NEW FINANCIAL CENTER TO HELP ATTRACT INVESTMENT
Leading economists, heads of large companies and banks have discussed methods of attracting international capital in Kazakhstan’s stock exchange. Astana International Financial Center will become a full-cycle shares trading platform, with clearing, calculations, and registration of stocks. The Astana International Stock Exchange is scheduled to be launched this fall. The stock exchange will follow English law and principles and the standards of the world’s leading financial centres.
KAIRAT KELIMBETOV, GOVERNOR, ASTANA INTERNATIONAL FINANCIAL CENTER:
- We will cooperate with the world’s largest exchanges, which will help us to actually launch the most technologically advanced platform in the region, that is, in the Eurasian Union, Central Asia, and the Silk Road economic belt. We are still negotiating with top 10 stock markets.
Astana Financial Center will function fully in 2018. However, the basic services will be available for investors who are ready to work on the platform by the end of 2017.
LEONID FINK, MANAGING DIRECTOR, FTI CONSULTING:
- Some emerging markets, that used to rely on natural resource revenues and now earn much less, will lose if they don’t do anything. And for some, I hope for Kazakhstan as well, this shocking exchange may become an important incentive for diversifying their economies.
Astana International Financial Center will harness the experience of the leading financial institutions such as London, Dubai, and Singapore Stock Exchanges. The platform will provide most unprecedented incentives and preferences in order to attract more investors. It is known that the Center will offer incentives in tax, special currency exchange rate and simplified visa framework.
JAMES KING, WRITER, USA
- I think that you know, lot of foreign investors are looking at this, they are watching it carefully. But what they want to see mostly, I believe, is strong governance standards here in Kazakhstan. 28:04 // 30:04 / questions like the free float, the amount of free floating stocks in the market, disclosure rules for listed companies. Obviously the size of the market is important, and also how easily foreign investors can bring the money in and take the money out, and whether or not there will be any restrictions on that. So, all of those things, I believe, are going to be really crucial for the future the Kazakhstan international Financial Center.
According to experts’ forecasts, in the coming years, Astana may become a large financial hub not only for Central Asian countries, but also for China, the Middle East and Europe.