Baku, Azerbaijan, August 20
By Nargiz Sadikhova – Trend:
Government of Kazakhstan approved a draft amendment to the Astana International Financial Center Constitutional Law in order to further develop the country's financial platform, in particular the legal jurisdiction of the financial center, Trend reports with reference to the press office of prime minister of Kazakhstan.
This has been announced during the Government session chaired by the Prime Minister Askar Mamin.
Astana International Financial Center (AIFC) is one of the key components of the national investment reform and aims to accelerate the country's economic growth. AIFC plays an important role in providing business with foreign investment and access to capital. It has a special legal regime that takes into account the best practices of global financial institutions.
“The main concept of the investment tax residency program is to attract the capital of foreign private individuals to the country in exchange for the receipt by the investor and his family members of a multiple entry visa to the Republic of Kazakhstan,” the report said.
“In addition, the legislation provides that AIFC bodies will be entitled to adopt acts regulating labor relations and procurement procedures. New legislative initiatives help create an attractive investment climate and build investor confidence,” said the statement.
“The amendments to the Constitutional Law presented today will ensure the rapid establishment and development of the AIFC as the country's main financial platform and the use of its jurisdiction to attract and protect investments,” said Mamin, instructing to continue work on improving the AIFC activities.
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