BAKU, Azerbaijan, March 26. Over the past
decade, Turkish investment in the energy sector has risen from
virtually zero to $3.2 billion, making it the largest recipient of
Turkish capital in Central Asia, a source from the Analytical
Department of the Eurasian Development Bank (EDB) told Trend.
According to the bank, Turkish investment in Central Asia’s
power and infrastructure sectors has expanded rapidly over the past
decade, with the energy sector emerging as the largest recipient of
Turkish capital.
“Turkish investors are demonstrating one of the fastest
expansion rates in Central Asia. Since 2016, they have achieved an
average annual investment growth of around 16%, significantly
higher than the average for Asian FDI of 9.6%. As a result,
Türkiye’s share in total Asian investment in Central Asia has grown
from 5% to 13%. Kazakhstan ($3.3 billion) and Uzbekistan ($3.1
billion) remain the main destinations, jointly accounting for
around 75% of all Turkish investments in the region,” the source
stated.
The source noted that the most dynamic shift has occurred in the
power sector, where Turkish capital has increasingly moved toward
large-scale infrastructure projects.
“Large-scale projects are underway, including the
Turkmenistan-Afghanistan-Pakistan power transmission line with the
participation of Çalık Holding. Aksa Energy has also emerged as a
key player, implementing or developing six power projects with an
investment stock of $1.3 billion – around 40% of total Turkish
investments in the power sector in the region. Among its flagship
projects are a thermal power plant in Kyzylorda (Kazakhstan), a
gas-piston power plant in the Kashkadarya region (Uzbekistan), and
a combined-cycle power plant in Shymkent (Kazakhstan),” the source
noted.
The department emphasized that, beyond power, transport and
logistics have become another important driver of Turkish
investment growth.
“Investment stock in this sector has reached $1.2 billion –
nearly six times higher than in 2020. This expansion has been
fueled by aviation infrastructure upgrades and logistics hub
development, including the modernization of Almaty and Aktau
airports and the construction of a new airport complex in Turkistan
(Kazakhstan),” the EDB Analytical Department said.
At the same time, Turkish capital continues to maintain a steady
presence in agro-industrial and manufacturing projects.
“Over the past decade, these sectors have consistently accounted
for 15–20% of Turkish investment in Central Asia, highlighting
their strategic importance and Turkish companies’ long-term
strategies to expand their presence in the region.
Overall, Turkish investments are playing a meaningful role in
modernizing infrastructure, strengthening energy security, and
fostering industrial cooperation across Central Asia,” the source
concluded.
