(Report By Dr Shahid Qureshi – Group Chief Editor) : – A government session to discuss the issues of attracting investments was held today under the chairmanship of the Prime Minister of the Republic of Kazakhstan Askar Mamin. New approaches to improve investment activity in Kazakhstan were considered in the course of the meeting.
Prime Minister of Kazakhstan Mamin noted the special importance of attracting foreign direct investment for the growth of the country’s economy. In order to coordinate and efficiently interact with investors, as well as provide solutions to current problems, it was decided to lay the functions of Investment Ombudsman on the Prime Minister of Kazakhstan Mamin. Also, a Coordinating Council for attracting foreign investment will be created and chaired by the head of government.
“The first President of the Republic of Kazakhstan, Leader of the Nation, Nursultan Nazarbayev, has tasked us with ensuring sustainable economic growth rates, which will require us to increase the volume of investment in fixed assets in the medium term to 30% of GDP. The main driver should be foreign direct investment,” said the Prime Minister of the Republic of Kazakhstan Askar Mamin.
Among others, the meeting resulted in the determining the Astana International Financial Centre as a Unified Center for the coordination of work on investment and promotion of the investment image of the Republic of Kazakhstan (Regional Investment Hub), with the provision of services for investors on the principles of a single window and the formation of a single pool investment projects.
It was also decided that the government owned stake in the national company Kazakh Invest joint stock company would be passed into confidential management of the AIFC.
“The AIFC platform currently consists of the necessary infrastructure, including the AIFC Court, International Arbitration Centre, the AIFC Exchange, the Expat Centre. The main goals of the AIFC are providing support in attracting investments into the economy of the country and creating an attractive environment for investment in the sphere of financial services. The AIFC has already shown itself
as a useful platform in the global business community and we will continue to work in this direction,” noted AIFC Governor Kairat Kelimbetov.
AIFC. The AIFC was established on the initiative of the First President of the Republic of Kazakhstan Nursultan Nazarbayev. In December 2015 the First President Nazarbayev approved the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre of financial services. The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, develop local capital markets, ensuring their integration with the international capital markets.