From strategy to execution, we combine global methodologies with deep knowledge of Kazakhstan, Uzbekistan, and Central Asia.
We are Strategy& Operations – the global strategy consultancy of PwC in Eurasia
Strategy, made real — in Eurasia
We help companies, investors, and governments across Central Asia develop strategies grounded in local data — market sizing, competitive analysis, regulatory landscape — and turn them into results. As the only at-scale strategy consultancy embedded in a global professional services network, we bring PwC’s full capabilities to every engagement: tax, legal, deals, digital.
How we help you succeed
We support management teams and investors in Eurasia on three types of work: growth strategy, commercial due diligence, and operating model transformation. Each engagement starts with a clear decision to be made and ends with an execution plan when needed.
- 3 items
Growth strategy & market entry
You may be considering a new country, a new segment, or a new product line. The key questions are simple: where is the profit pool, what is the winning position, and what has to change to execute.
What we deliver
- Strategy and choices. A clear set of strategic options, decision criteria, and a recommendation backed by evidence.
- Market sizing and profit pools. Bottom-up and top-down sizing, plus where value is actually captured across segments, channels, and regions.
- Competitive advantage diagnosis. Not "who is on the market", but what drives share and margins, where competitors are vulnerable, and what you can realistically win with.
- Customer and demand dynamics. For B2C: behavior, price sensitivity, channel shifts. For B2B: buying process, procurement logic, qualification and tender mechanics.
- Entry and build scenarios. Greenfield vs. partnership/JV vs. acquisition, with timeline, investment needs, risks, and break-even logic.
- Execution plan. A 12–18 month roadmap with owners, milestones, and KPIs. If execution is a risk, we propose governance and PMO from day one.
Typical engagements
- An international OEM deciding whether to enter Kazakhstan or Uzbekistan, and through which route (partner vs. direct).
- A regional consumer company selecting priority export markets and defining a practical go-to-market plan.
- A logistics player assessing demand and economics for a new corridor and choosing the operating and partnership model.
Commercial due diligence & market research
You need an independent view of what a market and a target business can realistically deliver, and what has to be true for the thesis to hold. We turn uncertainty into a set of testable assumptions, valuation implications, and deal levers.
What we deliver
- Investment thesis and key assumptions. What must be true for the deal to work, and which assumptions are most fragile.
- Market and growth reality check. Size, growth drivers, constraints, and scenario sensitivity (not only a single "base case").
- Competitive position. Where the target truly sits versus peers on price, offer, channels, and customer perception, and what is sustainable.
- Revenue quality. Concentration, churn, contract terms, customer stickiness, and how cash conversion behaves in practice.
- Commercial upside and risks. Value levers with quantified ranges, plus risks with mitigation options.
- Business plan stress test. Independent validation of management projections, with clear "over/under" flags and what data would resolve uncertainty.
Typical engagements
- A PE fund evaluating a retail chain in Uzbekistan and stress-testing the growth assumptions.
- An industrial investor validating demand and pricing for a processing project before committing capex.
- A strategic buyer assessing whether a local market leader’s share and margins are defensible post-acquisition.
Operational excellence & transformation
Strategy only matters if it shows up in decisions, roles, processes, and metrics. We design the operating system that makes strategy executable, and we help run the program until the changes stick.
What we deliver
- Target Operating Model (TOM). How the business should run: roles, decision rights, governance, processes, capabilities, and KPI system.
- Operating model linked to strategy.What changes in day-to-day operations to deliver the strategy, and what does not.
- Organization and accountability. Structure, spans/layers, key roles, and interfaces between business, operations, IT, and risk/compliance.
- Process and performance redesign. Practical simplification of critical processes, with measurable effect and owner accountability.
- Transformation governance and PMO. Program structure, cadence, risk management, and benefits tracking.
- Performance management. KPI tree, dashboards, and management reporting that drive action, not reporting volume.
Typical engagements
- A bank redesigning its operating model and decision rights after a merger, with KPI-based execution governance.
- A group holding setting portfolio governance and performance routines across subsidiaries.
- A large transformation program requiring PMO, milestone control, and benefits tracking.
Thought leadership
Research and analysis from PwC and Strategy& Operations in Eurasia.
Industries
Six sectors where we bring the deepest knowledge of local markets, players, and regulatory environments across Eurasia.
