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Kazakhstan has made significant progress towards creating a market economy since gaining its independence from the Soviet Union in 1991. It has attracted significant foreign investment to develop its abundant mineral, petroleum, and natural gas resources. As of January 2023, the stock of foreign direct investment (FDI) totaled $169.2 billion, including $43.83 billion from the U.S., according to official central bank statistics. Publicly available information indicates that U.S. investments in the hydrocarbons sector alone far exceed this official statistic.

While Kazakhstan’s vast hydrocarbon and mineral reserves remain the backbone of the economy, the government continues to make incremental progress toward diversification into other sectors.  The Government of Kazakhstan (GOK) maintains an active dialogue with foreign investors through formal channels such as the President’s Foreign Investors Council and through bilateral channels.  Kazakhstan is a member of the World Trade Organization (WTO) and the Eurasian Economic Union (EAEU).

Given Kazakhstan’s long border and extensive economic ties with Russia, Russian aggression against Ukraine and ensuing sanctions against Russia affect Kazakhstan’s investment climate. Some investors may be deterred from investing in Kazakhstan, while others may find Kazakhstan an attractive alternative to doing business in Russia or Belarus. The GOK continues expressing a commitment to complying with Western sanctions against Russia and facilitating relocation of Western investors from Russia to Kazakhstan.
For more than one year since the January 2022 unrest and Russia’s invasion of Ukraine, Kazakhstan’s economy has proven resilient, mostly due to favorable prices for its commodity exports. In the meanwhile, the war and sanctions not only caused supply chain distortion and fueled double-digit inflation, but also opened new trade and investment opportunities for the country. The government announced an electronic system for tracking of trucking exports to EAEU countries, which was implemented in April 2023, and enacted a new law on export control of dual-use goods in March 2023, both of which could address risks of sanction and export control evasion.

After civil unrest in January 2022 President Tokayev assured foreign investors that the GOK would ensure a stable investment climate and meet its commitments to investors. President Tokayev announced political and economic reforms in March 2022 aimed at bringing positive changes to the country’s investment climate by increasing privatization, combatting corruption, and reducing the outsized role of monopolies and oligopolies in the economy. President Tokayev reiterated his commitment to reform after being reelected in November 2022.

Despite institutional and legal reforms, corruption, excessive bureaucracy, arbitrary law enforcement, and limited access to a skilled workforce in certain regions and sectors continue to present challenges.  The government’s tendency to increase its regulatory role in relations with investors, to favor an import-substitution policy, to limit the use of foreign labor, and to intervene in companies’ operations continues to concern foreign investors.  Foreign firms cite the need for better rule of law, deeper investment in human capital, improved transport and logistics infrastructure, a more open and flexible trade policy, a more favorable work-permit regime, and a more customer-friendly and consistent tax administration.


Table 1: Key Metrics and Rankings
Measure  Year  Index/Rank  Website Adress
TI Corruption Perceptions Index  2022  101 of 180  
Global Innovation Index  2022  83 of 132  
U.S. FDI in partner country ($M USD, historical stock positions)  N/A  N/A 
World Bank GNI per capita  2021  USD 8,880  

Policies Towards Foreign Direct Investment

Kazakhstan has attracted significant FDI since independence. As of January 1, 2023, FDI totaled $169.2 billion, primarily in the oil and gas sector. International financial institutions consider Kazakhstan to be a relatively attractive destination for their operations, and some international firms have established regional headquarters in the country.

Kazakhstan adheres to the OECD Declaration on International Investment and Multinational Enterprises, meaning it is committed to certain investment standards.

In April 2019, the Prime Minister created the Coordination Council for Attracting Foreign Investment. The Prime Minister acts as the Chair and Investment Ombudsman. The Investment Committee at the Ministry of Foreign Affairs and its subsidiary, KazakhInvest, handle investment climate policy issues and work with potential and current investors, while the Ministry of National Economy and the Ministry of Trade and Integration work with international organizations like the OECD, WTO, and the UN Conference on Trade and Development (UNCTAD). Each regional government also designates a representative to work with investors.

The GOK established the Astana International Financial Center (AIFC), modelled on the Dubai International Financial Center, in 2018. The AIFC offers foreign investors an alternative jurisdiction for operations, with tax holidays, flexible labor rules, a Common Law-based legal system, and flexibility to carry out transactions in any currency.  The GOK recommends that foreign investors use the AIFC for contracts with Kazakhstani businesses.

Limits on Foreign Control and Right to Private Ownership and Establishment

By law, foreign and domestic private firms may establish and own business enterprises. While no sectors are completely closed to foreign investors, restrictions on foreign ownership exist, including a 20 percent ceiling on foreign ownership of media outlets and a 49 percent limit on domestic and international air transportation services.

Kazakhstan formally removed the 49 percent limit on foreign ownership of telecom companies, except for the country’s main telecom operator, KazakhTeleCom, in 2016, but foreign investors must obtain a government waiver to do so. There are no constraints on the participation of foreign capital in the banking and insurance sectors. However, Kazakh law limits the participation of offshore companies in banks and insurance companies and prohibits foreign ownership of pension funds and agricultural land. Foreign citizens and companies are restricted from participating as owners in private security businesses.

Kazakhstan does not have a screening system in place and does not have legislation specifically focused on the national security implications of FDI akin to the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Kazakhstan’s central bank (the National Bank of Kazakhstan) collects standard statistics on FDI and other forms of investments, but mostly for macroeconomic purposes.

Foreign companies remain concerned about the risk of preferences for domestic companies and mechanisms for government intervention in foreign companies’ operations, particularly in procurement.  The Front Office for investors assists with investors’ challenges and brings them to the Prime Minister’s Council.

Other Investment Policy Reviews

The OECD Investment Committee presented its second Investment Policy Review in June 2017, available at: . The OECD review recommended Kazakhstan undertake corporate governance reforms of state-owned enterprises (SOEs), implement a more efficient tax system, further liberalize its trade policy, and introduce responsible business conduct principles and standards.

Business Facilitation

Kazakhstan has taken steps to simplify procedures for starting and operating businesses. Most procedures can now be done online. For example, online registration of any business is possible through the unified government website .
Non-residents must have a business immigrant visa and submit electronic copies of their IDs, as well as any certification of their companies from their country of origin. Documents must be translated and notarized. Investors may learn more about these services here: . A foreign-owned company registered in Kazakhstan is considered a domestic company for purposes of currency regulation. Residents may open bank accounts in foreign currency in Kazakh banks.
In 2022, the government introduced aa new investment agreement that guarantees stability of the tax regime for 25 years (see details in Section 4). In January 2022, Kazakhstan re-instituted visa-free travel for citizens of 54 countries, including the United States, Great Britain, Germany, and Japan. The AIFC offers legal arrangements not normally available under Kazakh law, including trusts. AIFC residents have access to simplified procedures for obtaining investor visas.
Foreign investors often complain about problems with finalizing contracts and licensing. Tax errors still have not been decriminalized.

