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KAZAKHSTAN: Switzerland ready to give expertise in finance

posted onJuly 16, 2017
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Switzerland is ready to share its extensive experience in the financial sector, said Swiss Federal Councilor, Minister of Finance Ueli Maurer during his visit to Astana, Kazakhstan's capital, Astana Times reported. The Swiss official visited Kazakhstan together with the Swiss State Secretary for International Financial Matters Mr. Jörg Gasser and a delegation of Swiss Ministers in the context of the 25th anniversary of the existence of the Swiss Constituency, a nine-nation voting group in the International Monetary Fund (IMF) and World Bank.

On behalf of this constituency, Switzerland holds one of the 24 seats in the Executive Boards of the IMF and World Bank. Besides Switzerland, the voting group includes: Poland, Serbia, Azerbaijan, Turkmenistan, Tajikistan, the Kyrgyzstan, Uzbekistan (only at the World Bank) and Kazakhstan since 2010. The Swiss delegation in the framework of the tour though Central Asia, also visited Tajikistan and Kyrgyzstan.

"Over the past 25 years, Switzerland has very deeply developed its capabilities in the group and the most important prerequisites are that we can create favorable cooperation with other countries. We have previously visited Tajikistan and Kyrgyzstan. All countries have their own history, traditions, roots and family values. This is very important for us. All of them, including Kazakhstan, are now developing at a level that is already reaching the world level", Maurer said.

Astana Kazakhstan

During his stay in Astana, Maurer visited the international specialized exhibition EXPO-2017 and had bilateral meetings with Mr. Kairat Kelimbetov, Governor of Astana International Financial Centre, Mr. Bakhyt Sultanov, Minister of Finance of Kazakhstan and Mr. Zhenis Kassymbek, Minister of Investment and Development of Kazakhstan.

“Kazakhstan is rich in its natural resources and it is an economically developing country, which plays an important role and we are ready to cooperate,” Maurer said at a press conference held at the Swiss Pavilion at Astana EXPO-2017.

The two nations can cooperate closely in the finance sector the Swiss official noted.

“We have the knowledge and experience that we constantly use; we can exchange or share them. Switzerland in the world market is known for its approach to budget management and finance; it’s our strength. We have the so-called ‘debt brake,’ which basically means that the state does not have the right to spend more than it receives. A protective mechanism immediately turns on, for example; it can be a useful experience for you,” Maurer added.

Last month Switzerland and Kazakhstan celebrated the 25th anniversary of Kazakh-Swiss diplomatic relations.