Nur-Sultan city - Leader among Central Asia and Eastern Europe Financial Centers

Nur-Sultan city became a leader among the financial centers in Eastern Europe and Central Asia.

This year, the capital of Kazakhstan ranked 51st in the index of world financial centers.

The volume of investments in the economy of the capital over the past year amounted to more than one trillion tenge, which is almost 12 percent higher than last year’s figures.

Nur-Sultan plays an important role in the development of the national economy.

At the end of last year, 9.8 per cent of the gross domestic product came from the capital and 9.5 per cent of the fixed capital investments into the country were allocated to the city.

The volume of the city’s GRP in 2018 reached 5.8 trillion tenge.

“This index has been calculated for several years. We were in 88th place. According to the results of 2019, Nur-Sultan took 51st place, which is the best place among the countries of Central Asia and Eastern Europe,” said leading scientific employee of the Institute for Economic Research, Madiyar Kenzhebulat.

The improvement in the position of the rating was due to the implementation of innovative projects and attracting investors.

393 projects, worth about two trillion tenge, were launched in the special economic zone. 71 projects, worth 143 billion tenge of investments, are being implemented in the Industrial Park No.1.

Last year, US$964 million of investments were attracted from international investors to implement projects and develop infrastructure.

The fixed capital investment in the city is recorded at about 189 billion tenge for the first five months of this year.

In Kazakhstan, indicators such as investments in fixed assets grow every year. In 2019, the foreign direct investment increased by half compared to 2018.

Kenzhebulat believes that there are several factors, such as the opening of AIFC Exchange and a court which uses the English law played a major role in helping Nur-Sultan to improve its position in the index of the global financial centers.

Nur-Sultan plans to join the top 10 cities in the world by 2050.

Within the framework of the capital development concept, such priority areas as the development of business services, the introduction of green economy principles and the implementation of the Smart City project and others have been identified.