Outward Investment

The government neither incentivizes nor restricts outward investment.

The United States-Kazakhstan Bilateral Investment Treaty came into force in 1994, and the United States-Kazakhstan Treaty on the Avoidance of Double Taxation came into force in 1996.
Kazakhstan has signed treaties on the avoidance of double taxation with 55 countries (the list is available at: ), and bilateral investment protection agreements with 52 countries, four of which have not come into force yet and four others of which have been terminated. The list of investment protection agreements is here: .

Kazakhstan is a member of the OECD Inclusive Framework on Base Erosion and Profit Shifting and is a party to the Inclusive Framework’s October 2021 deal on a two pillar-solution to global tax challenges, including a global minimum corporate tax.

Kazakhstan is a signatory to the Free Trade Agreement with the Commonwealth of Independent States (CIS) countries and is a member of the EAEU. It is also a party to Free Trade Agreements between the EAEU and Vietnam, Serbia, and Singapore. Kazakhstan is a party to the Eurasian Economic Union Mutual Investment Protection Agreement, which came into force in 2016 (see Section 3 for more on the EAEU).

Transparency of the Regulatory System

National legislation is enacted by the Parliament and President. The government, ministries, and local executive administrations issue regulations and executive acts in compliance with national laws. Publicly listed companies adhere to international financial reporting standards, but accounting and valuation practices are not always consistent with international best practices. The government does not require companies to disclose environmental, social, and governance (ESG) data. Companies listed on the Kazakhstan Stock Exchange (KASE) and Astana International Exchange (AIX), must, however, disclose information on ESG. The 2022 ESG Index ranks Kazakhstan 53rd out 183, with low level of risk.

All laws and decrees of the President and the government are available in Kazakh and Russian on the websites of the Ministry of Justice:  and . The government consults on some draft legislation with experts and the business community; draft bills are available for public comment at  under the Open Government section. The process of public comments seems overregulated. Publication occurs without broad notifications, some bills are excluded from public comment, and those who want to participate must register in advance.

Implementation and interpretation of commercial legislation sometimes creates confusion. In 2016, the Ministry of Health and Social Development introduced new rules on attracting foreign labor, some of which created significant barriers for foreign investors. After active intervention through the Prime Minister’s Council, the government canceled the most onerous requirements. Decrees and legislative changes frequently do not “grandfather in” existing investments. Penalties are often assessed for periods prior to the change in policy.

The 2021 OECD-compliant Environmental Code (Eco Code) mandates that local authorities spend 100 percent of environmental payments on environmental remediation.

The government began drafting a new Tax Code in late 2022 that is planned to be enacted in 2024. The government pledged to discuss openly the bill and to take into account recommendations from the local business community, foreign investors, and experts.

Public financial reporting, including debt obligations, are published by the National Bank of Kazakhstan at  and by the Ministry of Finance on its site: 

International Regulatory Considerations

Eurasian Economic Integration and WTO

Kazakhstan is a founding member of the EAEU, created in 2014, with Armenia, Belarus, the Kyrgyz Republic, and Russia. The EAEU is designed to further integrate the economies of its member states, and to provide for the free movement of services, capital, and labor within their common territory. EAEU regulations and decisions supersede the national regulatory system. The GOK asserts that EAEU agreements comply with WTO standards. However, since joining the Customs Union, Kazakhstan doubled its average import tariff and introduced annual tariff-rate quotas (TRQs) on poultry, beef, and pork. Per its WTO commitments, Kazakhstan lowered 3,512 import tariff rates to an average of 4.3 percent in December 2021. Now, Kazakhstan is preparing for negotiations on countervailing measures, which planned for 2024.
Kazakhstan notifies the WTO Committee on Technical Barriers to Trade about drafts of national technical regulations, although Embassy staff have noted lapses sometimes. Kazakhstan ratified the WTO Trade Facilitation Agreement (TFA) and completed its TFA commitments in 2018.

Impact of Russia’s Aggression Against Ukraine on Kazakhstan’s Economy

Russia’s war of aggression against Ukraine affected Kazakhstan’s economic relationships with Russia and Belarus, complicated external trade, and business operations, and caused supply chain disruptions. Kazakhstan’s businesses must conduct greater due diligence when working with Russian business partners, exporting to, or transshipping products through Russia and Belarus, or transmitting payments. Sanctions have affected trade routes transiting Russia, increasing demand in Kazakhstan for alternative shipping routes such as via the Trans-Caspian International Transport Route (TITR). Inflation in Kazakhstan reached 21.3 percent year-on-year in February 2023 and the currency initially lost significant value against the dollar due to its close connection with the Russian ruble but has since rebounded.

International oil companies (IOCs) reported sanctions-related risks of disruption, reduction, temporary suspension, or limitation of shipments via the Caspian Pipeline Consortium pipeline (CPC)through Russia. Kazakhstan’s national oil company KazMunayGas (KMG) postponed drilling works at the Zhenis offshore block due to a sanctions-related delay of delivery of equipment. Metal mining companies also reported issues with delivery of necessary materials because foreign ships will not enter Russian seaports. Disruptions in supply of spare parts from Ukraine has also impacted extractive industries.

Kazakhstan’s oil, uranium, and metals companies are increasingly using alternate routes that bypass Russia, such as receiving fuel shipments through in seaports in Georgia, Latvia, and Estonia; redirecting a small amount of oil exports from the CPC pipeline to Caspian seaports; and using TITR for some uranium shipments.

Seeking to distinguish its exports from oil originating in Russia, Kazakhstan introduced its own Kazakhstan Export Blend Crude Oil (KEBCO) in June 2022 and managed to decrease the spread with Brent Crude. KMG introduced sanctions disclaimers to its legal documents to allow for a withdrawal of sanctioned Russian companies from joint projects.

Sanctions also affected Kazakhstan’s banking sector (see Section 6 for details).

However, Kazakhstan’s trade in 2022 reportedly benefitted from sanctions on Russia, earning 40 percent more on exports as commodity prices increased. The country started to sell to seven new markets and expanded the types of products exported. Kazakhstan doubled its alumina exports to Russia, but its exports of iron ore to Russia dropped by 70 percent. Restrictions introduced by the London Bullion Market Association (LBMA) on processing Russian gold also affected Kazakhstan’s gold refining companies, which are certified with LBMA.

