International financial center in Astana to be special economic zone with unique preferences

"The economy of Kazakhstan has changes during the time we held talks on the WTO accession. First of all, it has become stronger and more transparent. The per capita GDP has increased 18 times and rose to the level of the countries of Central and Eastern Europe. The volume of foreign trade reached 120 billion US dollars. Over 90 percent of our external trade falls at the WTO member states. The geography of our relations expanded greatly. In the mid-90s Kazakhstan had trade relations with the post Soviet Union countries only, but now we trade with 185 world countries. The main economic partners of Kazakhstan are the members of the European Union and account for more than 54 percent of the external trade of Kazakhstan. Such countries as Russia, China, USA, Canada and other countries contribute to development of foreign trade of our country immensely," the President stressed.

He also noted that the structure of the economy had changed a lot over the recent 20 years. More than 54 percent of the GDP is endured by the service sector. Kazakhstan is rich in natural resources, but the structure of the economy has to be changed to reduce dependence on primary resources.

The President also emphasized that liberalization of financial services within the WTO would be held along with establishment of the international financial center in Astana, which was planned to be an analogue of the center in Dubai. It will be functioning in accordance with the British law and in the English language. It will be a free economic zone with special conditions.