The Prime Minister of Kazakhstan

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Bakytzhan Sagintayev participates in IX meeting of the International Forum of Sovereign Wealth Funds

05 September 2017, 09:30

The International Forum of Sovereign Wealth Funds (IFSWF) began its work in Astana. Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev took part in the opening ceremony of the IX annual meeting of IFSWF.

Welcoming the participants of the event, Bakytzhan Sagintayev noted the importance of the IFSWF forum, which is held in the Central Asian region for the first time.

"This is a great honor and a great responsibility for us. The Government of Kazakhstan is confident that our meeting will consider in detail the most urgent agenda for sovereign funds and develop an action plan that will meet new challenges and tasks," the Prime Minister of Kazakhstan said.

According to Bakytzhan Sagintayev, fundamental changes have taken place in financial markets over the past few years.

"We see widespread introduction of digital innovations. Technological progress opens up new opportunities for investment. At the same time, the new world economic reality puts forward new threats. The slowdown in global growth and volatility in the stock markets make us look for new solutions to ensure investment returns, review our management strategies, introduce new mechanisms and performance criteria," the Prime Minister stressed.

Bakytzhan Sagintayev called for joint efforts to build orchestrated actions.

"I am sure that only this way we will be able to give a symmetrical answer to the new economic reality," the Prime Minister said.

At the same time, he stressed that Kazakhstan is ready to share its experience.

"Kazakhstan made a great progress during the years of independence. This became possible due to the flexible and consistent implementation of the best world practices taking into account our realities," said Bakytzhan Sagintayev.

Speaking about attractive investment incentives provided by Kazakhstan to its investors, Bakytzhan Sagintayev identified priority sectors for investment. These are machine building, AIC, transport and logistics, oil chemistry, advanced technologies, tourism, and a number of other spheres.

Also, the Prime Minister of Kazakhstan stressed the deep commitment of the Government of Kazakhstan to an open dialogue with the international investment community.

"Our policy was highly appreciated by the international community. So, in the rating of favorable conditions for doing business of the World Bank, Kazakhstan took the first place in the region and 35th in the world. We welcome investors and strategic partners, and invite them to further exchange of experience and mutually beneficial cooperation. I hope that we all will have fruitful work on the way to defining new markets and horizons," said Bakytzhan Sagintayev.

The opening ceremony of the 9th annual meeting of IFSWF was attended by Umirzak Shukeyev, Chairman of the Board of Samruk-Kazyna JSC. In his welcoming speech, he told the guests about the incredible history of Kazakhstan's cultural unity and economic breakthrough.

"Now we are entering the accelerated digitalization phase, introducing new technological achievements in our national companies and developing digital economies. Therefore, the theme of this year's annual meeting - "Studying new horizons of markets" - fully defines these opportunities and aspirations," Umirzak Shukeyev emphasized.

He noted that the first part of the agenda of the meeting is devoted to the exchange of knowledge about new markets and investments. The second part of the agenda will look at Kazakhstan through the prism of "Samruk-Kazyna".