TEHRAN (Iran News) -Excluisve Report on kazakhstan Independence Day.
On December 16 Kazakhstan celebrates its 29th Anniversary of Independence. The years following independence in 1991 have been marked by significant reforms to the soviet-style economy and political monopoly on power. Over the 29 years of independence, Kazakhstan has emerged as a successful model of economic development. During all these years the country has reached high achievements in developing its nationhood despite the difficult geopolitical environment and global challenges. The country is widely acknowledged as the most economically prosperous state among the former Soviet republics. Being the 9th largest country in the world by the territory (2.7 mln km²), Kazakhstan ranks the 6th in the world by the total amount of its mineral resources, worth roughly around 50 trillion USD. Having obtained independence, Kazakhstan defined its own way of development strategy and has actively learned from the experiences of other countries in implementing economic policies. The government has established effective political and economic institutions that have helped the country avoid the “resource curse” and attract significant foreign direct investment. Kazakhstan has been open to foreign companies and investments from the very beginning. In particular, it largely privatised its energy sector and attracted foreign capital for developing its economy. In the situation of an acute shortage of financial resources, especially at the dawn of independence, foreign investment helped Kazakhstan to modernize production, enter global markets and address key issues of social and economic development. Throughout a period of independence, Kazakhstan has ensured political stability as well as inter-ethnic and inter-religious harmony. It allowed avoiding the divisions and conflicts that have been seen in some other parts of the region. On December 1st Kazakhstan also celebrated the Day of the First President. The date commemorates the significant achievements and contribution of the First President of Kazakhstan Nursultan Nazarbayev to establishing and developing of the country. Under his leadership, Kazakhstan has become a politically stable and economically sustainable country with multiethnically diverse population. The First President was the author of many global initiatives that have received recognition and respect of the international community. From the beginning of his leadership, the President Nazarbayev stepped forward with the initiative to strengthen security at home and abroad. In this regard, we would like to share with Iran News’ readers’ materials about Kazakhstan and its achievements over the independence years which we hope will better familiarize them with our country.
Ambassador of Kazakhstan to Iran Askhat Orazbay
KAZAKHSTAN’S ECONOMIC DEVELOPMENT
Kazakhstan’s economy is the largest in Central Asia accounting for more than half of the region’s GDP and larger than all the other states in the region combined.
This is mostly due to the country’s vast natural resources, including an abundance of natural minerals, hydrocarbons and rare earth metals. Almost all elements can be found in Kazakhstan’s soil. The country ranks first globally in terms of explored reserves of uranium, chromium and barite. It has a skilled workforce and the economy is quickly diversifying towards agribusiness, manufacturing, logistics and mining.
The government has recently introduced initiatives to further diversify the economy, targeting sectors such as transport, pharmaceuticals, telecommunications, petrochemicals and food processing.
The ongoing process of privatising major state enterprises is to continue until the state’s share of the economy reaches 18%. Government measures to boost the growth of small and medium-sized businesses predict that by 2025, the SME GDP share will increase to 35%.
Between 1991 and 2020, Kazakhstan received $330 billion worth of foreign direct investment as a result of the economic and social reforms initiated by the Government. In 2020 Doing Business Report by the World Bank, Kazakhstan was ranked 25th globally. Kazakhstan’s increased role in global trade and its key involvement in the new Silk Road has given the country the potential to open its markets to billions of people.
Kazakhstan is investing heavily in digital infrastructure and is implementing projects to provide extensive broadband internet access across the country. Plans are also underway to introduce 5G and high-quality data centres in urban and rural areas over the coming years.
Kazakhstan’s Ministry of the National Economy projects that the country will see a 2.8% GDP growth in 2021 and a 4.6% growth by 2025.
