Prime Minister of the Republic of Kazakhstan A. Mamin held a meeting on the development of the Astana International Financial Centre

Prime Minister of the Republic of Kazakhstan A. Mamin held a meeting on the development of the Astana International Financial Centre

Prime Minister of the Republic of Kazakhstan Askar Mamin held a working meeting on the further development of the Centre at the site of the Astana International Financial Centre.
During the meeting, issues of development of the financial market and infrastructure of the exchange market of the country, improvement of legislation regulating the work of the financial center were considered.
AIFC Governor Kelimbetov: “The financial centre adopted 42 common law acts (note - on the principles of English law), as well as 27 acts on the regulation of financial services, ensuring transparency and “compactness” of the legal framework. In addition, in order to improve the efficiency and promptness of resolving judicial and pre-trial disputes the Court of AIFC and the International Arbitration Centre have officially launched the eJustice filing system in February, which allows you to file a lawsuit in electronic format from anywhere in the world without the need for a physical presence in Nur-Sultan. There are currently 150 participants are registered in the AIFC, this figure is set to reach 250 by the end of the year.” 
First Deputy Prime Minister - Minister of Finance Smailov, Minister of Justice Beketayev, First Deputy Minister of Foreign Affairs Tleuberdi, First Deputy Minister of National Economy Dzhumabekov, Vice-Minister of Industry and Infrastructure Development of the Republic of Kazakhstan Kamaliev, as well as the Deputy Chairman of the National Bank Birtanov also took part in the discussion.
Following the meeting, the Prime Minister of the Republic of Kazakhstan, Askar Mamin, gave a number of specific instructions for the further development of the AIFC, which aims to become a regional financial centre.
“Our priority is the development of the AIFC, the government is creating all the necessary conditions for its development and successful work,” said Mamin.
The meeting addressed issues of increasing the inflow of foreign investments, opening new international air routes, introducing amendments to the legislation in the financial sphere.
Prime Minister of the Republic of Kazakhstan Mr. Askar Mamin also met with the Rt. Hon. The Lord Woolf CH, Chief Justice of the AIFC Court, Ms. Barbara Dohmann QC, Chairman of the International Arbitration Committee, and The Rt. Hon. Sir Jack Beatson FBA, Justice of the AIFC Court. 
During the meeting the AIFC Court Chief Justice explained in detail how the AIFC Court operates, what jurisdiction it has, and clarified its regulations and rules. He updated the Prime Minister on the AIFC Court activities and achievements for 2018 and shared the plans for 2019. The Chairman of the IAC explained how the alternative methods of dispute resolution work in the IAC and what benefits they bring for investors coming to Kazakhstan and Central Asia.  
The mutual cooperation of the AIFC Court and IAC with the Government of the Republic of Kazakhstan was also discussed at the meeting. 

 

Reference:

The Astana International Financial Centre (AIFC) was established by the initiative of the First President of Kazakhstan Nursultan Nazarbayev and operates as per the Constitutional Law “On the Astana International Financial Centre” dated December 2015. The AIFC aims at attracting investment into the Kazakh economy through the establishment of an attractive and business friendly environment for financial services and capital markets, including securities, insurance, banking and Islamic finance the Republic of Kazakhstan.

www.aifc.kz