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Financing Economic Diversification of Kazakhstan: Prospects and Challenges

Speakers include:

His Excellency Karim Massimov

Prime Minister

Kairat Kelimbetov

Astana International Finance Centre

Rakhim Oshakbayev

Republic of Kazakhstan


Kazakhstan has ambitions to become one of the top 30 More Economically Developed Countries by the year 2050. With the fall in the price of oil and the devaluation of the Tenge, the country has huge plans for privatisation, a ‘100 steps’ programme of state reform and a shift away from the natural resource sector designed to diversify the economy.

This video webcast, hosted by the Financial Times in association with the AIFC, features an interview with the Prime Minister of Kazakhstan and a discussion with leading public officials, business executives and investors about Kazakhstan's status and prospects. Topics addressed include the challenges of low oil prices, plans for economic and policy reform, and opportunities for investment.


Presented in association with (1)

AIFC - your financial gateway to Central Asia.

The AIFC will attract foreign investment, open up the Central Asian Financial Sector and make it easier for insurance companies and Islamic finance institutions to do business. It will attract world leaders in financial services, which in turn will promote best practices in Kazakhstan.

AIFC will use the innovative infrastructure already built for EXPO-2017, and will be officially launched following the EXPO. AIFC will feature a financial court with international judges and a legal framework based on the principles of English law. English will also be used in official documentation and court proceedings. This will reassure investors and promote transparency and best practices.

Speakers (6)

His Excellency Karim Massimov

Prime Minister

Karim Massimov is Prime Minister of the Republic of Kazakhstan, a position he has held since April 2014.  He has previously served as Prime Minister from 2007 to 2012, as Deputy Prime Minister between 2006 and 2007 and as Minister of Transport and Communications. From September 2012 Prime Minister Masimov was Head of the Presidential Administration of Kazakhstan.   In the past he served as Chairman of the Board of Almaty Trade and Finance Bank and Chairman of the Board of the People’s Savings Bank.  He worked as Chief Economist and Head of Department at the Ministry of Labour, was a senior specialist of the representation office of the Ministry of External Economic Ties in Urumqi (China) and Managing Director of the Kazakh Trading House in Hong Kong.  Prime Minister Massimov graduated from the Beijing Language Institute, Wuhan University School of Law (China) and, Kazakh State Academy of Management.  He completed an internship at Columbia University and is a Doctor of Economics.

Kairat Kelimbetov

Astana International Finance Centre

Kairat Kelimbetov has served as Governor of the National Bank of Kazakhstan from October 2013 till November 2015. He was appointed as the Governor of the National Bank of Kazakhstan in October 2013 by decree of the President of Republic of Kazakhstan. He served as a Vice-Prime Minister of Kazakhstan from January 2012 till October 2013. In April 2011 he was appointed Minister of Economic Development and Trade of Kazakhstan.

He also served as the Minister of Economy and Budget Planning in the Government of Kazakhstan. From October 2008 till April 2011 he was Chairman of the board of SamrukKazyna National Welfare Fund JSC. From January till October 2008 he was Head of the Presidential Administration of Kazakhstan. From 2006 till 2008 he was Chairman of the board of Kazyna Sustainable Development Fund JSC. In July 2005 Mr Kelimbetov announced that Kazakhstan's GDP grew by 9.1% in the last year. In 2005, he was awarded the Kurmet order. From 2002 till 2006 he was Minister of Economy and Budget Planning of Kazakhstan. From 2001 till 2002 he was First Vice Minister of Finance of Kazakhstan. From 1999 till 2001 he was Chairman of the Kazakh Agency on Strategic Planning. In 1998 he was head of the department on social and economic analysis of the Presidential Administration of Kazakhstan. In 1997 he was deputy director, director of the department of the Kazakh State Agency on Strategic Planning. In 1996 he was senior expert of the Supreme Economic Council under the President of the Republic of Kazakhstan.

He is a graduate of Georgetown University's, Edmund A. Walsh School of Foreign Service (Pew Economic Freedom Fellows Program,1999), the Kazakh State Academy of Economics (management, 1996), and Lomonosov Moscow State University (Mathematics, 1993). He started his carrier in 1993 as a postgraduate, assistant in the Kazakh State University named after Al-Farabi. Mr Kelimbetov is on the Board of directors Samruk-Kazyna and controls all significant dealings of the portfolio companies, including KazatomProm. He is a member of Bureau of the Political Council of NurOtan People's Democratic Party. He is an author of a number of scientific publications.