Despite the negative effect of Covid-19, in ten months of 2020, the real sector of the economy demonstrates positive growth dynamics. In the manufacturing industry, growth was ensured by 3.2%, of which in food production – by 3.4%, pharmaceuticals – by 39.7%, the production of finished metal products – by 19.5%, mechanical engineering – by 16.5%, including the automotive industry – by 53.6%, as well as paper products – by 15% and light industry – by 16.4%, construction – by 10.7%, housing commissioning – by 9.7%, agriculture – by 5.2%. The gold and foreign exchange reserves of the Republic of Kazakhstan and the assets of the National Fund as of October 1 amounted to $ 91.1 billion. Throughout the COVID-19 pandemic, the President has instituted specific policies intent on propping up SMEs. 100 billion tenges was allocated from the National Fund to support businesses, with the Accounts Committee and the Ministry of Finance assigned to oversee the quality of execution of this instruction. A legislative framework has been developed to exempt micro and small businesses from paying income tax for a period of 3 years, up to and including 2023. State subsidies for the interest rate of up to 6% per annum on all existing loans to SMEs in COVID-19 impacted areas of the economy, for a period of 12 months, have been provided.
Kazakhstan has set itself the task of becoming one of the 50 most competitive countries in the world, and by 2050 among the 30 most developed countries. Kazakhstan has developed its 2050 Development Strategy, which states that the country will use renewable and alternative energy sources to create 50% of the electric capacity generated in the country. This forms part of Kazakhstan’s initiative to transform into a model “green economy”.
The largest privatisation programme in Kazakhstan’s history is ongoing, foreign investment incentives have been introduced, and the Astana International Financial Centre has been operating for a few years.
Over the past three years, approximately 500 companies have been put up for sale as part of the privatisation programme with completed sales already worth around $500 million. Kazakhstan is currently implementing the “Third Modernisation” programme, which includes the technological modernisation of the economy. The government is committed to cultivating new industries that utilise digital technologies, including 3D-printing, e-commerce, mobile banking and digital services. Digitalisation is a major priority for Kazakhstan, as it will play a key role in the development of our industries. This is why the government developed the “Digital Kazakhstan” programme. As part of the digitalisation programme, the Government plans to digitise its mining and metallurgy industries. As a part of the 2018 to 2025 plan on the digitisation of mining and metallurgy enterprises, 192 projects are to be digitised at $3.9 billion. Profits resulting from digitisation are expected to reach $5.7 billion by 2025.Kazakhstan is working to significantly increase the productivity of labour in its national economy through the widespread introduction of automation, robotics, artificial intelligence and the exchange of “big data”.
KAZAKHSTAN’S TOP ACHIEVEMENTS DURING THE INDEPENDENCE
Kazakhstan is among the safest countries by the nuclear safety rating. This was facilitated by the decree of the First President on the closure of the Semipalatinsk nuclear test site on August 29, 1991. On August 29, 1949, the first test was carried out at the site. More than 40 years later, it was on this day that a decree was issued to close the landfill where 500 explosions were made. On Kazakhstan’s initiative, the UN declared August 29 as the Day of International Action against Nuclear Tests. In 1995, on the initiative of Elbasy Nursultan Nazarbayev, the Assembly of the People of Kazakhstan was established. Its goal is to ensure social and political harmony in the country. The authority of the organization is recognized internationally.
