BAKU, Azerbaijan, March 26. Over the past decade, Turkish investment in the energy sector has risen from virtually zero to $3.2 billion, making it the largest recipient of Turkish capital in Central Asia, a source from the Analytical Department of the Eurasian Development Bank (EDB) told Trend.
According to the bank, Turkish investment in Central Asia’s power and infrastructure sectors has expanded rapidly over the past decade, with the energy sector emerging as the largest recipient of Turkish capital.
"Turkish investors are demonstrating one of the fastest expansion rates in Central Asia. Since 2016, they have achieved an average annual investment growth of around 16%, significantly higher than the average for Asian FDI of 9.6%. As a result, Türkiye’s share in total Asian investment in Central Asia has grown from 5% to 13%. Kazakhstan ($3.3 billion) and Uzbekistan ($3.1 billion) remain the main destinations, jointly accounting for around 75% of all Turkish investments in the region," the source stated.
The source noted that the most dynamic shift has occurred in the power sector, where Turkish capital has increasingly moved toward large-scale infrastructure projects.
"Large-scale projects are underway, including the Turkmenistan-Afghanistan-Pakistan power transmission line with the participation of Çalık Holding. Aksa Energy has also emerged as a key player, implementing or developing six power projects with an investment stock of $1.3 billion - around 40% of total Turkish investments in the power sector in the region. Among its flagship projects are a thermal power plant in Kyzylorda (Kazakhstan), a gas-piston power plant in the Kashkadarya region (Uzbekistan), and a combined-cycle power plant in Shymkent (Kazakhstan)," the source noted.
The department emphasized that, beyond power, transport and logistics have become another important driver of Turkish investment growth.
"Investment stock in this sector has reached $1.2 billion - nearly six times higher than in 2020. This expansion has been fueled by aviation infrastructure upgrades and logistics hub development, including the modernization of Almaty and Aktau airports and the construction of a new airport complex in Turkistan (Kazakhstan)," the EDB Analytical Department said.
At the same time, Turkish capital continues to maintain a steady presence in agro-industrial and manufacturing projects.
"Over the past decade, these sectors have consistently accounted for 15–20% of Turkish investment in Central Asia, highlighting their strategic importance and Turkish companies' long-term strategies to expand their presence in the region.
Overall, Turkish investments are playing a meaningful role in modernizing infrastructure, strengthening energy security, and fostering industrial cooperation across Central Asia," the source concluded.