Statements and Remarks of CICA Secretary General Ambassador Kairat Sarybay

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Statement by CICA Executive Director Ambassador Kairat Sarybay at the Seminar on Prospects for Cooperation of the CICA Member States in the Field of Financial Technologies and Investments, 10 November 2021


Your Excellency Governor Dr. Kelimbetov, 

Dear participants and guests of the seminar,

Ladies and gentlemen,

I cordially welcome the participants of this event and express my gratitude to the Astana International Financial Centre for organizing the seminar on prospects for cooperation in the field of financial technologies and investments on the platform of the Conference on Interaction and Confidence Building Measures in Asia.

I would like to avail myself of this occasion to thank the Government of Kazakhstan and the Astana International Financial Centre for providing opportunity to the CICA Secretariat to be headquartered in comfortable premises of modern EXPO complex.

As you know, CICA has introduced a comprehensive approach to security issues, covering five broad dimensions of interaction, including economic cooperation. And it gives me a great satisfaction to note that in this area the Member States have achieved substantial results. Interaction in the economic dimension, within the framework of the updated CICA Catalogue of Confidence Building Measures, is carried out under 8 priority areas, such as small and medium enterprises, energy security, information technology, tourism, development of secure and effective systems of transportation corridors, agriculture, finance, trade and investment.

Within financial interaction, I would like to note the particular importance of the CICA Finance Summit, held this April and organized by the People's Republic of China, as the coordinator of the financial sector. The Summit adopted the Jinan Proposal, which outlined the guidelines for future financial cooperation. At that event, the China Association for the Promotion of Development Financing, together with the CITIC Foundation for Reform and Development Studies, presented an extensive document - 2021 CICA Financial Cooperation Report. The report provided a detailed analysis of new challenges in the financial segment of the CICA region, as well as a number of meaningful proposals for building a new paradigm of CICA financial cooperation, involving stronger cooperation in the field of financial technologies and digital transformation of the financial system, as well as transformation of the financial regulatory landscape. 

In this regard, today's seminar is undoubtedly a logical follow-up of the work begun to ensure further exchange of views and identify the prospects for interaction in the fintech industry. 

In the era of digitalization of economies and the rapidly changing technologies, it is essential to enhance international cooperation, entailing greater access of the region’s countries to scientific and technological achievements, including in the regulation of the financial sector and technology. 

This seminar takes place at a difficult time associated with the recovery of the global economy in the post-pandemic period. The Sixth CICA Ministerial Meeting, held on 12 October 2021 in Nur-Sultan, emphasized the need to ensure uninterrupted supply chains, developing connectivity, transport and logistics infrastructure, and achieving sustainable development.  

At the same time, in order to stimulate long-term economic growth in the post-pandemic period, it would be necessary to increase financing for innovation, fundamental research and investment in technology.

In conclusion, I would like to draw the attention of participants to the opportunities offered by the Astana International Financial Centre, which creates favorable conditions and provides high-quality infrastructure for the development of fintech market.  

Let me once again thank the organizers of the event and express confidence that the seminar will lay the foundations for further in-depth cooperation of the CICA states in financial technology and investment. 

Thank you for your attention. 

FOR CICA MEMBER STATES

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