Kazakhstan and Uzbekistan are increasingly drawing the attention of international capital, with the BlackRock Investment Institute placing the two largest economies of Central Asia alongside India and the Gulf states. Ben Powell, the institute's chief strategist, made the case in an interview with Bloomberg, according to infohub.kz.
Powell described Kazakhstan and Uzbekistan as "really very interesting" for investors right now. In Kazakhstan, BlackRock is particularly focused on the reforms under way, including changes to the pension system and the capital market.
Powell stressed that the country's transformation is making it more attractive to capital.
"Kazakhstan is becoming more attractive for capital, and when a country sees the benefit, it becomes even more attractive. If we see more opportunities, we would be happy to direct more capital here," Powell said.
In Uzbekistan, BlackRock is also continuing to look for new opportunities. According to the strategist, the company expects their number in the country to grow going forward.
Bloomberg attributes rising investor interest in Central Asia to economic growth, the reforms being carried out and the region's resource base, including reserves of critical minerals.
According to Bloomberg, since the start of 2026 foreign investors have put about $2 billion into Kazakhstan's tenge-denominated debt instruments.
The country is also raising financing for a large-scale infrastructure overhaul. Among the options under consideration, the agency cites an initial public offering by the national railway operator and funding from the Asian Infrastructure Investment Bank.
It was previously reported that Kazakhstan and China will set up a joint fund to attract investment.