Transport & Logistics
Central Asia sits at the crossroads of the China–Europe transit corridor, the North–South route through the Caspian, and the Middle Corridor bypassing Russia. This is creating a once-in-a-generation opportunity for logistics infrastructure — but also fierce competition between routes, operators, and countries.
We help clients navigate this landscape: from assessing the commercial viability of a new rail route, to designing business models for multimodal hubs, to building the operating structures needed to run complex cross-border JVs.
What clients ask us
- Is this logistics corridor commercially viable, and what throughput does it need to break even?
- How should we structure a JV across multiple jurisdictions with different regulatory regimes?
- What operating model does a greenfield intermodal terminal need?
- Where should we invest: rolling stock, infrastructure, or digital logistics platforms?
Energy & Resources
Kazakhstan is the largest oil producer in Central Asia and a major global supplier of uranium, chromium, and other critical minerals. Uzbekistan is rapidly opening its energy sector to foreign investment. Both countries face the dual challenge of maximizing value from legacy hydrocarbon assets while pivoting toward the energy transition.
We provide market intelligence, strategic planning, and operational design for companies operating across the energy value chain — from upstream and midstream to petrochemicals and renewables.
What clients ask us
- What does the global sulfur/sulfuric acid market look like, and where should we position?
- How do we build a bankable business case for a renewables project in Kazakhstan?
- What’s the competitive landscape for petrochemical processing in the region?
- How do we prepare for carbon regulation that is coming to Central Asia?
Financial Services
Kazakhstan has the most developed financial system in Central Asia, with a well-capitalized banking sector, a growing capital market, and an ambitious fintech agenda. Uzbekistan is rapidly liberalizing its financial sector, creating new entry points for regional and international players.
We work with banks, asset managers, insurance companies, and financial holdings on strategy, operating model design, and transformation — from post-merger integration to digital banking roadmaps.
What clients ask us
- What should our target operating model look like after merging two banking operations?
- How do we optimize our branch network as digital adoption accelerates?
- What governance model works for a multi-entity financial holding?
- Where are the growth pockets in asset management and private wealth in Kazakhstan?
Consumer & Retail
Kazakhstan and Uzbekistan together represent a consumer market of over 55 million people, with rising disposable incomes, rapid urbanization, and a young, digitally connected population. E-commerce is growing at double-digit rates, and modern retail formats are expanding fast — but the market still has significant structural gaps.
We help retailers, FMCG companies, and investors understand this market — from commercial due diligence on retail assets to market entry strategies for consumer brands.
What clients ask us
- What is the real market size for my product category in Kazakhstan?
- How does consumer behavior differ across regions and income segments?
- Is this retail chain a good investment, and what is its growth ceiling?
- What’s the right go-to-market strategy for entering Uzbekistan’s FMCG market?
Metals & Mining
Kazakhstan is one of the world’s top producers of uranium, chromium, copper, and zinc. The mining sector is the backbone of the economy and a major driver of infrastructure development. But commodity cycles, ESG pressure, and the race for critical minerals are reshaping the competitive landscape.
We provide market reviews, competitive intelligence, and strategic advice for mining companies, commodity traders, and investors.
What clients ask us
- What does the global supply-demand outlook look like for our commodity?
- Who are the key competitors, and how does our cost position compare?
- How should we communicate ESG and sustainability progress to investors?
- What downstream processing opportunities exist in-country?
Technology & Telecom
Central Asia’s tech and telecom sector is in a growth phase: mobile penetration is high, data center construction is accelerating (driven partly by proximity to China), and both Kazakhstan and Uzbekistan are investing heavily in digital government infrastructure.
We help OEMs, telecom operators, and technology companies assess market opportunities, build commercial strategies, and design digital transformation roadmaps.
What clients ask us
- What’s the addressable market for our technology product in Central Asia?
- How should we structure our distribution and partnership strategy?
- What does the competitive landscape for data centers in Kazakhstan look like?
- How should a telco diversify revenue beyond connectivity?
Case studies
Selected engagements from our work across Eurasia.
Automotive market entry strategy for Kazakhstan
The challenge
An international automotive player was evaluating Kazakhstan as a potential market for entry. The client needed to understand whether the market was large enough to justify investment, who the competitors were, and what entry model would work best — direct sales, a dealer network, or a local assembly partnership.
