BAKU, Azerbaijan, March 23. On March 15, Kazakhstan held a referendum in which 87.15% of voters supported the adoption of a new Constitution. This event signaled the start of a major restructuring of the country’s economic model. Authorities emphasize that the updated Basic Law serves as a foundation for attracting high-quality capital.
The need for such changes is confirmed by the numbers: in the first nine months of 2025, Kazakhstan’s inflow of foreign direct investment rose by 10.9%, reaching 14.9 billion dollars. To maintain this trend, the government needs to offer businesses long-term predictability.
In today’s economy, especially in the banking and technology sectors, data is effectively treated as a core asset. The absence of strong legal guarantees in cybersecurity creates direct risks for investors, including the loss of intellectual property or client databases. In this context, enshrining data protection in Article 21 of the Constitution becomes a tool for minimizing operational risks. Plans include restricting the export of data from state databases. Strengthening liability and introducing technical standards for data masking aim to assure businesses of the security of their digital assets in Kazakhstan. Fines for violations will rise to 5,000 MCI (Monthly Calculation Index), and criminal liability is being considered for large-scale data breaches.
Another important instrument is decentralization and the creation of new economic growth points. Article 5 of the new Constitution allows for the introduction of a "city of accelerated development" regime. The first such project will be Alatau. The draft law on its special status, which the Mazhilis plans to review in the second reading on March 27, provides for the use of international standards, special tax conditions, and the development of the digital asset market.
At the same time, a special constitutional law is planned to formalize the status of Astana. The capital will have special management mechanisms in urban planning, migration, and transportation. According to Deputy Prime Minister and Minister of National Economy Serik Zhumangarin, these initiatives aim to attract investment and increase the efficiency of local governance.
The approach to human capital is also changing. Updated Article 3 effectively transforms science into a direct productive force in the economy. Universities will gain greater academic freedom, and endowment funds are being established to support them-the first such fund was registered in February 2026.
Meanwhile, on December 31, 2025, the government approved a new Investment Policy Concept through 2030. Its primary goal is to make the capital attraction system flexible and modern.
An important step is the reform of social-entrepreneurial corporations (SECs). They are now full-fledged regional development institutions. Their task is to create industry clusters around which small and medium-sized businesses can grow. At the same time, procedures in special economic zones are being simplified, making it easier for investors to enter sites and start production.
Special attention is given to a "legal shield" for business. The functions of the Investment Ombudsman have been transferred to the General Prosecutor. This sends a strong signal: the protection of investors’ rights is now handled at the highest supervisory level. To ensure operational control, special investment prosecutors will be appointed in the regions, tasked with supporting projects and preventing administrative pressure locally.
In addition, a "green corridor" is being introduced for reliable market participants, an accelerated procedure for obtaining public services. All business requests will now flow through a single window, the Kazakhstan Investment House - relieving investors from navigating multiple offices.
In a context of global uncertainty, the new Constitution, together with complementary measures, is intended to reduce investment risks for Kazakhstan. Enshrining investors’ rights, the status of innovation zones, and data protection at the highest legal level makes the economic environment more predictable. In the long term, this will help the country reduce its dependence on the raw materials sector, turning intellectual potential and transparent law into key factors of sustainable economic growth.
