For Press

14/09/2016

The Governor of the AIFC met with the Financial Secretary of the Hong Kong SAR

Today Kairat Kelibetov, Governor of the AIFC met with John Tsang, Financial Secretary of the Hong Kong Special Administrative Region of the People's Republic of China, who led the Hong Kong’s business delegation during the visit to Kazakhstan.

During the briefing meeting, K. Kelimbetov informed the delegation from Hong Kong on the initiative of the President of Kazakhstan to create the AIFC, which is one of the main components of the structural reforms currently carried out in Kazakhstan and aimed at diversifying the economy, facilitating the formation of a full-fledged financial system of the country. He also told about the AIFC’s strategic directions, its goals and priorities, planned events for the development of the capital market, variety of financial services, Islamic finance, financial technologies and "green" finance in the region. The Governor of the AIFC focused on the significance of the AIFC’s role in the implementation Xi Jinping's "One Belt, One Road" initiative, which is closely interlinked with the Kazakhstan’s programme of forced industrial and innovative development and "Nurly Zhol" programme.

The Financial Secretary of the Hong Kong SAR, John Tsang, noted that Kazakhstan’s economy is the largest in Central Asia and it has an important logistics link between Asia and Europe. In addition, he stressed the tremendous opportunities for effective interaction and the willingness to work closely with the AIFC due to Hong Kong's large-scale investment activities in the countries along the "One Belt, One Road" initiative.

The Financial Secretary of the Hong Kong SAR is accompanied by more than thirty delegates representing such areas as financial services, reinsurance, logistics, infrastructure and real estate, electronics and telecommunications, legal and arbitrage services, tourism and hotel business, including heads of Hong Kong SAR Chambers of Commerce and Industry.

Based on the reached agreements, the AIFC Authority signed Memorandums of Understanding with Hong Kong Securities Association and Hong Kong Trade Development Council.

In addition, the Hong Kong delegation visited the territory of the exhibition "Astana EXPO-2017" and was informed about the AIFC’s plans on the post-exhibition use of facilities.

Reference:

AIFC. In December 2015 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 post-Soviet region 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 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, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

The Financial Secretary is the title held by the Hong Kong government minister who is responsible for all economic and financial matters. The position is among the three most senior Principal Officials of the Government, second only to the Chief Secretary in the order of precedence (but not subordinate to the CS). Together with other secretaries, the Financial Secretary is accountable to the Legislative Council and the territory's Chief Executive (the Governor before the 1997 transfer of sovereignty) for his actions in supervising the formulation and implementation of financial and economic policies.