ASTANA – China’s accumulated foreign direct investment (FDI) in the Eurasian region has reached a record $66 billion, marking a 13% increase over 2024-2025, according to a report by the Eurasian Development Bank. Experts say investment patterns are shifting markedly, away from raw materials and toward manufacturing and energy.
Alexander Zaboеv, head of the bank’s Center for Integration Studies, said total accumulated investment from Asian countries in the Eurasian region reached around $120 billion as of 2025, with China accounting for 55%. “Chinese FDI in the region has grown steadily, rising from $37.3 billion in 2016 to $66.1 billion in 2025, an increase of nearly 80%, or around $30 billion in absolute terms.
Chinese investments are present across all Eurasian countries, with the largest volumes concentrated in Kazakhstan, Mongolia, Russia, Afghanistan and Uzbekistan,” Zaboеv said. Central Asia is China’s primary destination within the Eurasian region, with accumulated investment reaching nearly $36 billion.
That share has grown by five percentage points over the past five years. According to Aidos Omarov, a senior analyst at the bank, Kazakhstan, Uzbekistan and Turkmenistan lead in country breakdowns, each receiving roughly $10 billion in accumulated Chinese investment.
“In terms of sectors, commodities historically dominated, but the past five years have seen sharp growth in manufacturing and electricity generation. Together with raw materials, these sectors now account for 85% of total Chinese investment in Central Asia,” Omarov said.
Omarov highlighted several major projects driving the numbers. In Turkmenistan, the development of the Bagtyyarlyk oil field with investment from CNPC has surpassed $9 billion, with further expansion planned. In Kazakhstan’s Aktobe region, investments by CNPC and Sinopec in oil field development have exceeded $2 billion.
In Uzbekistan, China Energy is financing the construction of three solar power plants across three regions, with a total investment currently around $2 billion. Kazakhstan and Uzbekistan remain the largest recipients of Chinese investments, though trends differ sharply.
“Kazakhstan has historically been the top destination, but growth has been moderate, rising from $10.3 billion to $11.4 billion over five years. In contrast, Uzbekistan has seen rapid expansion, with investment jumping from $2.1 billion to $10.7 billion, more than a fivefold increase,” Omarov said.
He attributed Uzbekistan’s surge to a low starting base, economic liberalization, improved conditions for foreign investors, and growing demand for industrial and infrastructure modernization. The two countries also diverge sectorally. In Kazakhstan, commodities have historically dominated, but manufacturing’s share has grown from 13% to 18% over the past five years, while the commodities share has declined to 46%.