Kazakhstan soared in the investment rating - experts explained what is behind it
Tengrinews.kz — Kazakhstan has climbed 17 spots to 53rd place in the international investment risk and resilience rankings compared to 2025. Tengrinews.kz spoke with experts to determine the factors behind this result and the reforms needed to sustain investor interest.
Kazakhstan climbs 17 positions
Note:The Global Investment Risk and Resilience Index (GIRRI) is an analytical ranking developed by Henley & Partners. The index assesses a country's reliability for international investors by weighing two key factors: long-term resilience and real-time market risks.
In October 2025, Kazakhstan held 70th place in the rankings; however, by May 2026, the country rose to the 53rd spot. Henley & Partners analysts noted that the latest edition reflects global market reactions to recent geopolitical volatility.
Notably, Kazakhstan outperformed its Central Asian neighbors:
Uzbekistan ranked 81st;
Kyrgyzstan ranked 96th;
Tajikistan ranked 97th.
Data for Turkmenistan was not available in the ranking.
The positions of regional countries have shifted significantly. In October 2025, Uzbekistan was in 89th place, Kyrgyzstan in 73rd, and Tajikistan in 85th.
Meanwhile, the top ten leaders include:
Switzerland;
Denmark;
Sweden;
Singapore;
Norway;
Luxembourg;
Finland;
Germany;
Netherlands;
Iceland.
Analysts point out that shifts in the rankings reflect a state's standing relative to other countries, rather than necessarily an absolute decrease in risks.
Why Kazakhstan rose in the rankings
Meruert Manapova, Senior Expert at the Trade and Investment Policy Development Center of the Economic Research Institute, believes that Kazakhstan's growth is linked to both domestic reforms and shifting situations in other countries.
"Since the ranking is comparative, a country's position depends not only on its own indicators but also on changes in economic, financial, and geopolitical risks in other states. At the same time, Kazakhstan's advancement cannot be considered accidental," the expert noted.
According to her, Kazakhstan is consistently implementing tools designed to mitigate risks for investors. These include the Investment Headquarters, the National Digital Investment Platform, investment agreements, and "one-stop-shop" business support.
"At the end of 2025, the Investment Policy Concept until 2030 was approved. It involves removing administrative barriers, increasing regional accountability, developing necessary infrastructure, and creating the Kazakhstan Investment House for comprehensive project support," Manapova said.
How rankings influence investor decisions
According to the expert, international companies use such rankings to compare countries and conduct preliminary assessments of potential risks.
"The rise in Kazakhstan's position fosters increased interest in the country, strengthens trust from international companies and financial organizations, and validates the effectiveness of reforms aimed at improving the investment climate. Combined with existing government support measures and project facilitation, this can serve as an additional argument when deciding to invest capital, launch new projects, or expand existing production in Kazakhstan," she believes.
Growth achieved. What’s next?
In July 2026, Prime Minister Olzhas Bektenov met with President Kassym-Jomart Tokayev to report on the country's socio-economic development for the first half of the year. According to him, fixed capital investment reached 9.5 trillion tenge (approximately $20 billion), while private investment grew by 21.4 percent.
Zhanara Berikkizi, an expert at the Trade and Investment Policy Development Center of the Economic Research Institute, believes that it is now vital for Kazakhstan to focus not on creating new mechanisms, but on the full execution of decisions already made.
"To maintain the current momentum, it is crucial for Kazakhstan to focus on the full implementation of the Investment Policy Concept until 2030. Key priorities should include stability and predictability of business conditions, the timely provision of engineering and transport infrastructure for projects, and the further streamlining of administrative procedures," she noted.
According to the expert, special attention must be paid to the performance of regional authorities.
"It is crucial to strengthen the implementation of decisions at the regional level to ensure that emerging issues are resolved promptly and projects are commissioned on schedule," explained Zhanara Berikqyzy.
It’s not just about the volume of investment
The expert also urged that investments be evaluated not only by their total volume but also by their economic impact. In her view, priority should be given to projects that launch new production facilities, create jobs, boost exports, and introduce modern technologies.
"The growth of private investment by more than 21 percent demonstrates strengthening business confidence in the country's economy. To maintain this trend, it is essential to create conditions not only for attracting new investors but also for expanding existing enterprises and reinvesting profits within Kazakhstan," the expert concluded.