Astana International Financial Centre and ICAEW in partnership with the British Embassy in Kazakhstan held the inaugural Forum on Corporate Governance and Perspectives on Investment, Accountability and Legislation.
The Forum was reviewing the steps that the country and the new Astana IFC are taking to increase investor confidence and transparent working practices. For successful operation of the AIFC, the President of Kazakhstan Nursultan Nazarbayev signed the Constitutional Act, which provides an unprecedented favourable conditions for the financial centre participants.
Governor of the AIFC, Kairat Kelimbetov, pointed out that the aim of the AIFC is to build the Centre that will provide services in accordance with international standards and best practices of the leading financial centres of the world. The financial centre will also serve as the gateway for global investment to the Central Asian market.
Governor of the AIFC also thanked partners for the support provided and noted that as a result of cooperation between AIFC and ICAEW, firm foundation for developing good corporate governance based with the best international standards and practice has been built.
According to the ICAEW Executive Director, Robert Hodgkinson, “with the establishment of the AIFC and an internationally recognised corporate governance framework, developed with UK and other international partners, Kazakhstan will become more attractive to foreign investment and businesses". He adds: "In its legislation the AIFC has committed itself to operating under English law and in the English language, applying international financial reporting requirements and supporting internationally qualified local practitioners who follow internationally recognised standards. These are the hallmarks of a trusted financial centre and the basis for sustainable, long-term economic development"
AIFC. In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in a post-Soviet region, a common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the Republic of Kazakhstan economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
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