• Download the mobile app

Head of State held Astana International Financial Centre Management Council's Meeting

The meeting presented the results of the AIFC activities for 2021, as well as reviewed some proposals for its further development.

Opening the event, Kassym-Jomart Tokayev emphasized that in the conditions of increased international turbulence, it becomes relevant to search for reliable financial instruments that can ensure investment stability and predictability. For Kazakhstan and the entire Central Asian region, one of such instruments is the Astana International Financial Center.

- Kazakhstan is entering a new stage of its development, focused on the forced growth of a market, free and competitive economy. Under these circumstances, maintaining and strengthening the confidence of foreign investors and trading partners remains our top priority. For this reason, we are to make the greatest possible use of the AIFC’s potential, as a guarantor of the reliability and security of investments, the President said.

The Head of State stressed that the AIFC is globally challenged by the need to institutionally strengthen its status as a leading regional financial center. Consequently, he outlined a number of relevant challenges.

In particular, Kassym-Jomart Tokayev pointed to the sanctions context, noting that the terms for registering foreign companies at the AIFC should be as simple and liberal as possible. At the same time, he highlighted that the dialogue with foreign partners of the AIFC should be carried out in close cooperation with financial regulators under the overall coordination of the Government. He also added that the regulatory and legal framework of the Center should retain its autonomy and independence.

Another priority task addressed by the President was to bring national companies to IPO. As an example, he noted the role of Samruk-Kazyna JSC and its national companies.

– Ordinary citizens of our country should be able to purchase shares of national companies and receive their dividends from investments. This is the way we can foster an investment culture among the population. Participation in the IPO should become accessible to absolutely all residents of Kazakhstan. And this requires new digital solutions to eliminate paperwork and bureaucracy,” the Head of State said.

In his speech, Kassym-Jomart Tokayev touched upon the relevance of attracting long-term foreign investors to sovereign tenge denominated bonds. He expressed the opinion that in the current uncertain conditions, the competition for investments and resources is increasingly tighter. Investors are looking for those sites where corporate governance principles are highly respected, where the rule of law prevails and there is international jurisdiction.

The country needs new reliable sources. And for this reason, we need to work more closely with international depositories. Under these conditions, the AIFC platform, with its regulatory regime and international law, looks quite attractive from an investment point of view. I instruct the Government, jointly with the National Bank and the AIFC, to go into the issue of connecting to the global infrastructure with long-term institutional investors. This will be an important step towards increasing the stability of our economy,” the President said.

Moreover, the Head of State dwelled on the issues of achieving sustainable development goals and implementing green projects. He said that over the past year, there is a 500-time growth in the volume of the sustainable financing market, exceeding $250 million, including 58% of green bonds and loans were verified by the AIFC Green Finance Center.

– This is a significant contribution that proves the viability of our country in successfully addressing global problems of decarbonizing the economy and developing low-carbon technologies. I call on the Government, the AIFC and the Council members to continue working in this direction without slowing down the set pace,” he said.

Kassym-Jomart Tokayev emphasized the importance of strengthening the role of Kazakhstan in the context of the transformation of global energy markets and world food centers. In particular, he pointed to the urgency of dislocation of the major commodity exchange, meeting the best international standards, at the same time, equally far from any risks.  

- And here it is crucial for Kazakhstan to declare its reliable and competitive exchange market infrastructure. This will open up new opportunities for us of leading regional and international trade. The Government should deliberate extensively this issue, the President said.

In his speech, the Head of State focused on the development of the crypto industry and digital assets.

- We must tap our full potential. Our country is the second largest in the crypto assets mining, but we should by no means retain a purely commodity-based status. In this regard, the Government, jointly with financial regulators and the AIFC, needs to create favorable regulatory conditions for the development of an integrated digital ecosystem, Kassym-Jomart Tokayev said.

Summing up the results of the meeting, the Head of State approved the Annual Report on the activities of the AIFC for 2021.

During the event, reports were made by Prime Minister Alikhan Smailov, AIFC CEO Kairat Kelimbetov, Non-staff Adviser to the Head of State on Economic Development Sir Suma Chakrabarti, Chair of the Agency for Financial Market Regulation and Development Madina Abylkasymova, AIFC Independent Financial Controller Mark Smith, President of the Center for Global Development Masood Ahmed, Chair of the Board of Trustees of the Group of Thirty (G30) Jacob A. Frenkel, Global Head of Citi's Public Sector Group Julie Monaco.

Глава государства провел заседание Совета по управлению Международным финансовым центром «Астана» — Официальный сайт Президента Республики Казахстан (akorda.kz)