The National Chamber of Entrepreneurs (NCE) "Atameken" has presented the key findings of the National Report on the State of Entrepreneurial Activity for 2024–2025.
According to the press service of the NCE, the document shows that, despite growth in investment and a formal reduction in the share of the quasi-public sector in the economy, structural and institutional constraints for private businesses in the country persist and, in a number of areas, are intensifying.
According to the Chamber, the volume of investment in fixed capital increased to 19.4 trillion tenge, which is 58% higher than the 2019 level. However, as noted in the report, the qualitative structure of investment is deteriorating.
The share of businesses' own funds fell from 70–73% in 2020 to 64.5% in 2024. The main increase in investment is driven by budgetary and quasi-public sources. At the same time, the share of investment in GDP decreased from 17.4% to 14.3%.
The report also records that in 2024, the gross inflow of foreign direct investment (FDI) decreased by 28.5%. Furthermore, for the first time in a prolonged period, a net outflow of FDI was recorded in the country.
International rankings, as indicated in the report, confirm the presence of systemic institutional problems. In the Heritage Foundation's Index of Economic Freedom for 2025, Kazakhstan ranked 68th.
The most vulnerable areas, according to the ranking's assessment, remain the efficiency of the judicial system, protection of property rights, and investment freedom.
In the Economic Complexity Index, Kazakhstan ranks 89th. According to the report's authors, this reflects the country's ongoing reliance on raw materials and a high concentration of exports.
According to NCE data, more than 6,000 state-owned enterprises operate in the economy. At the same time, market concentration remains critically high: in certain sectors, up to 90% of turnover is accounted for by the 10 largest companies.
Despite a formal reduction in the share of quasi-public sector assets in GDP to approximately 60%, its actual economic influence continues to strengthen.
Significant constraints for small and medium-sized businesses also persist in the area of public procurement. As reported, a significant portion of contracts is still distributed within the public sector or from a single source, which limits private companies' access to the markets.