Astana Finance Days (AFD), organized by the Astana International Financial Centre (AIFC), continues with a series of discussions on topics including investment potential, financial institutions’ roles, data protection, artificial intelligence (AI) in business, the creation of a voluntary carbon market in Kazakhstan, capital markets, financial technologies, and Islamic financial solutions for both corporate and retail sectors.
Investment opportunities and insights
The session Unlocking Investment Potential: The Role of Financial Institutions in Kazakhstan and the Region explored the region’s investment opportunities and strategies.
Timur Suleimenov, Chairman of the National Bank of Kazakhstan, spoke about attracting investments while safeguarding reserves for future generations. He emphasized the importance of the AIFC as a key investment mechanism.
“In Kazakhstan, access to trade and investment is crucial. As a World Trade Organization member, we cannot isolate ourselves from incoming goods, so currency fluctuations will affect us. We must continuously focus on investments and their importance,” said Suleimenov.
He also addressed the challenges of maintaining the tenge’s value, noting that Kazakhstan has had a free-floating exchange rate since 2015. Recent National Bank interventions were made in response to geopolitical issues and supply chain disruptions, aiming to convert reserves rather than interfere in the market.
Kanat Sharlapaev, Minister of Industry and Construction highlighted the need to address infrastructure challenges despite impressive growth in the construction sector. He called for a reassessment of infrastructure foundations to support sustainable development.
George Grunebaum, Global Head of Distribution at Ashmore, explained why the firm invests in Kazakhstan.
“I specialize in emerging markets, assessing a country’s economic fundamentals. We examine growth, inflation targeting, structural reforms, stability, and transparency. Kazakhstan has made notable progress in these areas, which is why we have invested here on the exchanges for an extended period,” he said.
Renat Bekturov, Managing Director of the AIFC, detailed the center’s efforts to reduce investment risks and transaction costs. By adopting common law practices familiar to companies from the United Kingdom, the Middle East, and Asia, the AIFC aims to enhance transaction efficiency and investment stability.
Bekturov emphasized the goal of creating a direct capital market without intermediaries, increasing asset liquidity and trade.
“We need to attract foreign managers and develop success stories to become more prominent in the global capital market. Our focus will be on private and venture capital,” he said.