Leading through uncertainty in the age of AI

Kazakhstan Edition of the 29th Annual Global CEO Survey, 2026

We are pleased to present the 14th edition of the Kazakhstan CEO Survey. This report forms part of the 29th Global PwC CEO Survey, which in 2026 covered 95 countries and more than 4,400 business leaders worldwide, including 59 CEOs from Kazakhstan.

As part of the survey, respondents traditionally shared their views on economic growth prospects, their outlook on the long-term viability of their businesses, and the issues of greatest concern to them amid increasing technological pressure and the rapid development of artificial intelligence (AI). CEOs also shared their investment plans and assessed the impact of the new Tax Code.

• Across the globe, including Kazakhstan, CEOs are concerned about the pace of business transformation driven by growing technological pressure and the development of AI, viewing this as a key factor in shaping strategic decisions.
• Only 12% of Kazakhstani CEOs indicate that their companies have generated tangible benefits from AI implementation over the past twelve months in the form of additional revenue. Globally, approximately one in three CEOs report such outcomes.
• Tracking the dynamics over the 14 years in which PwC has conducted the survey, a decline is observed in CEOs’ expectations regarding revenue growth at their companies. Nevertheless, 62% of CEOs believe their businesses are economically viable in the long term.
• Assessments of government performance across various areas vary, with 61% of leaders agreeing that the government continues to effectively develop physical and digital infrastructure.
• Improving the efficiency of the tax system was most frequently cited by business as a priority for government policy.
• In light of the major tax reform carried out last year, respondents express concern about the impact of the new Tax Code on small and medium-sized businesses.
  

This year, Kazakhstani leaders are focused on key themes such as adapting companies to technological developments – particularly in the field of artificial intelligence – as well as the impact of geopolitical events on the business environment.

Only 19% of Kazakhstani executives report significant use of AI in service and support functions, 24% in demand generation, and just 10% apply AI in strategic management.

As in the previous year, a significant share of CEOs – 62% – believe their businesses to be economically viable in the long term. CEOs’ confidence is supported by various sources of resilience, including market diversification, strong industry positions, well-developed capabilities, and continuous technological modernization.   

Half of Kazakhstani CEOs do not plan to invest outside Kazakhstan, preferring either to strengthen their positions in the domestic market or to maintain high levels of liquidity. Among those considering international markets, the primary focus is on Uzbekistan (20%), given its similar structure and growth dynamics. A number of companies continue to engage with the United States (19%), while some are exploring opportunities in the UAE (8%), China (8%), and Kyrgyzstan (5%).

Last year, 25% of respondents viewed the state and government as a partner in business development; in 2025, this share declined to 17%. At the same time, the proportion of respondents who believe that government actions tend to complicate doing business increased noticeably – from 37% to 48%.

Among priorities for government policy, business most frequently cites the need to improve the efficiency of the tax system (31%), enhance the country’s investment attractiveness (24%), develop physical and digital infrastructure (22%), and ensure a predictable macroeconomic environment (22%).

On July 18, 2025, Kazakhstan adopted a new Tax Code, representing one of the most significant tax reforms in recent years. In respondents’ assessments, the new Tax Code is viewed as an important change requiring adaptation and more attentive management.

Respondents also note that, in building trust, the stability of tax legislation is more important than the level of individual tax rates. Frequent adjustments and shifts in approach, even when parameters are formally favorable, increase perceived risk and restrain investment activity.