The GOK has made a clear commitment to abide by the sanction and export control regimes. On March 1, 2023, the GOK enacted a new Law on Control of Specific Goods, which defined principles and the legal basis of trade in dual-use goods and defense articles. The law cancelled an old law on export control and determined the order of control over identification, export, import, transit, and movement of specific goods across the border, as well as areas of responsibilities of individuals and legal entities while exporting, importing, reexporting, and transiting specific goods. Technologies, materials, and software that can be used for both civil and military purposes are considered specific goods by law.

On April 1, Kazakhstan introduced an online system for tracking of goods. Customs authorities will now require accompanying electronic invoices for all goods to be traded with EAEU member-states.

Legal System and Judicial Independence

The Civil Code establishes commercial and contract law principles. The judicial system is officially independent of the executive branch, although the government interferes in judiciary matters. Freedom House’s 2022 Nations in Transit report gave Kazakhstan a very low score (1.25 out of seven) in the Judicial Framework and Independence category, implying that the executive branch effectively dominates the judicial branch. Allegations of pervasive corruption of the courts and the influence of the ruling elite results in low public expectations and trust in the justice system.

The country’s leadership recognizes the lack of judicial independence. In March 2023, the President enacted a law on reforming the judicial system by introducing a new mechanism for electing the chairmen of district courts and strengthening guarantees for the immunity of judges. Parties to commercial contracts, including foreign investors, can seek dispute settlement in Kazakhstan’s courts or international arbitration, and courts nominally enforce arbitration clauses in contracts. However, Post is aware of at least one case when the government is alleged to have refused to honor a fully litigated international arbitral decision.
The AIFC has its own arbitration center and court based on British Common Law and is independent of the judiciary. The government advises foreign investors to use the capacities of the AIFC arbitration center and the AIFC court more actively.

Laws and Regulations on Foreign Direct Investment

Laws provide for non-expropriation, currency convertibility, guarantees of legal stability, transparent government procurement, and incentives for priority sectors. The Entrepreneurial Code outlines basic principles of doing business, the government’s relations with entrepreneurs, and codifies non-discrimination for foreign investors. The code contains incentives and preferences for government-determined priority sectors.

A law on Currency Regulation and Currency Control expands the statistical monitoring of transactions in foreign currency and facilitated the process of de-dollarization. The law treats branches of foreign companies in Kazakhstan as residents and enables the National Bank of Kazakhstan (NBK) to enhance control over cross-border transactions.

The government’s single window for foreign investors, providing information to potential investors, business registration, and links to relevant legislation, can be found here: 

Competition and Antitrust Laws

The Entrepreneurial Code regulates competition-related issues such as cartel agreements and unfair competition. The Agency for Protection and Development of Competition is responsible for reviewing transactions for competition-related concerns. Regulation of natural monopolies remains with the Ministry of National Economy. In January 2022, the President signed into law amendments introducing new antimonopoly concepts and best practices, including anti-monopoly compliance. After January 2022 events, the government created the Commission on Demonopolization, which is aimed at reducing the role of oligopolies in the economy and providing policy recommendations on the possible nationalization of assets that the government now considers to have been illegally privatized.

Expropriation and Compensation

The bilateral investment treaty between the United States and Kazakhstan requires the government to provide compensation in the event of expropriation. The Entrepreneurial Code allows the state to nationalize property in emergency cases but fails to provide clear criteria for expropriation or to require prompt and adequate compensation at fair market value.

The Mission is aware of cases where owners of flourishing and developed businesses have been forced to sell their businesses to companies affiliated with high-ranking and powerful individuals. In 2021, the government amended the Criminal Code and enhanced punishment for raiding by increasing the possible sentence to a range of five to eight years.

One hydrocarbons company claims expropriation. The case went to international arbitration and the legal process continues without resolution.

The government did not introduce confiscatory tax regimes or regulatory actions against investors. Under an ongoing campaign on de-monopolization (see Competition and Antitrust Laws section), some oligarchs returned assets to the state in the form of a donation. However, when individuals are indicted for embezzlement or money laundering, the government seizes their assets by court rulings (see section 9).

Dispute Settlement

ICSID Convention and New York Convention

Kazakhstan is a member of the International Center for the Settlement of Investment Disputes (ICSID), a tribunal applying the rules of the UN Commission on International Trade Law Arbitration. The country has also ratified the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. Any international award rendered by the ICSID, Stockholm Chamber of Commerce, London Court of International Arbitration, or Arbitration Commission at the Kazakhstan Chamber of Commerce and Industry is enforceable. The government does not always honor such awards.

Investor-State Dispute Settlement

The bilateral investment agreements recognize international arbitration of investment disputes.

The Entrepreneurial Code states that investment disputes may be settled in accordance with negotiation, litigation, or arbitration.

Kazakhstan is legally obligated to recognize arbitral awards yet does not always do so.  In February 2022, the Ministry of Justice reported about 25 pending arbitration proceedings, including 14 in international arbitration courts. The GOK is a respondent to one pending case in the ICSID initiated by foreign claimants. Several investment disputes involving foreign companies have arisen in the past several years linked to alleged violations of environmental regulations, tax laws, transfer pricing laws, and investment clauses. Problems arise in the enforcement of judgments, and ample opportunity exists for influencing judicial outcomes given the relative lack of judicial independence.
The government has developed a dispute resolution mechanism aimed at enabling aggrieved investors to seek redress without requiring them to litigate their claims. The government established an Investment Ombudsman in 2013 and in 2019 designated the Prime Minister to act in this role. However, investors who have entered such settlement discussions in good faith report that on at least one occasion the government pursued criminal litigation just as the parties were closing in on a deal (after the investors had devoted significant time and resources toward achieving a settlement).

International Commercial Arbitration and Foreign Courts

The Law on Mediation offers alternative (non-litigated) dispute resolutions and defines rules and principles of domestic arbitration. Kazakhstan has 17 local arbitration bodies unified under the Arbitration Chamber and 14 additional unaffiliated arbitration bodies. Please see: 

The Law on Arbitration brought the national arbitration legislation into compliance with the United Nations Commission on International Trade Law (UNCITRAL) Model Law, the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, and the European Convention on International Commercial Arbitration. Judgement of other foreign state courts are recognized and enforceable by local courts when there is a bilateral agreement on mutual judicial assistance with the respective country or applies a principle of reciprocity.

