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Official presentation of the AIFC to be held on July 5, 2018

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by February 20, 2018 Business

During today’s Government meeting chaired by Prime Minster Bakytzhan Sagintayev, AIFC Manager Kairat Kelimbetov reported on the activities of the Astana International Financial Center.

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

According to Kairat Kelimbetov, the event will be held in 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, there will be plenary sessions on the strategic directions of development of the AIFC. Among the significant events, it is planned to hold the 13th World Islamic Economic Forum. At the same time, the first AIFC international conference on legal issues will be held at the Nazarbayev Center.

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

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

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

According to Kairat Kelimbetov, the AIFC garners great interest among potential investors. The 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, joint work is being carried out to launch the IPO of national companies of the National Welfare Fund Samruk-Kazyna on the Exchange. A roadmap for launching the IPO of Kazakhtelecom in 2018 has been approved. It is also planned to approve similar road maps in 2018 for companies JSC NAC Kazatomprom, JSC Air Astana, JSC NC KazMunayGas.

The International Arbitration Center has attracted 18 international arbitrators, and work continues to find more. In addition to resolving disputes, in 2018, both AIFC bodies plan to conduct a number of educational events and conferences, including with the participation of the Academy of Justice at the Supreme Court, and national universities.

“We need content, so that investors would believe 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 the AIFC as a regional financial hub, � Kairat Kelimbetov said.

Following the consideration of the issue, Prime Minister Bakytzhan Sagintayev noted that the AIFC is a very significant project and one of its main goals is to attract investments and create appropriate conditions for stimulating investment activity and instructed the Ministries to provide all necessary assistance.

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 official presentation of the AIFC.

The Ministry of Information and Communication together with the AIFC, in order to actively promote AIFC both in Kazakhstan and abroad, is assigned to provide constant information support.

The Ministries of Foreign Affairs, Internal Affairs, Labor and Social Protection of Population, the Astana Akimat together with the Border Service of the National Security Committee 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 in order to facilitate the functioning of the Expo Center.

Recall, the establishment of the Astana International Financial Center is one of the key steps of the Plan of the National 100 concrete steps to implement the five institutional reforms of the Head of State aimed at diversifying the economy and developing the country’s financial sector.

The Astana International Financial Center was created in pursuance of the Decree of the President of the Republic of Kazakhstan dated May 19, 2015, “On the Astana International Financial Center, and it has been fully operating since the beginning of 2018.

Source: Government of the Republic of Kazakhstan

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