Address by the Head of State at the closing session of the State Emergency Commission on 11 May 2020
© Image: Akorda 11 May 2020, 13:27
Kasym-Jomart Tokayev noted that a number of issues needed to be resolved in the near future. The President has mentioned solutions for main sectors of economy and particularly highlighted the important role of the Astana International Financial Centre.
"In the face of increased competition for foreign capital, it is necessary to work directly with each capital holder.
Individual measures of support for each investor are to be developed, based on the priority and potential impact on the economy.
As part of this important work, the Government should ensure the stability of all investment legislation for strategic investors in priority sectors.
The potentiality of the Astana International Financial Centre needs to be enhanced to attract investment and develop the stock market.
This is particularly important in the light of the forthcoming privatization of State assets.
Kazakh entrepreneurs should also have access to the benefits of English law and AIFC arbitration in solving business disputes.
Work should begin on the phased transfer of selected national-owned companies from foreign jurisdictions to the AIFC.
We cannot gain the confidence of foreign investors if our own companies choose foreign jurisdictions.
The Government, the Ministry of Foreign Affairs and foreign missions should strengthen the promotion of the AIFC investment tax residency programme.
The administration of the Centre is working on a new Strategy until 2025.
In the current difficult circumstances, the confidence of investors and business to the national currency and monetary policy is of key importance.
In this regard, it is essential to reduce speculative attacks on the national currency. This is the task of the National Bank and the Financial Market Regulatory Agency."