The AIFC’s International Arbitration Center (IAC) is not regulated by the Law on Arbitration. For details on the IAC’s operations, please see: .

When SOEs are involved in investment disputes, domestic courts usually find in the SOE’s favor.

The country’s authorities acknowledge that local courts lack experience with commercial law. In response to criticism from President Tokayev in 2021, the Supreme Court undertook steps to improve to improve selection of judges and development of their professional skills.

Bankruptcy Regulations

Bankruptcy Law protects the rights of creditors during insolvency proceedings. Bankruptcy is not criminalized, unless the court determines the bankruptcy was premeditated, or rehabilitation measures were wrongful. The law eases bureaucratic requirements for bankruptcy filings, gives creditors a greater say in continuing operations, introduces a time limit for adopting rehabilitation or reorganization plans, and adds court supervision requirements.

In March 2023, Kazakhstan enacted new legislation introducing individual bankruptcy in response to increasing numbers of insolvent debtors from vulnerable populations.

Investment Incentives

Local legislation (the Entrepreneurial Code and Tax Code) incentivizes foreign and domestic investments in priority sectors, which include agriculture, metallurgy, extraction of metallic ores, chemical and petrochemical industries, textile and pharmaceutical industries, food production, machine manufacturing, waste recycling, and renewable energy. Firms in priority sectors receive tax and customs duty waivers, in kind grants, investment credits, and simplified work permits for foreign staff. The Investment Committee of the Ministry of Foreign Affairs and KazakhInvest prepare and sign model investment contracts for investment priority projects. Details on requirements for these model contracts are available at: . The national oil company signed the first hydrocarbons improved-model contract in February 2023, and in March, the government promised to remove around 800 excessive requirements for oil and gas businesses soon.

In January 2021, the government added investment agreements to the Entrepreneurial Code, defined as a contract on implementation of an investment project between the government and a company registered at AIFC valued over $55 million. Under an investment agreement, the government provides incentives and a stable legal regime for 25 years. Incentives may include tax waivers, production sites, and procurement contracts. The investor is expected to undertake certain commitments under the agreement. Investment agreements cannot be used for projects associated with production and trade in goods subject to excise duties; radioactive materials; banking, insurance, and audit business; cryptocurrency; cryptocurrency mining; subsoil use; lottery, gambling, and security guard services, and similar activity. The Ministry of Foreign Affairs endorsed standardized rules for the conclusion, modification, and termination of investment agreements. These new standardized rules came into force at the end of March 2023. Since 2021, the government has signed two investment agreements, the associated projects for which are still pending implementation.

In 2022, the government also introduced agreements on investment liabilities. This new type of agreement requires projects worth over $55 million and guarantees tax stability for medium- or large enterprises operating in the mining sector. Eligible companies would not be subject to excise duties and are treated under a special tax regime. No agreements on investment liabilities have been signed with U.S. companies.

The government offers incentives for clean energy investments by facilitating the sale of electricity generated by renewable energy sources (RES). The Financial Settlement Center of Kazakhstan’s Electric Grid Operating Company guarantees purchases of electricity produced from RES and connects RES to the grid on a priority basis.

Foreign Trade Zones/Free Ports/Trade Facilitation

The Law on Special Economic Zones allows foreign companies to establish enterprises in special economic zones (SEZs), simplifies permit procedures for foreign labor, and establishes a special customs zone regime not governed by EAEU rules. Kazakhstan has fourteen SEZs.

Performance and Data Localization Requirements

Kazakhstan altered its local content requirements to meet WTO accession requirements. Subsoil use contracts concluded after January 1, 2015, no longer contain local content requirements, and any local content requirements in contracts signed before 2015 were phased out on January 1, 2021.  The GOK established a fund for the development of local industries.  The fund provides subsidized credits for development of local machinery production, technology, IT, and environmental projects.

In 2021, Kazakhstan introduced a scoring system for localization to stimulate local assembly of vehicles and agricultural equipment. The GOK introduced significant recycling fees on imported combines and tractors. The government contends that the fee is applied to foreign and domestically produced vehicles, combines and tractors; however, it subsidizes the fee for domestic producers. Foreign companies consider this to be coercion to localize production. In 2022, the government decreased the recycling fee rate by 50 percent after President Tokayev publicly criticized the fee. This decision reduces the recycling fees, as an example, for one imported 250 horse-power tractor from $21,000 in 2021 to $11, 000 in 2022. However, differential treatment of foreign and domestically produced equipment remains in place.

The law on Industrial Policy, enacted in December 2021, expanded support to local industries. It replaced “local content” provisions with a newly defined concept of “in-country value,” under which subsoil users and state-owned companies are expected to support local entrepreneurs by signing offtake contacts. Government agencies must maintain a certain level of “in-country value” when signing procurement contracts on construction materials, furniture, textile, chemical products, pharmaceuticals, and equipment.

Foreign investors may participate in government and quasi-government procurement tenders if they have established production facilities in Kazakhstan and are recognized as a pre-qualified bidder. The product must be made in Kazakhstan and be on the register of trusted producers.

Cross-border transmission of data is possible if countries receiving this data provide data protection. The National Security Committee and the Ministry of Digital Development, Innovations and Aerospace Industry supervise data protection and data storage in Kazakhstan.

Real Property

Secured interests in property (fixed and non-fixed) are recognized under the Civil Code and the Land Code. Agricultural land and certain other natural resources may only be owned or leased by Kazakhstani citizens.

In May 2021, President Tokayev signed into law amendments which prohibit foreigners, persons without citizenship, foreign legal entities and legal entities with foreign participation, international organizations, scientific centers with foreign participation, and repatriated Kazakhs from owning or leasing agricultural lands.

In 2022, the government created online platform at  that accumulated data regarding the return of agricultural land plots that were illegally privatized or misused.

Intellectual Property Rights

The legal structure for intellectual property rights (IPR) protection is relatively strong; however, enforcement needs further improvement. Kazakhstan is not currently included in the United States Trade Representative’s (USTR) Special 301 Report. To facilitate its accession to the WTO and attract foreign investment, Kazakhstan continues to improve its legal regime for protecting IPR. The Civil Code and various laws protect IPR. Kazakhstan has ratified 18 of the 24 treaties endorsed by the World Intellectual Property Organization (WIPO): .

The Criminal Code sets out punishments for violations of copyright, rights for inventions, useful models, industrial patterns, selected inventions, and integrated circuit topographies. The law authorizes the government to target internet piracy and shut down websites unlawfully sharing copyrighted material, provided that the rights holders had registered their copyrighted material with the IPR Department at the Ministry of Justice. Despite these efforts, the use of pirated software remains high.