Rakhim Oshakbayev

Vice-Minister for Investments and Development
Republic of Kazakhstan

Rakhim Oshakbayev was appointed Vice-Minister for Investments and Development of the Republic of Kazakhstan in August 2015. From 2013 to 2015 he was Deputy Chairman of the Atameken National Chamber of Entrepreneurs of Kazakhstan, in charge of issues related to integration, customs and technical regulation, agribusiness, food industry, new technologies and green economy. From 2012 to 2013 he was First Deputy Chairman of the National Economic Chamber of Kazakhstan Atameken Union. Specifically, he was in charge of agribusiness, sectorial government programs, taxation, and public relations. He is an author of Atameken Startup, a national program for the development of youth entrepreneurship. From May 2011 he was Managing Director of SWF Samruk-Kazyna JSC. Previously, he had headed the Information/Analytics Department of the Fund. From 2009 to 2011 he was Director General of the Analytical Сenter of Economic Policy in the Agro-Industrial Complex under the Ministry of Agriculture of the Republic of Kazakhstan. In October 2003, he became the Project Manager for Leasing Development in Kazakhstan in International Finance Corporation under the World Bank (IFC). In 2001, he started his career in financial leasing company KazAgroFinance. In July 2002, he was elected Chairman of the Board. Prior to that, he had worked as Chief Accountant, Managing Director and Vice-Chairman of the Board for Credit and Leasing activity. In 1999, he graduated from the economic department of MV at Lomonossov Moscow State University. In 1999-2000, he served military obligations in the Armed Forces of the Republic of Kazakhstan.

Agris Preimanis

Associate Director, Regional Lead Economist

Agris Preimanis is an Associate Director, Regional Lead Economist at the EBRD. He is heading EBRD’s economic and policy engagements in Central Asia, engaging with governments, regulators and private sector on formulating economic policies, strategies and structural reforms. He is overseeing the analysis of macroeconomic environment and reforms in this region. He also maintains a broader role in the venture capital and private equity sector across the EBRD region. Previously, Mr Preimanis held a position of Senior Economist for financial, VC and PE sectors. Before EBRD, for 10 years he held a position at Oxera, a UK-based advisory firm, advising financial services firms and regulators in the UK, Europe and US. He holds a DPhil in Financial Economics from University of Oxford, MSc in Finance from Birkbeck College and BSc in Economics and Business Administration from Stockholm School of Economics in Riga.

Magzhan Auezov

Chief Executive Officer
KKB Bank

Magzhan Auezov has been the Chief Executive Officer of JSC Kazkommertsbank since March 2015. Prior to that Mr Auezov was a Managing Director in charge of integration of Kazkommertsbank and BTA Bank. He was a member of the management board since 2002. From 1998 to 2002 he worked at ABN AMRO Bank, and as Country Head of Loan Products for Kazakhstan. He is a member of the Board of Directors of Center for International Programs at the Ministry of Education of the Republic of Kazakhstan. He is an honorary member of the Association of Kazakhstan President's Bolashak International Scholarship Fellows and founder and member of the Board of Trustees of charity foundation KusZholy. He was educated at Columbia University (New York, Graduate School of International and Public Affairs, MIA International Finance and Banking), Georgetown University (Washington D.C., Edmund A. Walsh School of Foreign Service, BSFS International Economic

Development) and Al Farabi Kazakh State University (Almaty, diploma, International Relations). Mr Auezov has completed ABN AMRO Banking Academy in Amsterdam and an Executive Development Program at the Wharton Business School, University of Pennsylvania. He has been rewarded the ErenEnbegiUshin medal (For Excellence in Work), the order of the Association of Financiers of Kazakhstan “Distinguished Financier", the medal "For Special Contribution to Development of Kuzbass Region, 3rd Degree" and the anniversary medals - "Astana's 10th Anniversary", "20th Anniversary of Tenge", "20th Anniversary of the Constitution of Kazakhstan".

Bernard Peille

Managing Director

Bernard Peille has been Managing Director at Alstom since July 2015. He has also been General Director at Electrovoz Kurastyru Zayuty (EKZ) since July 2014. Since June 2012, he worked as a General Director for JV Tramrus, based in Saint Petersburg, Russia. Between 2010 and 2012 he was a Managing Director at Alstom Transport, based in France. Mr Peille had joined Alstom Transport in 1989 where he started as Industrialization Manager. Since then he held different managing positions in USA, South Korea, China and France in developing industrial sites and large railways projects. Born in 1966, Bernard graduated in Industrial Management School, CESI in Arras, France.


Moderator (1)

Andrew Jack

Head of Curated Content
Financial Times

Andrew Jack has worked as a journalist for the Financial Times since 1990. He currently runs the curated content team, which picks the best news and analysis from the FT and the rest of the web. He was previously Deputy Editor of the Analysis section, Pharmaceuticals Correspondent, Moscow Bureau Chief, Paris Correspondent, Financial Correspondent, general reporter and corporate reporter. He is author of the books Inside Putin’s Russia and The French Exception, as well as numerous specialist reports, and has appeared on the BBC and other media outlets.