The 5th Astana Finance Days conference, dedicated to the topics of sustainable development, social responsibility, and growth, is taking place on the site of the Astana International Financial Centre on June 27-29. The second day of the AFD is devoted to reviving the global economy in the aftermath of the COVID-19 epidemic in the face of a changing geopolitical scenario. A number of conference sessions focused on New Kazakhstan’s socioeconomic development and investment growth.
Yerulan Zhamaubayev, Deputy Prime Minister and Minister of Finance, spoke at the “New Kazakhstan and Macroeconomic Forecast” part of the Capital Markets Forum. In his judgement, despite geopolitical dangers and rising inflation, the Kazakh economy is growing rapidly.
“GDP growth in the first five months of this year was 4.6%. There is a consistent dynamic in the economy’s real sector, as well as an acceleration of growth in the service sector and an increase in exports. Fixed-asset investments grew by 2.5%. State budget revenues were executed by 107%. A safety cushion has been accumulated in the form of gold and foreign exchange reserves, as well as the National Fund, with total assets of 87 billion USD,” stated Zhamaubayev.
“The most important thing is that we have a clear idea of how to act, previous crisis experience reveals. The consistency of the actions of the government, businesses, and financial institutions,” says the Minister of Finance.
The economic policy of New Kazakhstan is being created on behalf of the Head of State in order to promote sustained economic development and increase the welfare of the population. Its primary areas of focus include minimising the government’s direct intervention in the economy, diversifying and modernising industries, strengthening financial stability, growing human capital, innovation, and others.
Minister of National Economy Alibek Kuantirov expressed optimism about the country’s economic progress in 2022. Despite March changes to GDP growth predictions ranging from 1.8% to 2.9%, the MNE predicts 3.4% economic growth.
“This will be a time of opportunities. We expect more sustainable growth this year,” Alibek Kuantyrov stated.
Almasadam Satkaliyev, Chairman of the Board of Samruk-Kazyna NWF JSC, informed forum attendees on the preparations for privatisation of domestic firms. Their number has been expanded from 105 to 150, and a list has been given to the government. A number of Kazakh enterprises that have demonstrated a high level of preparation for IPOs are on standby. The geopolitical environment, for example, renders the placement of AirAstana shares ineffective, while QazaqAir is still negotiating with important market players. This year, JSC NC KazMunayGas shares will be listed on the AIX and KASE exchanges for the first time. For this, Samruk-Kazyna and KMG attracted top Kazakh investment banks. The fund intends to make the IPO open to all Kazakhstan citiizens and to reach as many retail and institutional investors as possible.
The speakers at the FinTech Forum “New Kazakhstan in the 4IR Era” gave their perspectives on worldwide trends in new technology, as well as the problems and ways to adopting Fourth Industrial Revolution tools in Kazakhstan.
Hussein Ozhan, Kazakhstan’s head of the European Bank for Reconstruction and Development, believes that the gains of the industrial revolution must be exploited to diversify the economy, foster innovation, and eliminate social injustice. These topics are covered by the EBRD’s five-year Kazakhstan strategy.
The World Economic Forum's Affiliated Center 4PR has been operating at the AIFC site since 2021. There are just fourteen such facilities in the world, with Kazakhstan being the first in the EAEU. Kazakhstan has acquired access to a global network of regulators, companies, and experts in numerous technology disciplines by joining the global network of 4PR centres: artificial intelligence, blockchain, data policy, and so on. The use of new technology will contribute to the diversification of the Kazakh economy, which is a major strategic aim for New Kazakhstan.
AIFC Governor Kairat Kelimbetov emphasised that the country is looking for innovative technology solutions all over the world. The largest stock exchange, NASDAQ, is currently deploying cloud technologies, and the financial centre has been selected as a partner to develop a marketplace.
Meyer Sandy Frucher, Vice Chairman of NASDAQ Inc., discussed collaboration with the Astana International Financial Centre in the fields of modern technologies and trade.
“Through this collaboration, the AIFC is changing Kazakhstan’s perception in the eyes of the entire globe,” he said.
