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Almaty on route to financial hub role in Central Asia: its own legislation to provide security for investments 07 апреля 2015, 08:47

Almaty could be getting its very own legislation for business and investments.
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Almaty. Photo courtesy of detons.com Almaty. Photo courtesy of detons.com

Talks about Almaty becoming the financial hub of Central Asia have resurfaced last summer, when Kairat Kelimbetov, Governer of Kazakhstan's central bank, talked about the city’s potential on the international financial arena.

Kelimbetov talked about revisiting the Concept of Developing Almaty as a Financial Center. Earlier, kazakhstan's Minister of Finanance Bakhyt Sultanov said that a conceptual document on development of a separate legislation for Almaty was being considered.

“Almaty has already become a financial center. In some terms, the city has been recognized and rated as one. But, for Almaty to be more attractive for businesses, first of all the city needs a specific legislation and secondly, there has to be a mechanism for comprehensive protection of investments and investors in place. That is why we are considering introduction of an international commercial court and a separate legislation altogether convenient for investors. This can be achieved fairly soon,” Sultanov told the journalists.

In response to the question on whether Almaty as a regional financial hub would be getting its own legislation, the Minister confirmed that institutions responsible for this matter were considering the possibility.

“Yes, this possibility is being considered. For instance, the usage of the British legislation on the territory of Almaty as the regional financial hub. The concept is at consideration stage yet,” Bakhyt Sultanov stressed.

On March 11, 2015 President Nursultan Nazarbayev talked about the importance of creating a special status for Almaty during the Nur Otan party congress. “The process of establishing Almaty as a financial center has stalled. It needs new dynamics. It requires undamental changes. We need to vest Almaty with a special status and give it its own legislation for business like in Dubai and other countries. It is a necessity,” Nazarbayev stressed.

Going back to Kelimbetov, the concept for Almaty’s development into a financial hub by 2020 envisions strategic restructuring of the city’s infrastructure, business environment, financial infrastructure and creation of new education centers.

Reporting by Assemgul Khassenova, writing by Gyuzel Kamalova, editing by Tatyana Kuzmina 

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