Our approach
We built a bottom-up market model: vehicle fleet composition, replacement cycles, new car sales by segment, and import/domestic production split. We mapped the competitive landscape across 15+ brands, analyzed consumer purchasing behavior through dealer interviews and secondary data, and modeled three entry scenarios with different capital requirements and timelines.
The outcome
The client received a clear view of market potential (by segment and region), a shortlist of potential local partners, and a phased entry roadmap with investment requirements and break-even projections for each scenario. The board approved a market entry within six months of the study.
Commercial assessment of Uzbekistan’s largest retail chain
The challenge
A potential investor was evaluating a stake in Uzbekistan’s largest retail chain. The question: is the management’s growth plan realistic, and what is the chain’s true competitive position in a rapidly evolving market?
Our approach
We assessed the Uzbek retail market top-down (market size, modern vs. traditional split, growth drivers) and the chain’s position bottom-up (store economics, customer traffic, basket size, SKU profitability). We tested the expansion plan against available real estate, competitive responses, and consumer income projections.
The outcome
We identified areas where the management plan was overly aggressive (pace of new store openings) and areas where it was conservative (e-commerce and private label potential). The investor used our analysis to negotiate revised terms and a more realistic growth trajectory.
Rail infrastructure business model for the Caspian corridor
The challenge
A consortium of state and private entities from multiple Caspian countries planned to build a new rail route. They needed a business model that would work across jurisdictions with different tariff regimes, technical standards, and ownership structures.
Our approach
We developed a throughput demand model based on trade flow analysis between origin-destination pairs. We benchmarked tariff structures across comparable corridors globally, designed a revenue-sharing mechanism across JV partners, and built a financial model with scenario analysis for different utilization levels.
The outcome
The consortium adopted our business model framework as the basis for shareholder agreements and financing discussions. The project secured preliminary commitments from development finance institutions.
Export strategy for a leading agricultural holding
The challenge
A leading agribusiness holding in Kazakhstan wanted to diversify beyond the domestic market. The question: which export markets offer the best combination of demand, margin, and logistics feasibility — and with which products?
Our approach
We screened 20+ potential export markets across CIS, Middle East, and China using trade flow data, tariff analysis, and logistics cost modeling. For the top five markets, we did deep dives into consumer preferences, competitive landscape, regulatory requirements, and distribution channel structures. We then mapped the holding’s product portfolio against market demand to identify the best product-market combinations.
The outcome
The holding launched two new product lines for export within 12 months, targeting markets selected based on our analysis. The export strategy became a core pillar of the company’s five-year plan.
Target operating models for leading financial institutions
The challenge
Three separate engagements, one common theme: large financial institutions in the region needed to redesign how they operate — a banking group post-merger, an asset management holding rationalizing its portfolio, and a logistics-focused financial entity building governance from scratch.
Our approach
For each, we started with a diagnostic of the current operating model: organization structure, decision-making processes, technology landscape, and cost base. We then designed target operating models benchmarked against best-in-class peers, defined migration roadmaps, and set up governance frameworks to track implementation.
The outcome
Each institution adopted a clear operating model blueprint with defined timelines, resource requirements, and KPIs. In one case, the redesign led to a 15% reduction in operating costs within the first year of implementation.
Target operating models for leading financial institutions
The challenge
A major energy company needed an independent view of the global sulfur and sulfuric acid market to inform a strategic investment decision. Existing industry reports lacked the granularity required for a capital allocation decision of this scale.
Our approach
We built a proprietary supply-demand model covering major producing and consuming regions globally. We conducted 20+ expert interviews with traders, producers, and end-users to validate our assumptions. We assessed the competitive environment, identified emerging demand drivers (battery materials, fertilizer production), and developed a 10-year forecast with scenario analysis.
The outcome
The client used our market review as the analytical foundation for a board-level investment decision. Our demand forecast and competitive analysis directly informed the sizing and phasing of the planned capacity expansion.
What sets us apart
Our working model — not a tagline.
Global methodology, local knowledge
Strategy& Operations frameworks adapted to the realities of Kazakhstan, Uzbekistan, and the region. We know the local players, regulatory environment, and data that global reports miss.
From strategy to execution
We don’t just write strategies. Within the PwC network, we bring in tax, legal, deals, and digital teams to take projects from analysis to results.
A team on the ground
Our consultants are based in Almaty and Astana. Not remote projects from London — a team that meets clients in person and understands the context firsthand.
