Central Asia Could Attract Up to US$70 Billion Investments in the Future
The Central Asian region has the potential to attract between US$40 billion and US$70 billion of investments into its non-primary sectors, according to a report by the Boston Consulting Group (BCG).
The top strategic consultancy company said Kazakhstan and Uzbekistan would see the highest investment amount compared to other Central Asian countries. It is due to the two countries’ policies to continuously improve its business climate and diversify their economies.
A total of US$113 billion were invested into the Central Asia region over the past 10 years with 70% of the amount made into Kazakhstan, 16% to Uzbekistan, 8% Turkmenistan and 6% to Kyrgyzstan and Tajikistan, respectively.
The Institute of World Economics and Politics expert, Zhumabek Sarabekov said it is important for the Central Asian countries to enhance their integration processes to attract higher investments into the region.
“The intra-regional communications are very important for any investors, particularly in the case of Kazakhstan and Central Asia. Foreign investors see Kazakhstan not just as a separate market but also as a member of a larger regional market,” he said.
Sarabekov added that the improved political cooperation between the Central Asian countries in the past few years have provided additional opportunities for foreign investors.
Central Asia has a population of about 71 million, based on data records in 2018. Two of its countries, Kazakhstan and Kyrgyzstan, are members of the Eurasian Economic Union.