Kazakhstan hopes to reach the level of financial centers of Dubai and Singapore due to EXPO

26 May

The further use of the world specialized exhibition EXPO 2017 facilities was discussed in Astana by members of the "Nur Otan" party. The International Financial Center "Astana" will open on the basis of the exhibition infrastructure, the newspaper "Liter" writes.

The international center will begin its activity on January 1, 2018. According to the member of Mazhilis of the Parliament of the Republic of Kazakhstan Amanzhan Zhamalov, there should be a clear step-by-step strategy for the successful development of this project.

"World experience shows that the bulk of the leading financial centers of the world emerged spontaneously in cities with a high concentration of trade and capital. The most well-known examples of encouraging the development of financial centers are Dubai and Singapore. Undoubtedly, liberal customs and tax regimes, independent and transparent legal system are the key factors of success. In addition there were favorable initial conditions: geographic location, climate, reputation, high quality of household and business services. These advantages, in any case, some of them, except the climate, must be created and developed to the highest level in Astana", the member of the Mazhilis said.

It should be noted that Islamic financing can become one of the main directions in the activity of the international center. This project will ensure the stimulation of the inflow of Islamic capital into Kazakhstan. In addition, the appearance of a financial center will allow developing the securities market and investment funds in Kazakhstan ensuring its integration with international capital markets.

Let us remind that the international financial center "Astana" will get two pavilions after the completion of the world specialized exhibition EXPO 2017. In the next 7-10 years, about 18,000 jobs will be created on the territory of the IFCA with 3,000 of them for Kazakhstani financiers, lawyers, consultants. Experts for the financial center will be trained in China.

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