International Experience in Economic Growth: Mechanisms and Instruments for Astana International Financial Centre Development

The Astana International Financial Center has begun functioning in the framework of implementation of Presidential instruction, outlined in the strategic document “Nation`s Plan – 100 concrete steps to implement five institutional reforms”.
Creation of the AIFC is one of the key conditions for further economic development of the Republic of Kazakhstan. Development of such strategic directions of the AIFC as capital market, asset management and Islamic finance will significantly revitalize the country`s financial sector, develop the securities market, ensure its integration with international capital markets, attract foreign investments into the country, thus give significant impetus to the economic diversification and positively affect both economic and social factors of country`s development.
The Constitutional Law “On “Astana” International Financial Center”, which was adopted for the legislative support of this initiative, ensures favorable and attractive environment for activities of AIFC with due regard for best world practices related to tax preferences, simplified currency, visa, and labor regulations.
The AIFC will be distinguished by specific legal system applicable in operations of AIFC Financial Court and International Court of Arbitration. The system will be based on common law principles that will ensure fairness and enhance confidence of foreign investors in Kazakhstan.
Key issues to be discussed at the session:
• Presentation of the AIFC opportunities and promoting domestic and foreign investments inflow in the AIFC 
• Problems and perspectives of the AIFC development
• Application of successful experience in creation and development of foreign international financial centers
• Creating a dialogue platform to achieve concrete agreements related to implementation of projects aimed at development of the AIFC main directions