ASTANA — President Kassym-Jomart Tokayev outlined several critical points during a Sept. 5 meeting of the AIFC Management Council aimed at strengthening the Astana International Financial Centre (AIFC) as a thriving regional financial hub, reported Akorda.
Kassym-Jomart Tokayev chairs a meeting of the AIFC Management Council. Photo credit: Akorda
He stressed that boosting investment in Kazakhstan’s economy and improving the investment ecosystem are crucial.
Tokayev highlighted that the AIFC has established close cooperation with partners from the United States, Europe, the United Kingdom, and several Asian and Middle Eastern countries. The AIFC is currently working on investment projects with major companies from the United Arab Emirates and Saudi Arabia, broadening Kazakhstan’s investment potential. However, the President emphasized the need to deepen the AIFC collaboration with the government and national institutions while improving its regulatory framework.
A focus is increasing market liquidity through institutional investors. Tokayev mentioned that the process of transferring up to 50% of citizens’ pension savings to private investment managers is underway. He suggested exploring the possibility of allowing foreign investment management companies access to pension assets and financial instruments within the AIFC. The President also recommended strengthening the localization criteria for companies in the AIFC.
Another priority is increasing the share and volume thresholds for securities in the local stock market, particularly when placing them on foreign markets. Tokayev urged private Kazakh companies to go public, enhancing transparency and operational efficiency.
He also stressed the importance of adhering to the “rules of the game,” especially the AIFC’s tax regime, which is protected by the constitutional law and is crucial for attracting global investors.
Tokayev underscored the development of Kazakhstan’s carbon market as a state policy priority. He pointed out that the European Union’s upcoming carbon carbon adjustment mechanism could pose challenges for Kazakhstan’s exports. The President also called for the establishment of financial mechanisms to address emergencies, such as state insurance funds, under the jurisdiction of the AIFC.
“Significant results have been achieved in a relatively short period of AIFC activity. Excellent conditions for attracting investments have been created, which have no analogues at the regional level. Favorable tax, visa, and labor regimes have been provided for our investors. The principle of individual and comprehensive support for each investor has been introduced,” the President concluded, praising the AIFC’s judicial system and new digital solutions that make IPO participation accessible to all Kazakh residents.
