with proven oil reserves of 30 billion barrels and natural gas reserves of 2.4 trillion cubic meters.”
Economic diversification efforts are yielding impressive results. The manufacturing sector grew 8.3% in 2024, now contributing 13.2% to GDP. Kazakhstan has become the world’s largest uranium producer, controlling 40% of global supply through companies like Kazatomprom. The country also ranks among the top 10 global producers of zinc, tungsten, and rare earth elements essential for renewable energy technologies and electronics manufacturing.
The Middle Corridor initiative transforms Kazakhstan into a crucial logistics bridge between Europe and Asia. Freight volumes through the Trans-Caspian route increased 64% in 2024, with container throughput reaching 3.2 million TEU. The $9 billion Khorgos-Eastern Gate economic zone, straddling the China-Kazakhstan border, processed over $14 billion in trade in 2024. Rail cargo transit times from China to Europe via Kazakhstan have decreased to 12-15 days, compared to 35-40 days by sea, offering significant competitive advantages.
“The Middle Corridor initiative transforms Kazakhstan into a crucial logistics bridge between Europe and Asia.”
Digital transformation accelerates under the “Digital Kazakhstan” program, with $2.8 billion invested since 2018. The initiative has digitized 80% of government services, increased internet penetration to 87%, and established Astana Hub as a regional fintech center. The initiative ties into the broader Digital Silk Road under China’s Belt and Road Initiative, demonstrating Kazakhstan’s intent to integrate into both regional and global digital ecosystems. The tech sector contributes 4.2% to GDP, with exports growing 38% annually. Over 500 IT companies operate in Kazakhstan, employing 65,000 professionals and generating $890 million in revenue in 2024. Education reforms have also targeted digital literacy from a young age, aiming to cultivate a new IT-proficient generation of professionals.
Kazakhstan’s financial sector sophistication supports complex investment structures. The banking system holds $65 billion in assets, with 22 banks meeting international standards. The Kazakhstan Stock Exchange (KASE) has a market capitalization of $28 billion, while the Astana International Financial Centre (AIFC) operates under English common law, attracting $18 billion in registered capital from international investors.
“Kazakhstan has become the world’s largest uranium producer, and ranks among the top 10 global producers of zinc, tungsten, and rare earth elements essential for renewable energy technologies and electronics manufacturing.”
The renewable energy transition presents massive opportunities. With wind potential of 929 GW and solar potential of 3,960 GW, Kazakhstan aims to generate 15% of electricity from renewables by 2030. The country has already attracted $4.5 billion in renewable energy investments, with 54 wind and solar projects operational or under construction. The green hydrogen strategy targets 2-3 GW of electrolysis capacity by 2030, positioning Kazakhstan as a future energy exporter to Europe and Asia. As Kazakhstan seeks to reduce its reliance on natural resources and attract more diversified foreign investment, European partnerships — especially in green energy— will be essential.