Global oil majors dominate the 2023 top 50 foreign investors ranking: Kazakhstan, Azerbaijan, Uzbekistan, and Mongolia are the top four FDI destinations in frontier Europe and Central Asia (ECA).
Kazakhstan, Azerbaijan, Uzbekistan, and Mongolia are the top four FDI destinations in the ECA region, according to ECA50 Plc's top 50 foreign investors ranking. Oil & gas companies utterly dominate due to their huge projects in Kazakhstan (Tengiz, Kashagan, Karachaganak) and Azerbaijan (Azeri-Chirag-Gunashli; Shah Deniz). Uzbekistan is the darling of renewable energy companies, led by ACWA Power and Masdar, the GCC national champions. Global mining giant Rio Tinto is spending billions to develop the world-class copper mine Oyu Tolgoi in Mongolia.
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