Astana to eventually become Central Asian financial hub - Nazarbayev
ASTANA. May 22 (Interfax) - The prospective financial center in Astana will be the backbone of Kazakhstan's financial infrastructure, Kazakh President Nursultan Nazarbayev has said.
"I think you already know that I have signed an order to establish the Astana international financial center. We will be hosting the EXPO Universal Exhibition in 2017, and the construction of its colossal facilities has begun by now. As soon as the exhibition is over, the facilities will be attached to the financial center; in fact, they are adjusted to that [goal]," he said at the Astana Economic Forum on Friday.
The president informed the audience of "profound negotiations with the Dubai Center", the legislation of which would set an example to the Astana financial center.
The Astana center will operate in accordance with economic laws, enjoy tax benefits and possess an independent financial court, the president said.
"We are sure that the Astana financial center will be the core of Kazakhstan's financial infrastructure and, at some point, the financial hub of the entire Central Asian region," Nazarbayev said.
"Almaty, which currently accommodates a majority of Kazakhstan's financial institutions, will remain a center for accumulation of financial services and mediation on a domestic scale," the president said.
