Summary of the session ” Review of theAIFC research projects “

The session “Review of the AIFC research projects” was held during the Astana Finance Days conference. The session participants stressed that the Astana International Financial Center (AIFC) helps to develop effective recommendations and propose new solutions as part of the core activities of the financial center. 

As part of the discussions, experts of the center and partners presented several current challenges. Particularly, professor at Harvard University Ricardo Hausmann presented work on economic growth diagnostics and answered questions: What will enable countries to speed up economic growth? How to achieve economic diversification? How can Kazakhstan join international value chains? 

The session also presented the activities and plans of the China-Russia Eurasian Studies Center (CREC), a joint initiative of SKOLKOVO Business School, Hong Kong University of Science and Technology, Hong Kong University of Science and Technology in Guangzhou, and the Russian School of Economics. More recently, CREC has cooperated with AIFC and opened a representative office at the Center. CREC aims to become a leading research and education platform in the region. The support of AIFC will allow CREC to expand cooperation between countries and contribute to the development of science on the Eurasian continent. 

CREC announced the launch of a mentorship program for public, private, and academic representatives in research and science. The program will provide opportunities for participants from Eurasia, Central Asia, and the Caucasus to work with leading international economic experts to develop their research projects and to work on writing articles for further publication.

The session also announced the launch of an online investment project platform that focuses on assessing Silk Road Economic Belt investment projects seeking to raise finance. The project aims to increase efficiency in the search for investment opportunities by investors and the attraction of financing by project initiators.

Reference:

The Astana International Financial Centre (AIFC) was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. The Management council of the AIFC during the council’s meeting on July 2, 2020 approved the Centre’s development strategy until 2025. In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.

The mission of the AIFC is in assisting the sustainable and long term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.” The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre.” For more information about the AIFC, follow the link www.aifc.kz