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Official presentation of AIFC to be held on 5 July 2018

by February 20, 2018 Key Issues

An official presentation of the Astana International Financial Center, timed to the celebration of the 20th anniversary of the capital of Kazakhstan is to be held in Astana on 5 July this year.

According to Kairat Kelimbetov, the event will be held in the building of the Expo Congress Center. Leaders of major international companies, development institutions, financial organizations were invited to participate in the ceremony. Prior to the official opening, the plenary sessions on the strategic directions of the AIFC development will be held. Among the significant events, the 13th World Islamic Economic Forum is scheduled. In parallel, the first international conference on legal issues will be held at the Nazarbayev Center.

“At the moment, all the necessary infrastructure and bodies of the AIFC have been created,” Kairat Kelimbetov said.

In the legal and regulatory framework of the AIFC, a total of 30 general-purpose AIFC acts and 17 financial services regulation acts were developed and subsequently adopted by the relevant bodies of the AIFC. In general, about 50 acts constitute the legislative framework of the AIFC

To date, the AIFC Financial Services Regulatory Committee has registered 10 companies as the AIFC participants, including China Development Bank.

“In general, it is planned that by the end of 2018, about 100 companies will be registered,” Kairat Kelimbetov said.

According to Kairat Kelimbetov, the AIFC raises active interest among potential investors. AIFC acts as a modern high-tech infrastructure, with a favorable jurisdiction providing all the necessary conditions for attracting both direct and portfolio foreign investments.

Within the framework of the Comprehensive Privatization Plan, a joint work is being carried out to carry out the IPO of the national companies of the Samruk-Kazyna SWF on the AIFC Exchange. A roadmap for IPO of Kazakhtelecom JSC in 2018 has been approved. It is also planned to approve similar roadmaps in 2018 for Kazatomprom NAC JSC, Air Astana JSC, KazMunaiGas NC JSC.

18 international arbitrators are involved in the work of the International Arbitration Center, and work is also continuing to increase their number. In addition to resolving disputes, in 2018, both AIFC bodies plan to conduct a number of educational events and conferences, including the participation of the Academy of Justice at the Supreme Court and national universities.

“We need the content for investors to believed and come to the country. Therefore, we emphasize the importance of the IPO of national and private companies, the localization of the management companies of the National Fund, the introduction of investment residency and transport accessibility of Astana. All this is the basis for the active and effective development of AIFC as a regional financial hub,” Kairat Kelimbetov said.

Based on the results of the consideration of the issue, the Prime Minister Bakytzhan Sagintayev noted that AIFC is a very important project for Kazakhstan and one of its main goals is to attract investment and create appropriate conditions for stimulating investment activity and gave a number of instructions.

The Ministries of Foreign Affairs, Finance, National Economy, Internal Affairs, Investments and Development, as well as the akimat of Astana and Astana-Expo were instructed to provide the necessary assistance in preparation for the AIFC official presentation.

The Ministry of Information and Communications, in cooperation with the AIFC, in order to actively promote AIFC both in Kazakhstan and abroad, is assigned to conduct information support on an ongoing basis.

The Ministries of Foreign Affairs, Internal Affairs, Labor and Social Protection of the Population, akimat of Astana, together with the Border Service of the NSC RK, in order to facilitate the functioning of the Expo Center, were instructed to take measures to create favorable conditions for simplifying the procedures for issuing the necessary documents for the participants of the AIFC to expand direct air services between Astana and leading financial centers.

Recall, the establishment of the Astana International Financial Center is one of the key steps of the National Plan “100 Specific Steps to Implement the Five Institutional Reforms of the Head of State” aimed at diversifying the economy and developing the country’s financial sector.

In order to implement the Decree of the President dated 19 May 2015, “On the Astana International Financial Center,” the Astana International Financial Center has been established and has been operating since early 2018 in the capital of Kazakhstan.

For reference: Created on behalf of the Head of State, the International Center for Green Technologies and Investment Projects will function on the basis of the Expo-UN International Center. The new center will become an ideological continuation of the heritage of the Astana Expo-2017 exhibition, and also aims at establishing strategic partnership relations between the world community in the development of green economy. Along with this, it will help attract investment in Kazakhstani projects.

Source: The Prime Minister of Kazakhstan