President of Kazakhstan Kasim-Jomart Tokayev emphasized a number of important points in order to strengthen the center as a regional financial center at the meeting of the Management Board of the Astana International Financial Center (AIFC) held on September 5. Akorda reported on this.
Tokayev noted the importance of increasing investments in Kazakhstan's economy and improving the investment environment.
The president said that AIFC has established close cooperation with partners from the USA, Europe, Great Britain, as well as Asian and Middle Eastern countries. Currently, AIFC is working on investment projects with large companies from the United Arab Emirates and Saudi Arabia, which expands Kazakhstan's investment potential. However, Tokayev stressed the importance of deepening AIFC's cooperation with government and national institutions and improving its regulatory framework.
He noted that attention should be paid to institutional investors in order to increase the liquidity of the market. Tokayev said that the process of transferring up to 50% of citizens' pension savings to private investment managers is ongoing. The President suggested exploring the possibility of foreign investment management companies accessing pension assets and financial instruments within the AIFC. He also recommended strengthening localization criteria for companies in the AIFC.
Another priority is to increase the share and volume limits of securities in the local stock market, especially when placing them in foreign markets. Tokayev called on Kazakhstan's private companies to go to IPO for the sake of greater transparency and operational efficiency.
The President emphasized that the AIFC's tax regime should be followed and protected by the constitutional law, which is important for attracting global investors.
Tokayev noted the development of Kazakhstan's carbon market as one of the priorities of state policy. He said that the carbon regulation mechanism of the European Union may cause problems for Kazakhstan's exports. The President proposed the creation of financial mechanisms, such as public insurance funds, to deal with emergencies under AIFC's jurisdiction.
"In a short period of time, significant results have been achieved in the activities of AIFC. Excellent conditions have been created for the attraction of investments, 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 has been applied to each investor," he said. The President praised AIFC's judicial system and new digital solutions, which make it possible for all citizens of Kazakhstan to participate in the IPO.
