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Astana to learn from Dubai in becoming financial center

07 may 2015, 01:53
©Turar Kazangapov
©Turar Kazangapov

Astana will be learning from Dubai in its quest to become a financial center, Tengrinews reports citing Nursultan Nazarbayev, who spoke at an extended government meeting in Akorda on May 5.

"Now there are new opportunities in Astana to create a new financial center, this is of great interest. We are building this huge EXPO-2017. After the exhibition, all these buildings, premises will be usable,” he said.

According to President Nazarbayev, the new financial center will be regulated by a special legislation made and practiced in the English language.

“Following the example of Dubai, it is necessary to introduce the investment residency principle, and transfer customer relationship into the legal framework, on contractual regulation. I personally spoke with the Sheikh of Dubai, we will learn from their experience. There is no need to recreated the wheel. With their help, we can make it," Nazarbayev said.

This is not the first time that the Kazakh president speaks about turning Astana into a financial center. During his inauguration, Nazarbayev also mentioned creation of a financial center with a special status in Astana on the basis of high-tech infrastructure of EXPO-2017.

"We will conduct fundamental structural reforms to achieve economic growth based on industrialization. Education and healthcare will be aligned with the standards of OECD countries. To diversify the economy we will attract multinational companies, which will provide Kazakhstan with access to the world market. Our country will be a transparent logistics center of Eurasia," he said then.

Reporting by Assemgul Kassenova, writing by Dinara Urazova

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