One of the main successes of Kazakhstan is the construction of the capital – the city of Nur-Sultan. In a short time, a modern city appeared, which has become the hallmark of the country. The city has been awarded the UNESCO City of Peace award. This award is granted to new cities of the planet that have achieved great results in socio-economic, political and cultural development in a short time. During the period of independence, the republic has become a member of authoritative and influential international organizations. Among them are the UN, OSCE, OIC, ECO, SCO, CIS, EAU, CSTO, OECD. Kazakhstan became the first country in the Central Asian region which hosted the OSCE summit after a ten-year break. The capital of Kazakhstan also holds Congresses of Leaders of World and Traditional Religions. Great attention is paid to sport in Kazakhstan at the suggestion of the First President. For 29 years, Kazakhstani athletes have won over 60 Olympic awards. Among the successful Kazakhstani athletes are Gennady Golovkin, Dmitry Balandin, Eldos Smetov, IlyaI lyin, Olga Rypakova, Alexander Vinokurov, Zarina Diyas, Elizabeth Tursynbaeva and many others. The main sporting events of the country during the period of independence were the Asian Winter Games in 2011 and Winter Universiade in 2017. In 2012, Kazakhstan was included in the list of 50 competitive countries in the world in the global report of the World Economic Forum 2013-2014. Back in the early 2000s, the First President of the Republic of Kazakhstan set a nationwide task to become one of the developed countries of the world. During this time, the volume of GDP increased 18 times, the income of the population increased 9 times, the poverty level was reduced 10 times. In 2017, Kazakhstan became the first CIS country to host the International Specialized Exhibition EXPO. 115 states and 22 international organizations took part in it. The exhibition was attended by about 4 million people, of which half a million came from other countries. During the period of Independence, Kazakhstan has attracted $ 330 billion of foreign investment. The largest investors are the Netherlands, USA, Switzerland, France, Great Britain, Russia, Italy, Japan, Belgium and Canada. Since Kazakhstan gained sovereignty, more than 300 thousand jobs and 1250 new enterprises have been created in the country. More than 100 countries are consumers of Kazakhstani products. In recent years, the production of more than 500 types of products has been mastered, about 50 new products have been exported. In 2018, on the initiative of the First President, the Astana International Financial Center began its work. English law operates on its territory.
KAZAKHSTAN-IRAN RELATIONS AT GLANCE
Iran is a very important partner and neighbor of Kazakhstan. Both of the countries historically have been having amicable relations and mutually beneficial cooperation. Since the first-ever visit of our First President Nursultan Nazarbayev to Iran in November 1992, Kazakhstan and Iran have never had any troubles or turbulences but the only strong political will to strengthen bilateral ties.
Nur-Sultan and Tehran have been reciprocating in supporting each other. Iran invaluably supported Kazakhstan’s bid to the UN Security Council, our capital’s candidacy for hosting EXPO-2017 and signed a Statute of Islamic Food Security Organization headquartered in Nur-Sultan.
Just to demonstrate a very high dynamics of political contacts at the highest
level, it is enough to mention that in 2019 meetings between Presidents Mr.Tokayev and Mr. Rouhani, Kazakh Prime Minister Mr. Mamin and Iranian First Vice President Mr. Jahangiri were held, while the Foreign Minister of Iran Mr. Zarif and the First Deputy Speaker of Iranian Parliament Mr. Pezeshkian visited the capital Nur-Sultan. Last year political consultations between Kazakh and Iranian Foreign Ministries were held in Tehran.
Despite Covid-19, leaders of the two states keep contacting each other as well. In May this year, two Presidents had a phone call to discuss the state and prospects of development of Kazakh-Iranian relations, including issues of increasing trade and economic cooperation, as well as measures to tackle Coronavirus. Before that, our Foreign Ministers also held a phone conversation followed by a phone call between our Ministers in charge for infrastructure.
The two countries also successfully cooperate in the framework of regional and international structures such as the UN, the OIC, the CICA, the SCO, the ECO, the Special Working Group on the Caspian Sea.
Similar trends are being witnessed in the cultural field. For example, Iranian handicraft artisans took part in the Artisans Fair of the Silk Road Countries held within the framework of Investment & Tourism Forum “Turkistan: One Road – One History” hosted by Turkistan city on November 4-5, 2019.
