Kazakhstan is pursuing a broad programme of economic reforms aimed at attracting long-term investment, deepening capital markets and accelerating diversification beyond extractive industries, government and business leaders said during a discussion at the European Bank for Reconstruction and Development (EBRD) Annual Meeting in Riga.

Deputy Minister of Finance Dauren Kambarov outlined measures to expand foreign participation in Kazakhstan’s capital markets, including efforts to include the country’s government securities in the JP Morgan Government Bond Index and the introduction of a primary dealer system. He said non-resident holdings of government securities had reached approximately $4.4bn as of June 2026, equivalent to about 8% of the total stock in circulation, compared with less than 0.1% in 2020.

Vice Minister Aslan Tarbayev said Kazakhstan’s economy had maintained annual growth of between 5% and 6%, with gross domestic product exceeding $300bn. GDP growth reached 6.5% in 2025, while investment in fixed capital rose 13%. The government’s objective is to double the size of the economy by 2029 through industrial development, digitalisation, artificial intelligence adoption and investment promotion.

Tarbayev said reforms were focused on reducing administrative barriers, strengthening investor protections and creating a more transparent regulatory framework. More than 90% of public services are now available online, while initiatives such as the Digital Tenge project are intended to modernise the financial system.

Development Bank of Kazakhstan Chairman Marat Yelibayev said state-owned holding company Baiterek channelled more than $21bn into the economy in 2025 through financing, guarantees and insurance programmes. He highlighted investment opportunities in renewable energy, transport infrastructure, manufacturing and agri-food processing.

Among flagship projects, EBRD-backed financing for the €365mn ($417mn) Kokshetau Hospital public-private partnership will serve more than 730,000 people in Kazakhstan’s Akmola region, while a one-gigawatt renewable energy project is supporting the country’s target of achieving carbon neutrality by 2060.

VivaPharm founder Batyrbek Mashkeev said Kazakhstan’s pharmaceutical market, valued at approximately €2.4bn ($2.74bn), offers growth potential despite pricing pressures on manufacturers. He said the company was investing with EBRD support in a new oncology medicines facility to expand domestic production and improve access to treatment.