BAKU, Azerbaijan, July 6. Kazakhstan aims to attract $25.5 billion in foreign direct investment (FDI) in 2026, up from more than $20 billion recorded in 2025. The country's investment priorities were clearly reflected in the agenda of the 38th plenary session of the Foreign Investors' Council under the President of Kazakhstan, held in Astana on July 2.
On the sidelines of the session, government officials and representatives of Kazakhstan's quasi-public sector held a series of meetings with executives from Eni, ExxonMobil, Baker Hughes, Marubeni, the European Bank for Reconstruction and Development (EBRD) and other international organizations. The agenda of these talks provides insight into the sectors and projects Kazakhstan considers priorities for attracting foreign capital.
It is evident that Kazakhstan is seeking more than just higher FDI inflows. Priority is being given to investments that bring technology transfer, production localization, infrastructure development, and the creation of new domestic capabilities. These types of projects are now at the core of Astana's investment agenda.
During talks with Luca Vignati, Eni's Upstream Director, further development of Kazakhstan's energy infrastructure was discussed. One of the key topics was the construction of a 247-MW hybrid power plant in Zhanaozen. The project is viewed as part of broader efforts to introduce low-carbon technologies and strengthen the resilience of the country's power system.
At a meeting with Lorenzo Simonelli, Chairman and Chief Executive Officer of Baker Hughes, the parties discussed expanding production localization, strengthening cooperation with Kazakh enterprises, and introducing advanced technological solutions in the oil and gas sector.
The focus of these discussions reflects broader shifts across the global energy industry. Alongside traditional upstream projects, international energy companies are increasingly investing in gas processing, modernization of existing infrastructure, digitalization, and technologies aimed at reducing carbon emissions. Against this backdrop, Kazakhstan is seeking to attract projects that go beyond natural resource development and contribute to the technological modernization of the sector.
Baker Hughes provides a notable example of this approach. The company said that around 95% of its service operations in Kazakhstan are already carried out by Kazakh specialists and confirmed plans to further expand localization and cooperation with domestic enterprises. This points not only to higher local content but also to the gradual development of the country's engineering and service capabilities. As these competencies continue to grow, Kazakh companies will be able to undertake more sophisticated technological work, while a larger share of the value created will remain within the domestic economy.
Infrastructure has also emerged as a major priority. According to the EBRD, its investments in Kazakhstan could reach a record 1.3 billion угкщ in 2026. The bank reaffirmed its readiness to continue supporting the development of the country's transport, engineering, and social infrastructure. While such projects rarely generate immediate financial returns, they create the conditions necessary for sustained private investment. The quality of transport networks, utility infrastructure, logistics, and municipal services directly affects the cost of industrial projects and the investment attractiveness of Kazakhstan's regions.
Another notable feature of Astana's discussions with international partners is the growing emphasis on technology. Artificial intelligence, industrial digitalization, equipment monitoring systems, and industrial data analytics are increasingly becoming standalone areas of cooperation with foreign companies. For Kazakhstan, this means gaining access not only to financial resources but also to technologies that are becoming essential for industrial competitiveness.
At the same time, the government's expectations of foreign investors are evolving.
During the meetings, Prime Minister Olzhas Bektenov repeatedly stressed the need to increase the share of domestic goods, works, and services in major investment projects. The government is encouraging investors to integrate Kazakh companies more deeply into production value chains—from supplying equipment and services to participating in the construction and operation of new facilities.
Judging by the substance of these recent negotiations, Kazakhstan is seeking not simply more foreign capital, but a different quality of investment. The emphasis is increasingly on projects that combine advanced technologies, production localization, engineering expertise, and modern infrastructure. Such an approach allows foreign investment to serve not only as a source of financing, but also as a driver of the country's economic modernization.