This year on October 19 an international online Forum titled “Consonance of Civilizations on the Silk Road” dedicated to the 1150th anniversary of the great thinker and scientist Abu Nasyr al-Farabi was co-hosted by Nur-Sultan and Tehran. The Forum’s high-level participation from the Kazakh Side included the State Secretary of the Republic of Kazakhstan K.Kusherbayev, other ministers and scientists while from the Iranian side there were the Minister of Science, Technology and Research of Iran M. Golami and the President of the Iranian Academy of Sciences who is the famous scientist-farabist Dr. R. Davari Ardakani. As to our trade cooperation, unfortunately, it does not match the real potential of our countries due to current circumstances. In 2006-2007 the trade turnover between Kazakhstan and Iran used to be around 2 billion of USD, while in 2009-2010 it decreased to 1 billion of USD. In 2018 we had this level declined up to 516 million of USD, whereas last year our trade shrunk to 380.3 million of USD. In the first half of 2020, the trade volume between Kazakhstan and Iran reached 140 million of USD. The reason of that is restrictions imposed on Iran. But the most important thing is that our business circles have a strong mutual interest in establishing trade ties and expanding them further. Last year our capital hosted the 16th meeting of the Joint Commission on Economic cooperation where all issues related to the field were thoroughly discussed by both sides. Traditionally, Kazakhstan exports to Iran barley, vegetables, lamb and goat meat, animal feeds, wheat, whereas it imports back fruits and vegetables, dates and nuts, cement, various plastic goods and many other items. This year, despite the Covid-19, executives of the “Aktau Sea Port” Free Economic Zone on 18 February 2020 visited the Qazvin province of Iran. As a result of that visit, it was agreed to implement with Qazvin Chamber of Commerce a joint project in Aktau on building an Industrial-Commercial Complex on the territory of the SEZ “Sea Port Aktau” with the total amount of investment about 15 million of Euro. That Complex will facilitate in exporting of Iranian goods to Kazakhstan and Central Asia and vice-versa. The Complex will be located on a 5-hectare area on the Kazakh part of the Caspian Sea. It gives them the confidence to say that the bilateral trade will come back to its real level in the nearest future because Kazakhstan and Iran have a huge untapped potential that will let both countries expanding their cooperation in all areas despite the existing challenges. It is also hoped that the Kazakh President’s visit to Iran being planned for the nearest future upon a personal invitation of the Iranian President will open up a new era in Kazakh-Iranian relations.
THE FIRST PRESIDENT NURSULTAN NAZARBAYEV
The only strong state can make its way towards prosperity and stability. Time flows fast century after century, but history decreed a new country to emerge at the turn of the millennium at the very heart of the Great Steppe.
The great son of his nation, the founder of our state, the First President of independent Kazakhstan – Elbasy (Leader of the Nation) Nursultan Nazarbayev was destined to accomplish this great mission on a spacious land of a country, among the top 10 world largest territories, generously endowed with natural resources and having in the arsenal the Soviet-era nuclear weapons.
Elbasy has consistently, guided by the national interests of Kazakhstan, led the country through a tectonic political shift unprecedented in recent history and successfully steered a young independent nation towards joining the club of 30 most developed countries of the world.
In June of 1989, Nursultan Nazarbayev became the First Secretary of the Central Committee of the Communist Party of Kazakhstan; in April 1990, the Supreme Council elected him as the First President of the Republic of Kazakhstan. Kazakhstan inherited from the Soviet Union a declining economy, a stagnated industrial and agricultural sector, unemployment, and poverty. All this increased social tension and the situation could have escalated at any moment. It is no secret that many politicians and experts at that time were skeptical about the future of our state. However, the balanced and effective policy of the First President allowed us to completely refute such skeptical forecasts. Great efforts were made, including the resolution of the border issue.
Undoubtedly, one of the first steps that brought world recognition to Nursultan Nazarbayev was the Decree on the closure of the Semipalatinsk nuclear test site. Kazakhstan was one of the four countries that had the world’s largest nuclear arsenals that included more than 110 ballistic missiles and 1,200 nuclear warheads capable of reaching anywhere on the earth. But, as a result of the political will of Elbasy, the Kazakh people, one of the most affected by nuclear tests in the world, took the initiative to abandon weapons of mass destruction. The decision of the First President caused a wide ripple effect in the international community. To date, many countries supported the initiative of Kazakhstan and closed their nuclear test sites that threw everything around them into hellish conditions.
In September of 2006, a Treaty on Central Asia’s Nuclear-Weapon-Free Zone was signed in Semipalatinsk. In memory of the official closure of the Semipalatinsk test site, the International Day against Nuclear Tests is celebrated around the world on August 29.
