Central Asia consists of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The former Soviet Republics have had challenges over the decades but are now recording growth that appears sustainable in the long run.

The impressive growth is due to focused efforts and strategic reforms that are allowing the region to take full advantage of its strategic location linking Europe to Asia. Infrastructure continues to be an area of emphasis. It is part of China’s Belt and Road Initiative. Additionally, the G7 and Europe have begun investing in various other infrastructure projects.

One of the region’s biggest challenges has been a lack of refined products and machinery. While rich in minerals and hydrocarbons, Central Asia has struggled to take full advantage. There is a desire to improve output from countries as they seek to become less reliant on imports.

That is best seen in the oil & gas sector. Central Asia is home to prolific oil and gas basins with new fields still to be discovered and developed. A large amount of gas and natural gas reserves are located here. There is now a desire from the governments to be more than simply a supplier which then has to import refined products.

When combined, the region boasts the fifth largest population in Asia with age demographics skewing younger. Wages have also been trending upward, fueling demand for consumer goods and other manufactured products.

In terms of operations, all five Central Asian countries have either established or plan to create economic zones catering to foreign investment. For companies in certain sectors, these will be worth considering as a base for operations.

Ultimately, there are numerous business opportunities in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Tapping into these requires diligence and significant local understanding. Some of the challenges found here are not prevalent elsewhere in Asia. That means having local knowledge and support is crucial for success.

To that extent, Asian Insiders has a deep understanding of each country in Central Asia and can assist your company along every step of the journey.