Kazakhstan President Nazarbayev speaks about Almaty and Astana

Kazakhstan’s President Nursultan Nazarbayev has spoken about the role of Astana and Almaty at the VIII Astana Economic Forum that took place in Astana on May 21-22, Tengrinews reports. In particular, he said that an international financial center will be created in Astana, but Almaty will still remain the main financial services hub.

“I think you already know that I’ve signed a decree on creation of an international financial center in Astana. We will hold the EXPO-2017 in 2017. Large facilities are being constructed for it, they are very convenient. Once the exhibition ends, all these venues will be allotted for the financial center. They are almost ready. We have held thorough negotiations with Dubai (financial) center and we reached an agreement that we will bring their legislation, their economy and methods to Kazakhstan,” Nazarbayev declared.

According to him, a new financial center will be based on the principles of the British law, preferential tax treatment and independent financial court. It will also be regulated by a special legislation made and practiced in the English language.

"We are convinced that the financial center of Astana will become the core of Kazakhstan's financial infrastructure and in the future - a financial hub for the entire Central Asian region. As for Almaty, where most of the financial institutions of Kazakhstan are headquartered, it will continue to be the center of financial services and financial intermediation in the country. All these measures are expected to ensure long-term, sustainable development of Kazakhstan," Nursultan Nazarbayev said.

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

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

Writing by Assel Satubaldina, editing by Tatyana Kuzmina