The problem of global warming also could not leave Nursultan Nazarbayev indifferent. He drew the attention of the entire world community to the tragedy of the Aral Sea, which poses a threat not only to the countries of Central Asia but also to all mankind. The First President has always adhered to a balanced and peaceful foreign policy. He was able to form a new type of state, combining Asian traditions and Western innovations. Today, the whole world knows our country as a peace-loving and open state, one that actively participates in the global integration agenda. The First President has always been a driving force and a guarantor of ongoing reforms. Therefore, all his initiatives and undertakings were invariably crowned with success. Under his leadership, Kazakhstan transitioned from a planned economy to a market economy.
Several stages of privatization were carried out, which allowed the economy to restore production, stabilize the financial and macroeconomic situation, create a budget and tax system, curb inflation, and maintain the living standard of the population. The name of Nursultan Nazarbayev is also associated with the introduction of the national currency – the Tenge. Under his leadership, an independent financial and economic system was created, a single vertical line of executive bodies was built, the armed forces and law enforcement bodies were formed, national security was strengthened, a multi-party system was introduced, the foundations of civil society were established, and freedom of the press was ensured.
The successes made it possible to proceed to the next stage of the state development planning as well as to solve strategic tasks. At the initiative of the President, the Strategy for the development of Kazakhstan into 2030 was developed. This initiative allowed the country to go through the difficult transitory stages while withstanding critical tests and overcoming the crises that came their way. In 2012, a new “Strategy Kazakhstan-2050” initiative was adopted, where ten global challenges of the 21st century were answered as well as the task of becoming one of the 30 developed countries of the world was set.
The idea of the First President to transfer the capital of the country to the center of Saryarka was a turning point in the history of Kazakhstan. His proposal to build the main city on the banks of the Esil River gave a powerful impetus to the country’s social and political life – it also increased our authority in the world community. This decision made a great contribution to strengthening our geopolitical positions and predetermined the development of Kazakhstan into an indivisible state.
Last year, drastic changes took place in our country. The First President voluntarily stepped down and gave up the power to the younger generation. This once again shows the readiness of the Elbasy to make the most courageous decisions in the interests of the country. As a result, we were able to ensure the transfer of power in a peaceful process. This historic event once again demonstrated the wisdom and foresight of the Elbasy.
NUR-SULTAN CITY – A HEART OF KAZAKHSTAN
T his year, Kazakhstan’s capital marks its 22nd anniversary.
Over those years the new capital went through many changes.
The First President of Kazakhstan Nursultan Nazarbayev was the one who made the historic decision to transfer the capital to the center of the country. In record time, for two decades, on the banks of the river Yesil a new city was built whose name today is known throughout the world.
In 1997, Kazakhstan First President Nursultan Nazarbayev suggested moving the capital from Almaty to Akmola (former name of the capital).
This decision was based on the important geopolitical location of the city in the center of Kazakhstan and the Eurasian continent as well as on the availability of transport and communication infrastructure. The capital’s new location was also chosen for the availability of space and land which would allow the city to develop. In making his decision, the President drew on a national study of 32 factors, including socioeconomic indexes, climate, landscape, seismic conditions, natural environment, transport infrastructure, building service and labor. The relocation of the national capital in December 1997 was indeed a turning point for the country. Initially, Kazakhstan continued to face enormous economic problems with the moving of the capital to a city with a population of only 280,000.
In 1998 the new capital was renamed. It was given the name “Astana”, which stands for “Capital” in Kazakh. The young capital which changes all the time is the symbol of the creation, creativity and progress of Kazakhstan’s people. Along with Kazakh companies, the new capital was also constructed by Turkish, Italian, French, Swiss and other countries’ enterprises. Annually as many as 60 to 100 middle- and large-scale construction projects were placed in operation.
