One of them is related to natural resources

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In all five countries, FDI inflows have been quite volatile: between 2006 and 2016, FDI inflows in Turkmenistan ranged from 6.6% to 22.5% of GDP; in Tajikistan, from 0.3% to 12.0%; in Kazakhstan, from 5.0% to 12.6%; in Kyrgyzstan, from 4.0% to 11.2%; and in Uzbekistan, from 1.0% to 4.2%. The period under consideration covers three distinct phases of the global economic cycle (rapid growth before the global crisis, the crisis years, post-crisis

recovery, and re-crisis), with FDI inflows to Central Asia not being very dependent on the phases of the cycle and appearing to be driven more by the timing of large investment projects related to energy and mining.
All Central Asian countries show similar trends in FDI inflows by complete cell phone number list sector and country of origin. There are two main directions in FDI inflows by sector.

including oil and gas, metal and non-metallic mineral extraction, geological exploration, services closely related to mineral extraction, metallurgy, oil and gas refining (including chemical industry) and, for some years, energy transportation (oil and gas pipelines). The share of these sectors in total FDI inflows in four out of five countries is about or more than 50% of all FDI inflows (with the exception of Tajikistan). The products of the enterprises that received these investments are mainly exported.


Projects in these sectors (development of oil and gas fields or construction of pipelines) are usually large-scale, and their large share in the total investment portfolios of these countries leads to the uneven dynamics of FDI mentioned above. The start or completion of such projects leads to large changes in the total volume of FDI. For example, oil and gas pipelines built by China in Kazakhstan and Turkmenistan led to a surge in FDI in 2009 (the year of the largest construction volumes) and a decline in 2010, when construction was largely completed.