The Astana Finance Days event are underway in Kazakhstan as the country aspires for its capital to become a major world financial center. The event brings together economists and experts from around the world to discuss global issues and address regional economic challenges.

The Kazakh government seems to have the ambition to make its capital a financial hub. Astana has certainly put in a lot of effort, time and planning. One notable and impressive outcome is the Completion of the Astana International Financial Center (AIFC) where the Astana Finance Days are taking place.

The AIFC and the creation of a financial hub is part of Kazakh President Nursultan Nazarbayev's long term plan, known as the "100 concrete steps" that track Kazakhstan's progress. Institutional reforms, industrialization and economic growth are all part of the strategy.

In hope of giving foreign investors’ confidence, Kazakhstan has decided that the AIFC will operate under the principles of English common law. Astana aims to emphasize its transparency with this decision - a factor that can be very significant for global investors.

The Astana International Exchange (AIX), a platform striving to attract investment to Kazakhstan and the Central Asian Region, is being launched within the same framework. The AIX has strategically partnered with NASDAQ and the Shanghai Stock Exchange.

“With Shanghai, obviously they're a large exchange and providing team of people to help us; and they're supporting us in developing a marketplace to the Belt and Road Initiative. And that's a wave of investment capital to a number of countries including Kazakhstan to help build that infrastructure. So we want to create a marketplace that will allow the trading securities that are involved in that Belt and Road Initiative,” said Tim Bennett, CEO of the Astana International Exchange.

But experts stress that the government also needs to prepare the city and create an environment that enables businesses to prosper.

“Shanghai is a recent model. The State Council issued many independent regulations that Shanghai would build itself as an international financial center,” said Zhao Changhui, Chief Country Risk Analyst for Export-Import Bank of China.

Astana has made preparations. The city is bright with shiny buildings, and the AIX is geared up with high-tech infrastructure. Tax privileges for investors are ready, and independent regulators have been put in place. Now it will be up to global players to decide whether all the preparations are worth investing in.