Netherlands remains Kazakhstan’s top investor despite falling FDI inflows
Gross foreign direct investment inflow into Kazakhstan in the first half of 2026 came to $9.4 billion — 8% less than a year earlier ($10 billion), according to National Bank data cited by Kursiv Media. Despite the overall decline, the Netherlands kept its place as the country's largest investor.
Per the same data, the Netherlands invested $2 billion in Kazakhstan's economy — down 12% year on year, but still enough to stay in first place among investor countries. Russia ($1.5 billion, +25%), China ($1.47 billion, +5%) and Qatar ($1.3 billion, +12%) followed, all three posting growth instead of a decline. Belgium, with $428.2 million, also ranked among the country's notable investors.
Net FDI inflow — investment minus withdrawn capital and profit reinvested abroad — nearly halved, to $470.6 million from $928.5 million a year earlier. By sector, mining fell hardest (-51%, to $816 million) and manufacturing also dropped (-14%, to $1.8 billion), while construction rose almost sevenfold, from $157.8 million to $1.1 billion.
The FDI slowdown came against a broader improvement in the country's external balance: in a separate release, the National Bank reported that Kazakhstan's current account ran a $2.4 billion surplus for the same half-year, versus a $3.6 billion deficit a year earlier, driven by export growth of 27.1% to $48.5 billion.
Why this matters for Chamber members. For Benelux business, the Netherlands' continued first place among Kazakhstan's investors confirms the country remains an anchor for Dutch capital in the region even through quarter-to-quarter swings. For Kazakh companies seeking EU partners, it's a reason to keep their focus on the Dutch and Belgian markets despite one half-year's statistical dip.
