Astana has been awarded the status of the financial centre of the Turkic world

During the 10th Summit of the Organisation of Turkic States (OTS), President of Kazakhstan, Kassym-Jomart Tokayev, announced that the OTS member countries had supported the initiative to designate Astana as the financial centre of the Turkic world.

When discussing Kazakhstan’s chairmanship in the OTS, the head of state emphasised the importance of expanding interregional trade and investment in the economy. “The Turkic Investment Fund has a unique role in this endeavor. To improve economic relations, it is necessary to establish a market for “green” finance. As you are aware, Kazakhstan has proposed the creation of a Council of Turkic Green Finance. Moreover, the proposal to grant Astana the status of the financial center of the Turkic world was supported by all parties,” he stated.

This status will be effective throughout 2024. The decision to grant this status was made based on the “Regulations on granting certain statuses to cities of the Turkic world” which were approved during the Istanbul Summit in 2021. This document establishes specific criteria for cities in OTS member states to receive this status. Among these criteria is that the candidate city should be a political, commercial, scientific and cultural centre of the Turkic world and should have played a significant role in the development of the Turkic civilization throughout history.

Astana, historically located near the medieval settlement of Bozok, has a rich heritage as a trading and craftsmanship hub from the 8th to the 16th century and had been a crucial point along the Great Silk Road route.

Furthermore, Astana was the first to propose the Belt and Road project, aimed at developing infrastructure and financing international transportation corridors. Several infrastructure projects, such as the Middle Corridor – Caspian Integrated Maritime Solutions and KPMC, are based in the Astana International Financial Centre (AIFC).

The AIFC Green Finance Centre (GFC) functions as the regional office of the Green Investment Principles for the Belt and Road Initiative in Central Asia. The GFC actively promotes sustainable finance in the region and has supported the issuance of green and social bonds in Kyrgyzstan.

Astana has earned its reputation as one of the leading financial centres in Eastern Europe and Central Asia, as recognized by the Global Financial Centres Index. The AIFC, functioning as a financial hub, plays a pivotal role in attracting investors and supporting businesses, offering a conducive environment for company growth not only in Central Asia but also beyond. Additionally, The Astana Financial Services Authority has established several agreements and memorandums with financial regulators from OTS member countries, including Turkey and Kyrgyzstan, to facilitate information exchange and the supervision and regulation of these organisations’ activities.

Designating Astana as the financial centre of the Turkic world will enhance the city’s standing as a vital economic and financial hub in the region, providing a platform to highlight the country’s immense potential and attractive investment opportunities.

Reference:

Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and developed infrastructure for starting and doing business, attracting investments, creating jobs, and developing Kazakhstan’s economy. https://aifc.kz