Kazakhstan amended its legislation to comply with OECD IPR standards. The law set up a more convenient, one-tier system of IPR registration and provided rights holders the opportunity for pre-trial dispute settlement through the Appeals Council at the Ministry of Justice.

In 2022, customs authorities suspended customs clearance of counterfeited goods worth $12.9 million. The Financial Monitoring Agency stopped the operation of two illegal factories producing counterfeit household chemicals, which impaired right holders for $60,000. Inspections by law enforcement agencies resulted in $3,500 in fines for violation of trademark rights. Regular nationwide campaigns called “Counterfeit” and “Anti-Fraud” that are aimed at detecting and ceasing IPR infringements and increasing public awareness about IP issues resulted in the seizure of 2,136 units of counterfeit goods in 2022.

The Ministry of Agriculture frequently publicized its intention for Kazakhstan to join the International Union for the Protection of New Varieties of Plants (UPOV) but has not made visible progress on that stated goal. UPOV protects and promotes an effective system of plant variety protection. International seed companies do not provide modern seed and plant varieties to Kazakhstan due to the lack of IPR protections which would be afforded if Kazakhstan joined UPOV and adopted its regulations. This lack of IPR protection has reduced Kazakhstan’s agricultural production potential.

Foreign companies complain of inadequate IPR protection. Judges, customs officials, and police officers lack IPR expertise, which exacerbates weak IPR enforcement.

For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at .

Capital Markets and Portfolio Investment

Capital markets remain underdeveloped and illiquid, with small equity and debt markets dominated by SOEs and lacking in retail investors.  Most domestic borrowers obtain credit from Kazakhstani banks, although foreign investors often find interest rates and collateral requirements onerous, and it is often cheaper and easier for foreign investors to use retained earnings or borrow from their home country.  The government actively seeks to attract portfolio investment.  Foreign clients may only trade financial instruments via local brokerage companies or after registering at Kazakhstan Stock Exchange (KASE) or at the AIFC.

KASE, with 225 listed companies, trades a variety of instruments, including equities and funds, corporate bonds, sovereign debt, international development institutions’ debt, foreign currencies, repurchase agreements (REPO), and derivatives.  KASE launched a new global platform in November 2021, which currently trades around 55 U.S. securities listed on NASDAQ and the New York Stock Exchange.  The AIFC’s own stock exchange (AIX) has partnerships with the Shanghai Stock Exchange, NASDAQ, Goldman Sachs International, the Silk Road Fund, and others.  AIX currently has 131 listing on its Official List including 94 traded on its platform.

In February, the Foundation for the Support and Development of International Financial Center (a Kazakh NGO whose goal is to develop the country’s financial infrastructure), in collaboration with Freedom Kazakhstan and the St. Petersburg Stock Exchange, launched the ITS Platform at AIFC. The ITS Platform is a multilateral trading facility that allows trading in securities that are primarily listed on NASDAQ, NYSE, Hong Kong, and other international stock exchanges. The ITS Platform hopes to attract domestic and international investors to the Kazakh financial market.

Kazakhstan is bound by Article VIII of the International Monetary Fund’s Articles of Agreement which prohibits government restrictions on currency conversions or the repatriation of investment profits.  Money transfers associated with foreign investments are unrestricted; however, Kazakh legislation requires that a currency contract must be presented to the servicing bank if the transfer exceeds $10,000.  Money transfers over $50,000 require the servicing bank to notify the National Bank of Kazakhstan (NBK).  President Tokayev signed a decree banning the export of foreign currency cash exceeding $$10,000 or its equivalent starting March 14, 2022.

Money and Banking System

Kazakhstan had 21 commercial banks as of January 1, 2023.  The five largest banks (Halyk, Kaspi, Bank CenterCredit, Otbasy, and Forte Bank) held assets of approximately $64.1 billion, accounting for 66.5 percent of the total banking sector.

In February and April 2022, the United States and other countries imposed sanctions on a number of Russian financial institutions, including the Kazakh subsidiaries of Sberbank, VTB, and Alfa-Bank.  Kazakhstan’s national financial holding company Baiterek subsequently bought Sberbank’s Kazakh subsidiary and rebranded it as Bereke Bank, while Bank CenterCredit purchased and absorbed Alfa-Bank’s Kazakh subsidiary. Both subsidiaries were removed from OFAC’s SDN list on March 8, 2023 and July 14, 2022, respectively. As of April 1, 2023, VTB Bank Kazakhstan is the only locally licensed SDN-listed financial institution.

The GOK has undertaken measures to improve stability and prudent asset quality management in the banking sector, including capital injections, enhanced oversight, and expanded regulatory authorities. The ratio of non-performing loans to banking assets was 3.4 percent on January 1, 2023, a decrease from 8.6 percent on April 1, 2019. The number of commercial banks has decreased to 21 from 28 in April 2019 because of mergers and liquidation of financially struggling entities.

Kazakhstan has a central bank system led by the NBK and the Agency for Regulation and Development of the Financial Market (ARDFM).  ARDFM is the main financial regulator overseeing banks, insurance companies, the stock market, microcredit organizations, debt collection agencies, and credit bureaus, while the NBK performs core central bank functions, as well as management of the country’s sovereign wealth fund and pension system assets. The NBK and ARDFM are committed to the incremental introduction of the Basel III regulatory standard.  Kazakhstan allows foreign banks to operate in the country via branches and subsidiaries.  Foreigners may open bank accounts in local banks if they have a local tax registration number.

Foreign Exchange and Remittances

Foreign Exchange

Transfers of currency are protected by Article VII of the International Monetary Fund (IMF) Articles of Agreement ( ).
There are no restrictions or limitations placed on foreign investors in converting, transferring, or repatriating funds associated with an investment.  Funds associated with any form of investment may be freely converted into any currency, though local markets may be limited to major international currencies.

Foreign company branches are treated as residents, while non-financial organizations are treated as non-residents based on these organizations’ individual agreements with the Government of Kazakhstan.  Except for certain exceptions, transactions in foreign currencies between local residents are forbidden. Residents and non-residents may conduct foreign currency operations, unless specified otherwise by local foreign currency legislation. Companies registered with AIFC are not subject to these currency and settlement restrictions.

Kazakhstan has a free-floating exchange rate and inflation-targeting monetary regime, although the NBK intervenes in foreign exchange markets to combat excess volatility.  Kazakhstan maintains sufficient international reserves according to the IMF.

