Kazakhstan plays a key role in the global nuclear fuel cycle, providing 43% of global uranium production in 2022 and owning 12% of the world's reserves. However, until now, the country's participation has been limited to the supply of raw materials. Kazakhstan's ambitions go beyond uranium exports. The country sees an opportunity to develop the domestic potential of the nuclear-powered energy generation, moving up the value chain from uranium mining to fuel production and possibly even to the production of reactor components.