Azerbaijani entrepreneurs get to know AIFC
BAKU. KAZINFORM - With the support from the Embassy of Kazakhstan in Azerbaijan, the capabilities of the Astana International Financial Centre have been presented today in Baku, Kazinform correspondent reports.
During the event, the attendees discussed new opportunities for business development and growth.
In his speech, the Ambassador of Kazakhstan to Azerbaijan, Beibit Issabayev, underscored that the idea of creating AIFC belongs personally to President of Kazakhstan Nursultan Nazarbayev. For the first time in the post-Soviet space, the principles of English law and standards have been introduced. AIFC uses the best practices of the world's top financial centers. AIFC participants are granted tax benefits in the form of the exemption from corporate and individual income taxes until 2065.
"The biggest international development institutions, management companies, investment banks, financial associations, Islamic financial institutions are interested in participating in the AIFC. In early November, trading was launched on the AIFC Exchange (Astana International Exchange, AIX), whose strategic partners are NASDAQ, the Shanghai Stock Exchange, and The Goldman Sachs. The leader in the world uranium industry, Kazatomprom JSC, was the first to launch an initial public offering (IPO)," said the Ambassador.
Aidar Kazybayev, AIFC Authority Managing Director, highlighted that there are many opportunities for business development in Azerbaijan. He said that in view of the volatility in the global crude oil market, the country is in search for other investment sources.
"Therefore, we want to offer you the AIFC platform so that Azerbaijan's major investment companies could become AIFC participants and open their offices. We, in turn, will also assist them in introducing new tools for the development of the stock market, green finance, and Islamic finance. For that reason, we believe that Azerbaijani businesses have now a very good opportunity to move over to an entirely new phase. Besides, today we are showing that we can propose the platform of the international arbitration center for resolving disputes," Aidar Kazybayev emphasized.
He also highlighted huge potential of the country's stock market. "Azerbaijan plans to IPO its major companies the next two to three years. We also want to offer the AIFC Exchange platform, or interact with the local stock exchange - register their brokers on our stock exchange to help stock market in Azerbaijan develop".
Mr. Kazybayev added that "now our task is to show the AIFC's opportunities and advantages for Azerbaijani companies so that their projects could be implemented through our platform. There are many projects in Azerbaijan. This includes transit potential projects.".