Remittance Policies

Local currency legislation permits non-residents to freely receive and transfer dividends, interest and other income on deposits, securities, loans, and other currency transactions with residents.  There are no time limitations on remittances out of Kazakhstan.  Residents seeking to transfer property or money to a non-resident or to receive property or money from a non-resident in excess of $500,000 are required to register the contract with the NBK.

Sovereign Wealth Funds

The National Fund of the Republic of Kazakhstan (National Fund) was established to support the country’s social and economic development, as well as to reduce dependence on the oil sector and external shocks.  The National Fund generates assets from taxes and other payments by oil companies, public property privatization, sale of public farmlands, and investment income.  As of January 1, 2023, the National Fund’s assets were $55.7 billion or around 30 percent of GDP.  The government regularly receives transfers from the National Fund to support the state budget, as well as special transfers ordered by the President.  The government of Kazakhstan aims to maintain the National Fund’s at a minimum at of 30 percent of GDP.

Kazakhstan is not a member of the IMF-hosted International Working Group of Sovereign Wealth Funds. The National Investment Corporation (under the National Bank of Kazakhstan) and the National Welfare Fund Samruk-Kazyna are members of the International Forum of Sovereign Wealth Funds that is based on Santiago Principles.  According to available data, more than 90 percent of the National Fund’s investment portfolio is in foreign assets, with 40 percent of these foreign assets held as investments in U.S. instruments.

According to the National Statistical Bureau, as of January 1, 2023 there are 25,603 state-owned enterprises (SOEs) and 380 enterprises where the state has some stake, from small veterinary inspection offices, kindergartens, and regional hospitals, to airlines, mining companies, and the national oil and gas company.  A full list of SOEs is available at: .

In January 2023, President Tokayev enabled the Agency for Development and Protection of Competition to authorize the creation of new state-owned enterprises and to review enlargement of existing ones.  Parastatal companies benefit from greater access to subsidies and other government support.

National Welfare Fund Samruk-Kazyna (SK) is the largest national holding company, managing key SOEs in the oil and gas, energy, mining, transportation, and communication sectors.   In 2021, SK reported $70.2 billion in assets and $4.5 billion in consolidated net profit.   In 2021, SK’s assets were equivalent toto 37 percent of GDP, while its gross revenue was equivalent to 15 percent of GDP. SK’s supervisory board consists of three independent directors, SK’s CEO, the Minister of National Economy, First Deputy Head of the Presidential Administration, and the Prime Minister, who chairs the board. SK management decisions are politically influenced. SK has special rights to conclude large transactions among members of its holdings without public notification and a preemptive right to buy strategic facilities and assets.  More information is available at .

Another major SOE is the national managing holding company Baiterek. More information is available on its website: . Last year the GOK liquidated the national information holding company Zerde, transferring the ownership of two companies it used to manage to the Ministry of Digital Development, Innovation, and Aerospace Industry.

Officially, private enterprises compete with public enterprises under the same terms and conditions. However, in some cases SOEs enjoy better access to natural resources, credit, and licenses than private entities.

Privatization Program

The government enacted a new comprehensive privatization program in 2020. More information is available at: .  As of March 31, 2023, the government has sold 970 out of 1,767 organizations subject to privatization at a net price of $1.8 billion. The government sells small, state owned and municipal enterprises through electronic auctions.  Foreign investors may participate in privatization projects.  However, the process to do so is lengthy and may present challenges for foreign companies.  In some cases, government allowed sales of stock of portions of SOEs. These were open to foreign and domestic audiences.

Entrepreneurs, the government, and non-governmental organizations are aware of the expectations of responsible business conduct (RBC). Kazakhstan continues to make steady progress toward meeting the OECD Guidelines for Multinational Enterprises, and the government promotes the concept of RBC. The OECD National Contact Point is the Ministry of National Economy. There are no government requirements for businesses to conduct due diligence or reporting regarding human rights or other forms of responsible business conduct.

The Entrepreneurial Code has a section on social responsibility, which is defined as a voluntary contribution for the development of social, environmental, and other spheres. This creates conditions for RBC but cannot force entrepreneurs to take socially responsible actions. The code considers charitable contributions as a form of social responsibility and envisions tax preferences for entrepreneurs engaged in charitable activities. The government encourages companies to donate to the Kazakhstan Khalkyna Fund (To the People of Kazakhstan Fund).

Kazakhstan is not a signatory of the Montreux Document on Private Military and Security Companies.

The government signed on to the Extractive Industries Transparency Initiative (EITI) in 2007.  Kazakhstan produces EITI reports that disclose revenues from the extraction of its natural resources.  Companies disclose what they have paid in taxes and other payments, and the government discloses what it has received; these two sets of figures are then compared and reconciled.  The EITI Board suspend Kazakhstan in January 2023 for missing the adjusted deadline to submit the 2020 report and will consider lifting the suspension if Kazakhstan publishes its report by June 30.

Additional Resources

Department of State

Department of the Treasury

Department of Labor

Climate Issues

The Eco Code includes a chapter on adaptation to climate change that focuses on the priority areas of agriculture, water management, forestry, and civil protection.  Kazakhstan 2050 encourages an accelerated transition to a low-carbon economy, sets a target for the share of RES in total power mix to reach 50 percent by 2050, and promotes water-saving technologies.  The Concept for Development of the Fuel and Energy Sector until 2030 aims to develop regulations and incentives to promote sustainable and renewable energy, adapt to climate change and address the challenges associated with reducing carbon dependency.  The Ministry of Ecology and Natural Resources (MENR) Strategic Plan 2020-2024 stipulates a regulatory approach to enable the transition to a low-carbon economy along with a decrease in greenhouse gas (GHG) emissions.  The GOK approved the 2060 Carbon Neutrality Strategy in February 2023, which aims to decrease GHG emissions, including by reducing coal generation ad increasing the share of renewables in the energy mix.

Kazakhstan’s Nationally Determined Contribution (NDC) includes an unconditional, economy-wide target of 15 percent reduction in GHG emissions by 2030 compared to 1990 and a conditional 25 percent reduction by 2030.

GOK has pollution standards for soil, water, air, and radiation. The Eco Code introduced a ten-year exemption from environmental payments for businesses committed to implementing best available technologies (BAT), with a perpetual exemption if they reached their target emission reductions. For those who did not introduce BAT, environmental payments will double in 2025, will increase four-fold in 2028, and eight-fold in 2031.

