ASTANA – Kazakhstan’s Astana International Financial Center has shot up 10 spots to rank first in Eastern Europe and Central Asia, according to the latest Global Financial Centers Index’s measure of future competitiveness.
“Astana only officially launched its financial centre in 2018, and it is unusual for such a new centre to perform so strongly,” the GFCI report noted.
The ranking on the biannual index released on Monday was the AIFC’s best showing since it opened last summer as a governmental initiative to favor foreign investment and boost the Central Asian Nation’s economy.
Worldwide, the AIFC ranked 51st and its performance rating rose 32 points to 631.
The GFCI classifies the 102 most important financial centers in the world, taking as a reference some 29,000 evaluations and more than 130 macroeconomic indicators established by organizations such as the World Bank and the Organization for Economic Cooperation and Development.
The China Development Institute in Shenzhen and the London think tank Z/Yen formulate the index, which measures the excellence of financial centers based on a number of factors, including the existence of a good environment for business, quality of human capital and the reputation of the cities where they are located.