Almaty to be a major financial center in Asia

Almaty, Kazakhstan's largest city, is to become a major financial center in Asia, Tengrinews.kz reports, citing the country’s Central Bank Governor Kairat Kelimbetov as saying.

“There is a Global Financial Centres Index, a ranking of the competitiveness of financial centres. Out of the 83 financial centers covered, Almaty is ranked 58th, ahead of Moscow, Warsaw, Manila (…) to join the first 50 a lot of work has to done. The task set before Kazakhstan is to join the top 10 financial centers in Asia. Today we are ranked 13th in Asia. The task is quite feasible (…)”,he told a briefing at the President’s Service for Public Communications.

He also briefed that the Government would revisit the Concept of Developing Almaty as a Financial Center. “The new concept is to be drafted by December 1, 2014. The effort will involve all the respective public bodies, consultants of the EBRD, ADB, World Bank, Islamic Development Bank”, he said.

According to him, the concept will facilitate development of the city’s financial infrastructure, enhancement of the business climate, resumption of the Academy of the Regional Financial Center of Almaty, as well as launch of new facilities to train respective specialists.