Laws to combat corruption by public officials include Articles 366 to 368 of the Criminal Code; Articles 676 to 681 of the Administrative Code; the Law on State Service of the Republic of Kazakhstan; and the Law on Countering Corruption. On February 2, 2022, President Tokayev approved by decree the Concept of Anti-Corruption Policy for 2022-2026 and an Action Plan for its implementation. In 2022, the government fired 14 politically appointed civil servants for corruption crimes committed by their subordinates. Another 446 civil servants, including 9 political appointees, received disciplinary action for corruption offences. In 2022, 115 officials were charged with committing corruption crimes affecting the rights of entrepreneurs, of whom 62 were convicted.

Kazakhstan’s Anti-Corruption Agency prepares an annual report on countering corruption. Since January 1, 2021, Kazakh officials and their spouses have been required to submit declarations of their income and property as part of aa phased introduction of universal income and property declarations by 2025. On January 3, 2023, President Tokayev signed the law “On Combating Corruption,” which establishes penalties against officials for discrepancies between their expenses and incomes. This law will enter into force in 2027.

According to the law “On Combating Corruption,” state bodies, organizations, and quasi-public sector entities must develop and follow anti-corruption standards with the participation of the public and considering legislation and law enforcement practices (paragraph 2 of Article 10 of the Law). Implementation of these standards, however, is poor due to the lack of a unified standard and insufficient regulatory oversight.

Kazakhstan continued to implement government procurement reforms to increase transparency. Amendments adopted in January 2023 to the Law on Government Procurement reduced the list of exceptions to the law but transferred remaining exceptions to the category of single source procurements and the volume of non-competitive purchases remains high. Purchases by state-owned management companies and other similar entities are regulated separately.

Kazakhstan participates in the OECD Anti-corruption Network for Eastern Europe and Central Asia, established in 1998, and in the Anti-Corruption Initiative for Asian and the Pacific, established by the OECD and the Asian Development Bank in 1999. Kazakhstan is not a signatory to the OECD Anti-Bribery Convention but has submitted a letter stating its intention to join the OECD Anti-Bribery Working Group. Kazakhstan acceded to the UN Convention Against Corruption in 2008. Kazakhstan also participates in the Istanbul Anti-Corruption Action Plan of the OECD Anti-Corruption Network, the International Association of Anti-Corruption Agencies, and the International Counter-Corruption Council of CIS member-states. Kazakhstan is a member of the Group of States against Corruption (GRECO).

Kazakhstan’s rating in Transparency International’s 2022 Corruption Perceptions Index is 36/100, where 100 is very transparent and 0 is highly corrupt. According to Transparency International, government inaction against corruption has allowed kleptocrats in Kazakhstan to take power into their own hands, undermine democratic processes, limit civic space, and weaken state institutions, as evidenced by January 2022 civil unrest. President Tokayev announced following January 2022 events that the government would do more to combat corruption. Within months, several investigations began against wealthy and powerful individuals, including relatives of First President Nazarbayev. Nazarbayev’s nephew, Kairat Satybaldy, received a six-year prison sentence on September 26, 2022 after being found guilty of embezzlement from state-owned companies. The court sentenced Kairat Boranbaev, the former matchmaker of the daughter of the ex-president of Kazakhstan, to eight years in prison. The businessman (the owner of the McDonald’s franchise in Kazakhstan) was accused of embezzling the property entrusted to him, as well as of complicity in laundering money obtained by criminal means.

According to the State Department’s Human Rights Report, the government selectively prosecuted officials who committed abuses, especially in high-profile corruption cases. Nonetheless, corruption remained widespread, and impunity existed for many in positions of authority as well as for members of law enforcement agencies. The law provides criminal penalties for corruption by officials, but the government did not implement the law effectively. Corruption was widespread in the executive branch, law enforcement agencies, local government administrations, the education system, and the judiciary, according to human rights NGOs. Journalists and advocates for fiscal transparency report frequent harassment and administrative pressure.

The Criminal Code imposes criminal liability and punishment for corruption, forbids suspended sentences for corruption-related crimes, and provides for lifelong bans on employment in the civil service with mandatory forfeiture of title, rank, grade, and state awards for those convicted of corruption-related crimes. The Law on Public Service mandates public servants adhere to rule of law principles including anti-corruption and professionalism of civil service. In January 2023, Kazakhstan’s parliament repealed the Law on the First President of the Republic of Kazakhstan—Leader of the Nation, which had previously established blanket immunity for First President Nursultan Nazarbayev and members of his household from arrest, detention, search, or interrogation.

Foreign companies identify corruption as an obstacle to FDI and participation in GOK tenders. Corruption continues to be observed in nearly all sectors, including in extractive industries, infrastructure projects, state procurements, and banking. The International Finance Corporation’s Enterprise Survey for Kazakhstan, conducted in 2019 with over 1,400 small, medium, and large enterprises, found that 12 percent of respondents had experienced at least one bribe payment request across six different transaction types including paying taxes, obtaining permits or licenses, and obtaining utility connections.

Resources to Report Corruption

Contact at the government agency responsible for combating corruption:

Askhat Zhumagali
Anti-Corruption Agency of the Republic of Kazakhstan
37 Seyfullin Street
Astana, Kazakhstan
+7 (7172) 909002 

Contact at a “watchdog” organization:

Aidar Yegeubayev
Chairman of the Board of Governors
Transparency Kazakhstan Foundation
Rahat Palace Business Centre29/6 Satbayev Street 10th Floor, Office 105Almaty, Kazakhstan, A15P5A0+7(701) 711 4949 

At least 237 individuals were killed and there were many instances of theft, looting, and arson during several days of violent civil unrest in January 2022, which the government later described as an attempted coup. More than 1,000 government and commercial buildings were damaged in Almaty and several other cities, and rioters briefly seized Almaty International Airport and blocked Atyrau International Airport. President Tokayev stated that the initial economic damages were estimated at $2-3 billion. Following the restoration of order during a ten-day state of emergency, President Tokayev assured foreign investors that the GOK would ensure a stable investment climate. There is generally a history of limited, non-violent protests. The GOK often limits the size and duration of protests and civil society organizations have complained that many requests are denied.

Kazakhstan jumped 54 places to rank 24th on the skills index in Coursera’s Global Skills Report in 2022 with improvements in business data and science skill sets but decreases in in technology-related skills. The Ernst and Young 2022 Central Asia Attractiveness Survey named skills shortages as the seventh most important risk, which may affect the region’s investment attractiveness over the next three years. According to the International Assessment of Adult Competences, 95 percent of respondents in Kazakhstan did not want to participate in reskilling programs, mostly due to lack of time or money. The State Program of Education and Science Development 2020-2025 seeks to reduce the gap in educational achievement between urban and rural schools and to improve lifelong learning. Many large investors rely on foreign workers to fill the void.  The government regulates foreign labor; foreign workers must obtain work permits. The GOK has made it a priority to ensure that Kazakhstani citizens are well represented in foreign enterprise workforces.  The government is particularly keen to see Kazakhstanis hired into the managerial and executive ranks of foreign enterprises.

