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Tuesday 08 Dec 2015 - 13:15 Makkah mean time-26-2-1437
Astana (IINA) – President of Kazakhstan Nursultan Nazarbayev has signed the Constitutional Law for the creation of International Financial Centre ‘Astana’ (IFCA).
The new law is aimed at the implementation of the Plan of the Nation (100 Specific Steps) to carry out the five institutional reforms. The law determines the status and parameters of operating the Astana International Financial Centre, the press service of Akorda reported.
President Nazarbayev made the announcement of establishing the Centre, to be built on the premises of the EXPO 2017, at the Astana Economic Forum (AEF) on May 22.
“We have held talks with representatives of the Dubai [International Financial] Centre and agreed that their experience will be completely transferred to Kazakhstan. Thus, our focus will be based on [introducing] the principles of English law, a preferential tax regime and an independent financial court.”
“We are confident that the Astana Financial Centre will be the core of the financial infrastructure in Kazakhstan, and in the future [will turn into] a financial hub of the whole Central Asian region,” he added.
The president's announcement, especially with regard to the IFCA use of English law and being independent in terms of its judiciary, drew praise from other panelists.
YE/IINA
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