To Central Asia where the Astana Finance Days forum is 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. CGTN's Michal Bardavid is in Astana to explain if Kazakhstan's capital has what it takes to become a global financial hub.  

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: Completion of the Astana International Financial Center -- "the 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 "one hundred concrete steps" that track Kazakhstan's progress. Institutional reforms, industrialization and economic growth are all part of the strategy.

MICHAL BARDAVID ASTANA "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" is being launched within the same framework. A platform striving to attract investment to Kazakhstan and the Central Asian Region. The AIX has strategically partnered with Nasdaq and the Shanghai Stock Exchange.

TIM BENNETT, CEO ASTANA INTERNATIONAL EXCHANGE "With Shanghai, the benefits with them are 2-fold, obviously they're a large exchange and providing team of people to help us, secondly they're supporting us in developing a marketplace to the Belt and Road Initiative that China has announced here three years ago. 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."

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

ZHAO CHANGHUI, CHIEF COUNTRY RISK ANALYST EXPORT-IMPORT BANK OF CHINA "Shanghai is a recent model, the state council, our cabinet issued many independent regulations, or even laws issued by the MPC (Municipal People's Congress) that Shanghai would be building itself, as an international financial center."

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