From Mutual Capital Market Access to Cross-Border Investment: AIFC Advances Financial Cooperation Between Kazakhstan and Georgia
The Astana International Financial Centre (AIFC), National Bank of Georgia, GFTN and ITS with the support of the Embassy of the Republic of Kazakhstan to Georgia hosted AIFC Connect: Tbilisi 2026 as part of the Tbilisi Finance Summit 2026. The event provided a platform for strengthening financial cooperation between Kazakhstan and Georgia, expanding cross-border access to capital markets, and exploring new opportunities for investors and financial market participants in both countries.
The event brought together a broad range of representatives from the financial sectors of Kazakhstan and Georgia, including regulators, banks, investment firms, stock exchanges, financial institutions, and technology and consulting companies.
The business programme commenced with opening remarks from Talgat Aduov, Ambassador of the Republic of Kazakhstan to Georgia; Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia, and Bakhtiyar Tleubekov, Chairman of the Management Board of the AIFC Authority.
Discussions addressed economic trends and capital market developments in Kazakhstan and Georgia, the opportunities available through the AIFC ecosystem, and practical approaches to strengthening connections between the two countries’ financial markets.
“Kazakhstan and Georgia enjoy longstanding relations rooted in friendship, mutual trust and respect. As strategic partners, we are committed to strengthening economic ties and see considerable potential for closer financial cooperation, increased cross-border investment and new opportunities for businesses and investors in both countries”, said Talgat Aduov, Ambassador of the Republic of Kazakhstan to Georgia.
The programme also featured an overview of Georgia’s economic trends and capital market outlook by Irakli Gabriadze, Head of the Economic Development Corporation of Georgia. Bakhtiyar Tleubekov, Chairman of the Management Board of the AIFC Authority, introduced the AIFC ecosystem and highlighted its key advantages for investors and businesses.
“Kazakhstan and Georgia have strong potential to deepen financial market integration and unlock new avenues for investment cooperation. The Trans-Caspian International Transport Route brings an additional dimension to this partnership, strengthening connectivity between Asia and Europe while creating new opportunities for trade and infrastructure investment.
Our priority is to turn this potential into tangible outcomes by strengthening cooperation between financial institutions, expanding access to each other’s capital markets, and facilitating cross-border investment. The AIFC is well positioned to contribute to these efforts through its internationally recognised legal and regulatory framework and capital market infrastructure,” said Bakhtiyar Tleubekov.
“I am pleased to welcome the Astana International Financial Centre as part of the Tbilisi Financial Summit. Strengthening cooperation between the National Bank of Georgia and the Astana Financial Services Authority aims to deepen financial cooperation between the two countries and facilitate mutual access to capital markets. We believe that this cooperation will help expand opportunities for financial institutions to operate in new markets, attract investment, develop cross-border financial services, and further strengthen economic ties between Georgia and Kazakhstan”, said Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia.
Birzhan Astayev, Chief Markets and Products Officer of the Astana International Exchange (AIX), outlined opportunities within Kazakhstan’s capital market.
A central focus of AIFC Connect: Tbilisi 2026 was the Mutual Access and Recognition Project, an initiative aimed at establishing practical mechanisms to facilitate mutual market access for financial institutions and other market participants operating in the AIFC and Georgia. The project was presented by Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia, and Evgeniya Bogdanova, Chief Executive Officer of the Astana Financial Services Authority (AFSA).
The initiative builds on agreements reached during Astana Finance Days in September 2026. On 9 September 2026, AFSA and the National Bank of Georgia signed a Memorandum of Understanding on mutual access and recognition in financial services, laying the groundwork for closer regulatory cooperation and improved access between the financial markets of the AIFC and Georgia, particularly in capital markets and asset management.
Under the Memorandum, the parties intend to work together to develop practical market access mechanisms, taking into account the respective legislative and regulatory requirements of both jurisdictions. The agreement also provides a framework for strengthening supervisory cooperation and facilitating information exchange between the two regulators.
