On 6 September 2024 an expert meeting was held as a panel session of the 2024 AFD forum in Astana to discuss the initiative on institutionalizing the Finance Summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA) and the strengthening of economic and financial interaction within CICA. It brought together representatives of financial institutions and diplomatic missions from CICA Member States, as well as the leadership of the AIFC and the CICA Secretariat.
The main topic of discussion was the transformation of the CICA Finance Summit into a regular platform for dialogue. This initiative was put forward by President of Kazakhstan Kassym-Jomart Tokayev at the Sixth CICA Summit in October 2022 to strengthen cooperation among financial sectors of CICA Member States.
In her opening remarks at the event, CICA Deputy Secretary General Zhang Ling stressed that institutionalizing the Finance Summit is a pivotal move. She stated that transforming these series of successful meetings into a permanent dialogue platform will enhance financial cooperation among CICA Member Stateswith the aim of promoting financial stability, sustainable development and regional prosperity.
Mr. Yerzhan Birtan, Director of the Office of the Secretary General, presented initial approaches to institutionalizing the CICA Finance Summit which were developed by the Chairmanship of Kazakhstan and the People’s Republic of China – initiator of the Finance Summit, with the assistance of the CICA Secretariat. Themes for addressing by this new CICA advisory body could include reforming international financial systems, strengthening national financial frameworks and reducing their vulnerability to external factors, promoting development financing, strengthening the role of the financial sector in the development of open economies, and many others.
Mr. Wang Tao, Minister-Counsellor at the Embassy of the People's Republic of China in Kazakhstan, reaffirmed China’s dedication to enhancing regional stability and development through CICA and expressed a willingness to collaborate with international partners to further elevate CICA cooperation. Mr. Zheng Zhong, First Secretary of the MFA of China, expressed support for the institutionalization of the Finance Summit and noted that the existing draft regulation provides a good basis for further discussions. Mr. Wang Songhua, Senior Executive Officer of China Construction Bank’s Astana Branch and President of the General Association of Chinese Entrepreneurs in Kazakhstan, emphasized the importance of financial cooperation in addressing regional challenges and provided insights into the Kazakhstan-China General Chamber of Commerce's efforts to foster business relations and social responsibility.
Mr. Dmitry Kiku, Deputy Director of the Department of Control over External Restrictions of the Ministry of Finance of Russia,welcomed the initial approaches of the CICA Chairmanship and Secretariat to establishing this important new CICA structure and expressed Russia's readiness to actively engage in the CICA Member States’ work to that end.
Mehmet Onur Partal, Division Director of the Presidency of Türkiye, highlighted that institutionalizing the CICA Finance Summit would meet the need for collaboration and trust-building among Member States. He emphasized that this new CICA institution would empower common policies and strengthen financial cooperation across the region.
Ms. Lang Weijie, Managing Director & CEO of Industrial and Commercial Bank of China, announced that ICBC Almaty will use its yuan clearing bank status in Kazakhstan to expand project financing across CICA Member States and foster a prosperous future for the region.
The session also considered the role of the AIFC as an important institution for facilitating regional economic integration and investment opportunities, as well as the regional fund domicile and private equity investments hub.
The CICA Finance Summit, initiated by China during its 2014-2018 chairmanship in CICA, has become a useful platform for regional financial cooperation. China successfully hosted three meetings of the Finance Summit in 2018, 2019 and 2021, each addressing key topics such as financial innovation, practical cooperation and responses to global challenges like COVID-19.
Further steps in the process of Finance Summit transformation will include a series of expert meetings organized by the CICA Chairmanship of Kazakhstan to discuss and draft the necessary regulations.
