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A Perspective from Kazakhstan
from Part V - International Commercial Courts and Global Governance
Published online by Cambridge University Press: 14 April 2022
The establishment of international financial centres has become a common strategy for rapidly modernising states. Such centres assist host states with attracting capital, generating income from taxes, contributing to the development of innovative economies and increasing the role of states in global governance. Overall, financial centres, and their systems of dispute resolution, can positively contribute to promoting foreign investment. The creation of the Astana International Financial Centre (AIFC) with its AIFC Court and International Arbitration Centre (IAC) is one recent example of an initiative to assist a rapidly developing frontier market, Kazakhstan, to become a more competitive economy regionally as well as globally. This chapter offers a perspective of what has been achieved in Kazakhstan with a view to assisting other frontier markets, including in Central Asia, to create their own international dispute resolution systems.
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