Experts took into consideration the idea of the First President for a Eurasian feel to the city’s architectural design and concept. The idea of building the most popular buildings such as Baiterek Tower (A tree of Life), Khan Shatyr Shopping Mall, the Astana Opera House and the Khazret Sultan Mosque was put forward by Nazarbayev himself.
Well-known Japanese architect Kisho Kurokawa, whose previous projects include the Van Gogh Museum in Amsterdam, Kuala-Lumpur International Airport and National Ethnological Museum in Osaka, created a modern design of Nur-Sultan with Asian nuances. It is a truly unique look and fully reflects the new capital’s role as an economic, political and cultural hub.
Nur-Sultan also became the creative testing ground for the ideas of prominent British architect Norman Foster, known as a master of high-tech architecture, from the Millennium Bridge in London, the world’s biggest airport in Beijing and the restructured Bundestag in Berlin. He designed the capital’s Palace of Peace and Accord, regarded as the most unique home in the world for religions, and other buildings. This was all done with the intention of making the capital the center of Eurasia, where international collegial meetings can be held and historical decisions made. The historic OSCE summit was held here, in which 56 states took part, and the capital provides a forum for congresses of leaders of the world and traditional religions on an ongoing basis at the Astana Economic Forum. In addition, the capital of Kazakhstan has become a platform for important peace talks on Syria. In 2017, the capital hosted the International Specialized Exhibition EXPO 2017, which gave a boost to the city economy and for the economies of the regions of Kazakhstan.
Overall, after 22 years of its existence, the capital has become the dynamic center of the fast-growing Kazakh nation. UNESCO awarded the new capital the high title of “City of Peace.”Today, 11 percent of the country’s gross domestic product is produced in the capital, which also provides 10 percent of all investments in the country’s economy, that is, the capital has become a competitive industrial center, where the country’s large enterprises are concentrated. More than 57% of the capital’s GDP is based on businesses and economic activities of SMEs that produce 20% of all work and services. The volume of production by SMEs has increased by 33 times from US$433 million in 2005 to US$14 billion in 2019. Every third resident of the capital works in the field of small and medium-sized businesses. The population of the capital has increased more than 4 times from 280,000 people in 1997 to 1.2 million people in 2020. It is estimated to reach 2 million people in 2030 and 3 million by 2050.
From 1998 to 2019, the volume of investments that the capital drew to it multiplied an inspiring 47 times over. In the wake of the Coronavirus pandemic, the city of Nur-Sultan has shown its ability to handle crises and mobilize an effective and timely response to any threats to public safety. This further proves that the model on which the city was built is solid and able to withstand any challenges that are thrown its way. None of this could have been possible if it were not for the vision of the city’s names sake, First President Nazarbayev and his tireless work to recreate a new, modern Kazakhstan that’s ready to welcome the world with open arms. It is therefore on March 23, 2019, Astana was renamed Nur-Sultan.
THE ASTANA INTERNATIONAL FINANCIAL CENTRE (AIFC),
THE UNIQUE FINANCIAL CENTRE OF THE NEW SILK ROAD
The Astana International Financial Centre (https://aifc.kz) was first announced in 2015 by the First President of the Republic of Kazakhstan – Elbasy Nursultan Nazarbayev as a part of the “100 Concrete Steps” nation-wide plan to establish strong state institutions and improve the social and economic environment in Kazakhstan.
AIFC is the first financial centre operating on the basis of international standards in Eastern Europe and Central Asia. Financial Centre’s headquarter is an impressive 1632-ha structure, located in the heart of capital city Nur-Sultan (former Astana) on the EXPO-2017 International Specialized Exhibition infrastructure.
Membership. Today 604 companies have registered in the financial centre from all over the world. Apart from the financial services, AIFC attracts ancillary services providers and investors who find AIFC as the most suitable place for their activities in the region. Among the 604 companies, there are 112 Ancillary Service Providers registered in the following activities: legal, consulting, audit, accounting, IT, blockchain, climate and renewable energy, credit rating, urban planning, HR, Shariah compliance, tax consulting, cybersecurity, education, mining, oil, etc.