“The signing of the Memorandum between AFSA and the National Bank of Georgia marked an important milestone in strengthening regulatory cooperation between our jurisdictions. Our shared priority now is to translate these commitments into practical measures. We are working to establish mutual access and recognition mechanisms that will expand opportunities for financial institutions, facilitate entry into new markets, and support the development of cross-border financial services in capital markets and asset management. Equally important is ensuring effective cooperation between regulators and upholding high standards of investor protection,” said Evgeniya Bogdanova, Chief Executive Officer of AFSA.
The panel discussion, “Connecting Markets: Cross-Border Business, Infrastructure and Investment,” brought together representatives of leading financial and investment institutions to discuss practical opportunities for deeper market connectivity, cross-border business and investment. Moderated by Mikheil Nibladze, Managing Director at Cerberus Capital Management, the discussion featured Saken Olzhabayev, Managing Director at JSC National Investment Holding Baiterek; Nikoloz Geguchadze, General Director of Halyk Bank Georgia; Alexander Diakovsky, Managing Director of ITS; Otar Sharikadze, Director of TBC Capital; and Giorgi Kuprashvili, CEO of Galt & Taggart. The speakers examined investment opportunities, the development of capital market and financial infrastructure, and ways to facilitate cross-border transactions and business cooperation between the two markets.
Economic and investment relations between Kazakhstan and Georgia continue to strengthen. In 2025, bilateral trade reached USD 184.5 million, while trade turnover in January – April 2026 amounted to USD 53 million. Kazakhstan has invested more than USD 500 million in the Georgian economy, while over 600 companies with Georgian participation currently operate in Kazakhstan.
The AIFC also serves as a platform for Georgian businesses seeking to develop their presence in Kazakhstan and access international financial services. 20 companies from Georgia are registered in the AIFC, representing sectors including finance and insurance, information and communications, manufacturing, agriculture, forestry, and related industries.
The expansion of financial cooperation forms part of a broader strategic partnership between Kazakhstan and Georgia, encompassing transport, logistics, and infrastructure development. A key area of this partnership is the Trans-Caspian International Transport Route, also known as the Middle Corridor, which connects Asia and Europe.
As important participants in the route, Kazakhstan and Georgia are working to enhance transport and logistics infrastructure, expand container transportation, improve tariff coordination, and advance digitalisation along the corridor. These efforts are creating additional opportunities for investment and financing in infrastructure and related sectors.
A practical example of this cooperation is Middle Corridor Multimodal Ltd., a company registered in the AIFC and established by the railway companies of Kazakhstan, Georgia, Azerbaijan and China. The company is focused on developing a coordinated multimodal transportation model along the Middle Corridor, integrating its railway and maritime sections and improving the overall efficiency of transit operations.
The event concluded with business networking and a series of B2B meetings, providing participants with opportunities to establish new professional connections, explore prospects for cross-border investment, and discuss the implementation of joint initiatives aimed at deepening financial and economic cooperation between Kazakhstan and Georgia.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law.
Since its launch, more than USD 28 billion in investment has been attracted to Kazakhstan’s economy through the AIFC platform. More than 6 800 companies from over 90 countries are registered in the AIFC.
The AIFC has its own legal and regulatory infrastructure based on the principles of English common law. The Astana Financial Services Authority (AFSA) regulates and supervises financial and market activities, while the Astana International Exchange (AIX) provides infrastructure for capital raising, listing, and securities trading. The independent AIFC Court and International Arbitration Centre (IAC) provide legal protection and commercial dispute resolution. aifc.kz
AIFC Connect is an exclusive business meeting format that brings together experts and senior executives from the financial and industrial sectors to explore AIFC initiatives, gain insights into Kazakhstan’s investment opportunities, and discover new prospects for doing business in the country. Previous AIFC Connect events have taken place in major international financial and business hubs, including Singapore, London, Dubai, Abu Dhabi, Seoul, Hong Kong, and Beijing.
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