Kairat Kelimbetov: "We consider ourselves to be 'gateway' in the Eurasian Economic Union"

The early parliamentary elections, which were attended by six of the seven registered parties, were held in Kazakhstan on 20 March. President Nazarbayev’s Nur Otan Party won a landslide victory with 82.15% of the votes. Two more parties were included in the parliament – Ak Zhol gained 7.18% and the Communist People's Party of Kazakhstan (CPPK) gained 7.14%. Thus, the main task of the authorities – to preserve stability in the country – was completed. The updated composition of the Legislative Assembly will reflect the balance inside the elite and contribute to solving problems of the modernization of economic and political system of Kazakhstan. The head of the 'Astana' International Financial Center, the former Vice-Prime Minister of Kazakhstan, Kairat Kelimbetov, told Vestnik Kavkaza about the country's future.

- There are processes of geoeconomic reformatting of markets and prices in the world. What reforms is Kazakhstan going to pursue to meet the challenges of the time?

- It is necessary to be prepared and resilient to these challenges. The President of Kazakhstan's actions to win the elections last year, the Nur Otan party's actions today show how to prepare for the structural reforms, which are discussed all over the world, but little work has been done. Kazakhstan has very clear programs '100 Steps' and 'Five Institutional Reforms'. Among other things, for example, I have been creating the international financial center 'Astana'. Recently, Kazakhstan's parliament passed a new constitutional law on the international financial center, where English law will be implemented for the first time in the post-Soviet space. An independent court will be created, which will be run by foreigners. A regulator will be created, a new exchange will be created. All in English. This is the prototype of the new civil service, which will be better prepared for the challenges that are coming soon. This is the prototype of a new program to diversify the economy of Kazakhstan.

- Will it attract investments?

- We hope that we will become a regional business hub for Central Asia in the extended sense. That is, not only for the countries that are traditionally included in Central Asia, but also for some parts of Russia, China and Iran. This is a fairly large geographic area.

- Will you compete with Moscow, Minsk, Baku?

- There are some great venues like London, Hong Kong, New York, which have already divided the world of financial services in their own way. But that does not mean the abolition of regional financial centers. Dubai, Moscow, Warsaw or Astana – a community of smaller, but no less relevant financial hubs, which will raise the level of financial services for our business. It is the most important thing. We need to attract inward investments, which sometimes leak to other countries, as well as to attract investments from abroad. In this sense, we consider ourselves as a 'gateway' in the Eurasian Economic Union. Moreover, despite all the sanctions, the Russian market remains very promising. There are huge investments, a huge economy, which everyone wants to enter, in front of us.

- But the sanctions regime may last for some time.

- Yes, but Kazakhstan is a good 'base'. We're trying to create benefits which will attract not only investors but also our EEU colleagues.

- The Kazakh Foreign Minister Yerlan Idrisov said recently that the republic has been forced to look for workarounds for the movement of goods, bypassing Russia due to sanctions against Turkey.

- Our leaders [Russian and Kazakh - VK] have agreed that we will integrate the two spaces – the EEU and China's initiative the 'Economic Belt of the Silk Road'. If you look at the economy's scale in this area and how many people live in this space, you will see that this is a promising project. The Russian market is huge and the Chinese market is also huge. China is now seeking a way out not only in the direction of the ocean, but also in Central Asia. And Kazakhstan is diversifying its routes. 80% of our traditional routes pass through Russia. We are developing the Caspian direction. The Iranian direction was opened after the lifting of sanctions against Tehran. If the situation in Pakistan and Afghanistan is improved, new and interesting directions will appear. All these routes will connect the world through economic and business communications, without geopolitical tensions. This is what we are planning, it's a lot of work for the collective consciousness. The EEU will be integrated in the European direction and in the Asian direction. This is a great interesting work. And the fact that the elections to the Parliament were successful and a new mandate of the people's trust to the announced reforms was obtained is a good sign.