Growth in fixed capital investment in Kazakhstan’s manufacturing sector accelerated markedly. In 2025, investment reached a record KZT 3 trillion, up 43.7% year on year in nominal terms. In real terms, growth stood at 39%. By comparison, total fixed capital investment increased by 20.7% to KZT 23.5 trillion (physical volume rose by 16.7%), while capital investment in industry grew by 22.3% to KZT 9.5 trillion (up 18.3% in real terms).
Investment in manufacturing has now increased in real terms for the second consecutive year. In 2024, investment rose by 27% in nominal terms to KZT 2.1 trillion (up 24.4% in real terms). In 2022 and 2023, investment increased by 2.9% annually in nominal terms, but after adjusting for price changes, capital investment declined by 2.4% and 1.1%, respectively. Compared with 2015, investment increased 3.8-fold in nominal terms.
Manufacturing’s share of investment also increased alongside the growth in capital spending. In 2025, the sector accounted for 12.7% of all fixed capital investment, up from 10.7% a year earlier. This was the highest level recorded since observations began in 2003. Manufacturing’s share of total industrial capital investment reached 31.3%, compared with 26.7% in 2024. Thus, almost a third of all funds invested in industry went to manufacturing.
Relative to the size of the economy, investment activity in manufacturing also strengthened. In 2025, capital investment in the sector amounted to 1.9% of GDP, up from 1.5% a year earlier. This was one of the highest levels of the past ten years: the figure was higher only in 2015 and 2018, when it reached 2%. In 2019–2024, manufacturing investment as a share of GDP generally ranged between 1.4% and 1.8%.
At the same time, overall investment activity in the economy remains below its level of a decade ago. Total fixed capital investment amounted to 14.7% of GDP in 2025, compared with 17.2% in 2015. Industrial capital investment as a share of GDP declined even more markedly over the period, from 9.4% to 6%.
Thus, investment growth in manufacturing is taking place against a backdrop of more moderate capital investment trends in the economy and industry as a whole. The sector has almost restored its share of GDP to one of the highest levels of the past 15 years, while total and industrial investment relative to the size of the economy remain well below their 2015 levels.
The increase in investment activity has been accompanied by the launch of new production facilities. According to the Ministry of Industry and Construction of the Republic of Kazakhstan, 190 industrial projects worth a total of KZT 1.5 trillion were commissioned in the country in 2025, creating 22.5 thousand permanent jobs. Once the facilities reach full capacity, their combined output is expected to amount to around KZT 2.3 trillion. In 2026, another 200 projects worth around KZT 1.7 trillion are planned, with 19.1 thousand permanent jobs expected to be created.
The positive trend has continued this year. In January–June 2026, fixed capital investment in manufacturing reached KZT 1.4 trillion, up 41.5% year on year in nominal terms. In real terms, capital investment increased by 33.3%. The sector accounted for 15% of all fixed capital investment and 36.3% of investment in industry. Thus, more than a third of industrial investment is now directed to manufacturing.
Zhambyl Region recorded the largest volume of capital investment in the first half of 2026, with KZT 300.1 billion invested in manufacturing. It was followed by Atyrau Region (KZT 193.1 billion), Almaty Region (KZT 162.2 billion), Karaganda Region (KZT 130 billion) and Pavlodar Region (KZT 108.9 billion). Together, these five regions accounted for 62.6% of total nationwide investment in the sector.
The highest real growth rates in fixed capital investment in manufacturing were recorded in Astana city (almost 3-fold), as well as in Atyrau Region (2.7-fold), Zhambyl Region (2.4-fold), Akmola Region (82.7%) and Almaty Region (60.8%). At the same time, capital investment declined in nine regions. The most significant decreases were recorded in Ulytau Region (66.3%), Almaty city (40.4%), Mangystau Region (32.1%), East Kazakhstan Region (31%) and Karaganda Region (22.5%).
Manufacturing plays the largest role in the investment structure of Zhambyl Region, accounting for 59.3% of all fixed capital investment in the region. Significant shares were also recorded in Almaty Region (30.5%), Karaganda Region (30%), Kostanay Region (28.7%) and Atyrau Region (26.2%).
Within industrial investment, manufacturing accounted for the largest shares in Almaty Region (82.1%), Shymkent city (80.6%) and Zhambyl Region (76.3%). More than half of industrial capital investment went to manufacturing in Astana city, as well as in North Kazakhstan, Kostanay and Karaganda Regions. The lowest shares were recorded in Ulytau Region (6.8%), West Kazakhstan Region (9.1%) and Kyzylorda Region (9.7%).
The sectoral structure of fixed capital investment in manufacturing remains fairly concentrated. In January–June 2026, the largest volume of funds was directed to the chemical industry: KZT 313.4 billion, or 21.9% of all investment in manufacturing. Food production accounted for KZT 258.5 billion, or 18.1%, metallurgy for KZT 257.6 billion, or 18%, and the manufacture of other non-metallic mineral products for KZT 199.9 billion, or 14%. Together, these four industries accounted for 72% of all investment.
In real terms, investment in the chemical industry increased by 71.4% year on year, while investment in food production rose 2.3-fold, as did investment in the manufacture of other non-metallic mineral products. In metallurgy, despite having one of the largest volumes of capital investment, growth amounted to just 4.5%.
Investment declined in the manufacture of coke and refined petroleum products (by 10.5%), motor vehicles, trailers and semi-trailers (by 20%), other transport equipment (by 44.5%), machinery and equipment (by 47.1%), textiles (by 72.7%) and tobacco products (by 89.1%). The sharp growth in clothing production and several other smaller industries was driven by a low base and has yet to have a significant impact on the overall investment structure.
The increase in manufacturing investment is already being accompanied by the launch of new production facilities and a growing role for the sector in the economy. At the same time, capital investment remains concentrated in a handful of regions and the largest industries, while machinery manufacturing, electronics, pharmaceuticals and light industry account for a relatively small share of the total. Further diversification will therefore depend not only on the number and value of projects implemented, but also on how broadly investment is distributed across industries and regions.
