BAKU, Azerbaijan, July 13. The United States is among Kazakhstan’s largest foreign investors. Speaking at the business roundtable “The Republic of Kazakhstan – The United States of America” in Astana, Kazakhstan’s Deputy Minister of Foreign Affairs Alibek Kuantyrov noted that more than 600 American companies operate in the country, while the total volume of US investments in Kazakhstan has exceeded $100 billion. This figure is expected to reach $137 billion in the future.
At the same time, the profile of US presence in Kazakhstan has changed significantly in recent years. Historically, oil and gas projects have formed the basis of investments. American companies Chevron, ExxonMobil, and other participants in international consortia remain among the largest investors in the sector and are involved in the development of fields that account for a significant share of Kazakhstan’s oil production.
The Tengiz field, operated by Tengizchevroil, remains the most illustrative example. The Future Growth Project (FGP), with an estimated cost of about $48.9 billion, reached full production capacity after the completion of commissioning works in January 2025.
At the same time, US investments are gradually expanding beyond the oil and gas sector. One of the largest examples of the past year was the agreement between Kazakhstan and US corporation Wabtec, worth around $4.2 billion, which envisages the development of railway engineering and service infrastructure.
The changing priorities of American investors are also reflected in the talks held in early July between Kazakhstan’s President Kassym-Jomart Tokayev and Khush Choksy, Senior Vice President of the US Chamber of Commerce for the Middle East, Türkiye, and Central Asia. The parties discussed further development of business cooperation, including projects in critical minerals, energy, digital infrastructure, artificial intelligence, transport, advanced technologies, agriculture, and financial services.
One of the most notable stages in the development of bilateral economic cooperation was Tokayev’s visit to the United States in November 2025, following which Kazakh and American companies signed 29 agreements worth a total of around $17 billion.
One of the largest deals was an agreement between Tau-Ken Samruk JSC and US company Cove Capital on the joint development of the Severny Katpar and Verkhnee Kairakty tungsten deposits in Kazakhstan’s Karaganda region. The project is estimated at approximately $1.1 billion.
Such projects align with US efforts to diversify supply chains for strategic materials. Washington has been consistently reducing dependence on individual foreign suppliers, primarily China, which holds leading positions in the global market for rare earth elements and the processing of many types of mineral resources.
For Kazakhstan, such projects create an opportunity to move from exports of unprocessed raw materials to the production of goods with higher added value. This allows the country to increase economic returns from mineral resource development. Kazakhstan has significant reserves of uranium, tungsten, chromium, and other resources in demand on global markets.
Energy remains a key area of cooperation. Kazakhstan ranks first in the world in uranium production, making it one of the key partners for countries developing nuclear energy. Astana has previously identified the creation of a complete nuclear fuel cycle within the country as a long-term goal — from uranium production to manufacturing products with higher added value.
For US energy companies, diversification of nuclear fuel supplies has gained additional importance amid changes in global energy markets and efforts to reduce dependence on Russian suppliers. Kazakhstan, with its large resource base, may become one of the elements in the restructuring of international supply chains in the nuclear sector.
At the same time, Kazakhstan’s key task is not only to increase production volumes but also to develop processing capacities. A transition to deeper stages of production is expected to provide greater economic returns from natural resources.
The other area of cooperation is digital technologies and financial instruments. In 2026, Kazakhstan continued developing its regulatory framework for digital assets. The country has introduced a legal framework for cryptocurrencies and digital financial instruments. At the same time, the National Digital Investment Platform, operating on a “one-stop shop” principle, and the Altyn Visa program for foreign entrepreneurs are being developed.
For American technology and financial companies, these instruments are of interest as part of Kazakhstan’s broader digital transformation. At the same time, Kazakhstan seeks to strengthen its position as a regional hub for fintech companies and international investors working with digital solutions.
However, further development of this area will depend on the quality of regulation, investor protection, and Kazakhstan’s ability to attract not only financial capital but also modern technologies and expertise.
The expansion of the US presence is taking place against the backdrop of Kazakhstan’s active cooperation with other major economic partners. According to President Kassym-Jomart Tokayev, Kazakhstan accounts for about 70% of all attracted foreign investment in Central Asia.
In this context, the importance of US investments is determined not only by their volume but also by access to technologies, expertise, and Western markets. For Astana, the development of cooperation with the United States also corresponds to its policy of diversifying foreign economic ties and reducing dependence on individual partners.
The further dynamics of the partnership will depend on how quickly the agreements reached move into the implementation stage. For American companies, key factors include legislative stability, regulatory transparency, and the economic efficiency of projects. For Kazakhstan, the priority remains attracting not only capital but also technologies, expertise, and new production capacities.
US interest in Kazakhstan’s resources reflects broader changes in the global economy, where countries are seeking access to critical materials needed for energy, industry, and high-tech manufacturing.
For Kazakhstan, this creates an opportunity to increase the share of domestic processing and expand production of higher value-added goods. However, the long-term impact of US investments will depend on how successfully the country can localize new industries, introduce modern technologies, and transform capital inflows into sustainable industrial growth.
