Creating the AIFC Court and the International Arbitration Centre on the principles of English law, the creation of the AIFC's institutional structure nears completion, said President of Kazakhstan Kassym-Jomart Tokayev.
In terms of our economic and financial reforms, we are undertaking a wide range of structural and systemic reforms. We clearly understand that the rule of law is the foundation for successful economic and sustainable growth. In view of this, we attach particular attention to building a modern professional and independent judicial system with accessible justice. Creating the AIFC Court and the International Arbitration Centre on the English law principles, we are, thereby, completing the creation of the institutional structure of the AIFC. We are also implementing one of the key initiatives of the First President, Nursultan Nazarbayev, and I would like to take the opportunity to commend this initiative. We remember it is only owing to his vision that we presently see the success of the AIFC," the Head of State said during the opening of the AIFC Court and International Arbitration Centre building.
He also pointed out that establishing AIFC is one of the tools for Kazakhstan to become one of the world's top thirty developed countries.
We understand and accept that this goal is extremely ambitious. It will require stable high-quality economic growth, attracting and retaining new investments and technologies. However, we are not afraid of reforms. Therefore, for the first time in the territory of the former Soviet Union, English law will be successfully applied as part of the overall justice system in our country. I am confident and convinced that the making of the AIFC Court from among the most respected and high-profile British judges will also ensure the ultimate success of the AIFC Court. Today, the AIFC Court and the International Arbitration Centre are now starting to write their own history and will develop an element of trust locally and globally. The time has come to make use of our competitive advantages and find our own niche within similar institutions," said Kassym-Jomart Tokayev.
I would like to mention a very important fact from the history of our judicial system. From the 15th century onwards, the main court in Kazakhstan was the Court of Biys [‘sages']. The institute helped us achieve peace harmony through fairness and justice for everyone," the President added.
It is to be recalled that President of Kazakhstan Kassym-Jomart Tokayev has participated today in the inauguration ceremony of the AIFC International Arbitration Centre and Court building.
Source: Kazinform News Agency
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