Kazakhstan joined the International Labor Organization (ILO) in 1993 and has ratified 255 out of 189 ILO conventions.  The Constitution and Labor Code guarantee basic workers’ rights, including occupational safety and health, the right to organize, and the right to strike.  In February 2023, the government enacted amendments to labor-related laws to ease the requirements for strikes. The three national-level labor unions – the Federation of Trade Unions of the Republic of Kazakhstan (FTUK), Commonwealth of Trade Unions of Kazakhstan Amanat, and Kazakhstan Confederation of Labor (KCL) – had 22.967 million members4 as of July 1, 20222. According to the FTUK, as of January 2021, 1.5 million workers, or 90.2 percent of FTUK members, worked under collective bargaining agreements in 2020. The number of collective agreements countrywide increased 9.3 percent from 153,934 in 2021 to 168,391 in 2022.

In 2022, the ILO’s Committee on the Application of Standards reiterated concerns previously raised in 2015, 2016, 2017, 2018, and 2021 regarding violations of workers’ freedom of association rights in Kazakhstan. The Committee urged the GOK, in consultation with unions and employers’ organizations, to cease judicial harassment of trade union leaders and members, refrain from showing a preference towards particular trade union groups, stop interference in the establishment and functioning of trade unions, and resolve pending registration issues related to the Confederation of Free Trade Unions of the Republic of Kazakhstan and the Industrial Union of Employees of the Fuel and Energy Sector.

The Labor Code describes a mechanism for resolution of individual labor disputes via direct negotiations with an employer, conciliation commission, and court.  It identifies a mechanism for resolution of collective labor disputes via direct negotiations with an employer, mediation commission, labor arbitration, and the court. Workers’ right to strike are limited. Courts have the power to declare a strike illegal at the request of an employer or the Prosecutor General’s Office.  Employers may fire striking workers after a court declares a strike illegal.  Please see additional details at the Human Rights Report at:

Complaints about low wages, poor social benefits, and substandard working conditions resulted in 82 labor disputes in 2022, according to FTUK. Workers typically ended strikes after the companies’ management agreed to a partial increase of wages and bonuses. The average salary for men was 21.7 percent higher than that for women in 2021. The official unemployment rate is 4.9 percent, or around 450,000 unemployed people out of 9.2 million working-age Kazakhs.  In March 2022, KPMG estimated that the real unemployment rate was 10 percent in 2019, 12 percent in 2020, and may increase to 20 percent in 2022. The GOK reported in 2021 that 1. million citizens (or about 13.66 percent) of the country’s workforce worked in the informal economy. More than 50 percent of informal workers were concentrated in agriculture, fishery, and forestry. Small entrepreneurs and their employees for the most part worked without health, social, or pension benefits, and did not pay into the social security system. 1.7 million self-employed individuals (81.4 percent of the total) earned less than the median monthly wage of $458 in 2022.

Kazakhstan is a member of the Multilateral Investment Guarantee Agency, which is part of the World Bank Group and provides political risk insurance for foreign investments in developing countries. There are opportunities for DFC-funded projects in Kazakhstan but there are currently no active projects.


Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data:  BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2021 $197,056 2021 $197,110 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:  BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) Jan 1, 2023 $43,781 N/A N/A BEA data available at
Host country’s FDI in the United States ($M USD, stock positions) Jan 1, 2023 $521.2 N/A N/A BEA data available at 
Total inbound stock of FDI as % host GDP 2021 85.4% 2021 80% UNCTAD data available at

* Source for Host Country Data: The National Statistical Bureau  and The National Bank of Kazakhstan



Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data (2021)
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward $151,953 100% Total Outward $15,666 100%
Netherlands $58,922 38.8% Netherlands $14,783 94.4%
United States  $39,709 26.1% Cayman Islands  $2,406 15.4%
France  $13,167 8.7% Russian Federation  $1,639 10.5%
Japan $5,789 3.8% Luxembourg $1,623  10.4%
China  $5,460  3.6% Lichtenstein  $500 3.2%
“0” reflects amounts rounded to +/- USD 500,000.

U.S. Embassy Astana Economic Section
3, Qoshkarbayev Str., Nur-Sultan
+7 7172 70 21 00 

Country/Economy resources: American Chamber of Commerce (AmCham) in Kazakhstan 

On This Page

  2. 1. Openness To, and Restrictions Upon, Foreign Investment
    1. Policies Towards Foreign Direct Investment
    2. Limits on Foreign Control and Right to Private Ownership and Establishment
    3. Other Investment Policy Reviews
    4. Business Facilitation
    5. Outward Investment
  3. 2. Bilateral Investment and Taxation Treaties
  4. 3. Legal Regime
    1. Transparency of the Regulatory System
    2. International Regulatory Considerations
    3. Eurasian Economic Integration and WTO
    4. Impact of Russia’s Aggression Against Ukraine on Kazakhstan’s Economy
    5. Legal System and Judicial Independence
    6. Laws and Regulations on Foreign Direct Investment
    7. Competition and Antitrust Laws
    8. Expropriation and Compensation
    9. Dispute Settlement
      1. ICSID Convention and New York Convention
      2. Investor-State Dispute Settlement
      3. International Commercial Arbitration and Foreign Courts
    10. Bankruptcy Regulations
  5. 4. Industrial Policies
    1. Investment Incentives
    2. Foreign Trade Zones/Free Ports/Trade Facilitation
    3. Performance and Data Localization Requirements
  6. 5. Protection of Property Rights
    1. Real Property
    2. Intellectual Property Rights
  7. 6. Financial Sector
    1. Capital Markets and Portfolio Investment
    2. Money and Banking System
    3. Foreign Exchange and Remittances
      1. Foreign Exchange
      2. Remittance Policies
    4. Sovereign Wealth Funds
  8. 7. State-Owned Enterprises
    1. Privatization Program
  9. 8. Responsible Business Conduct
    1. Additional Resources
    2. Climate Issues
  10. 9. Corruption
    1. Resources to Report Corruption
  11. 10. Political and Security Environment
  12. 11. Labor Policies and Practices
  13. 12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs
  14. 13. Foreign Direct Investment Statistics
  15. 14. Contact for More Information
2023 Investment Climate Statements: Kazakhstan
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