Where will investment flows head in Kazakhstan in 2026​

Where Will Investment Flows Head in Kazakhstan in 2026?​

In the fall of 2025, PwC conducted a global survey of investors managing more than $50 billion in assets to understand where and how they plan to allocate capital in 2026.​

Given the importance of attracting investment for Kazakhstan’s sustainable development, Azamat Konratbayev, Managing Partner of PwC Kazakhstan, shared his perspective on the global trends shaping investor strategy, how these trends translate into opportunities for Kazakhstani companies, and what steps businesses need to take to remain competitive and appealing to long‑term capital.​

What are the key takeaways from the report?​

Let me start with the macro environment. Investors do not expect favorable conditions in 2026 — more than 70% of respondents do not anticipate global GDP growth above 2%. In such a challenging macroeconomic backdrop, investment strategies are becoming markedly more selective. ​

As a result, investors place particular emphasis on management teams that can combine successful innovation with robust risk management. From a sectoral perspective, despite ongoing debates about a potential ‘AI bubble,’ the technology sector is expected to remain the primary magnet for investment over the next three years, far ahead of other industries. It is followed by asset and wealth management, energy and utilities, banking, and healthcare. ​