AIFC Activities: Capital markets, asset management (global and local private equity, hedge funds and real estate funds), private banking (investment and portfolio consulting, tax and investment planning, asset allocation), FinTech (new FinTech products in a light Regulatory Sandbox regime, along with a specialized regulatory environment (the FinTech Lab), which allows companies to offer their innovative financial services in a safe environment, without the full burden of regulatory requirements), Islamic finance (a regional hub under the Advisory Council on Islamic Finance (ACIF) and the Central Shari’ah Advisory Board with the planned issuance of corporate and sovereign Islamic securities (sukuk)), green finance (green bonds based on the ICMA Green Bonds Principles and the Climate Bonds Initiative systematics).
Market Institutions. There are two Market Institutions registered with AIFC: the Astana International Exchange (AIX) and the Astana International Exchange Central Securities Depository, the clearing organization. The AIX technological platform was designed jointly with NASDAQ and complies with the high requirements and expectations of global market participants. To implement this technological potential, a regulatory framework, unique for the region, based on English common law, has been created. The AIX offers a full-scale business cycle, including trading and settlement clearing transactions. AIX has confirmed compliance with international standards for information security and cybersecurity management ISO 27001 and ISO/IEC 27032: 2012. These certifications confirm AIX’s commitment to a reliable information security system and build confidence in the quality and security of the services provided by AIX. The Astana International Exchange (AIX) shareholders are Astana International Financial Centre, Shanghai Stock Exchange, Nasdaq, Goldman Sachs, and the Silk Road Fund in China.
Disputes and Resolutions The application of common law principles are implemented for the first time in the post-Soviet space at the AIFC. The AIFC Court considers civil and commercial disputes not only between participants of AIFC, AIFC bodies, and (or) their foreign employees but also for companies that choose the AIFC Court as a place for dispute resolution. Based on the English common law jurisdiction, the AIFC Court and the International Arbitration Centre (IAC) already recognized as a leading commercial dispute resolution platform in the region is growing among business, legal and arbitration communities.AIFC Regulatory The Astana Financial Services Authority (AFSA) supervises firms and their employees in the context of monitoring both individual and institutional integrity and ensuring high standards of conduct. AFSA applies the standards of the Financial Action Task Force (FATF) on the regulation of money laundering and terrorist financing. AIFC established institutions that meet all international standards and investor expectations. AFSA has focused on supporting AIFC to become a financial services and capital market hub in Eurasia.
AIFC creates new opportunities for:
– Investors – by offering securities of state-owned and private-sector issuers from Kazakhstan and other countries in the region, as well as business projects, from large-scale initiatives such as the Belt and Road Initiative to small IT start-ups.
– Businesses – by providing access to investors, including major international and regional financial institutions, as well as asset managers and Islamic finance institutions.
INVESTMENT OPPORTUNITIES IN KAZAKHSTAN
Investors have been attracted by Kazakhstan’s political stability,
a well-educated workforce and the access it provides to a fast-growing regional market.
Kazakhstan’s investment incentives include a visa-free regime for many countries, exemption from custom duties for equipment and raw materials and land and corporate tax, as well as an Investment Ombudsman.Our country’s membership in the EEU provides investors with access to the Russian market (over 140 million people) and a common market of the Union (more than 180 million consumers). In addition, having a presence in Kazakhstan facilitates foreign companies’ access to the markets of Western China (300 million consumers) and the Caspian countries (150 million consumers).Several international companies have already established regional headquarters in Kazakhstan and a number of global technology leaders and international companies are operating in the country (General Electric, Toyota Motors, Chevron, Hyundai Motors, Sanofi, Linde, Metro Group, Peugeot, and Sumitomo Metal Mining).“Kazakh-Invest” National Company (https://invest.gov.kz/) has been specially established to operate as a “one-stop-shop” and to accompany investors through the entirety of their projects, from pitching them opportunities to preparing investment proposals to the implementation and functioning of the business.
- source : IRAN NEWS