President Kassym-Jomart Tokayev held a meeting on the development of Alatau city, El.kz reports.
The Head of State recalled that the decision to create Alatau as a "city of the future" was made two years ago. The project has the strategic importance for the country and should open new opportunities for the life, work, and development of future generations.
Special status alone doesn’t guarantee success
The President described Alatau as a "city of accelerated development" with a unique legal status. However, Tokayev emphasized that a special regime alone is not enough.
According to Kassym-Jomart Tokayev, global practice has seen cases where special economic zones failed to meet expectations. He cited weak institutions, non-transparent rules, and a lack of regulatory independence as the primary reasons.
The Head of State ordered the establishment of a unified legislative system for Alatau. Regulatory acts must cover key areas of business activity and the daily life of the city.
Investors will not wait for years
The President stated that the main regulatory acts for Alatau are planned to be adopted within 12 months. He instructed the City Development Council to expedite this work.
"The work must not be delayed. Any delay will lead to direct investment losses and undermine business confidence," said Kassym-Jomart Tokayev.
He also ordered the adoption of a long-term plan, a master plan, and a city development strategy by the end of 2026. According to the President, investors, partners, and citizens must understand what Alatau will look like in 10, 20, and 30 years.
The financial model requires further work
The President specifically addressed the project's economics. He warned that the current financial and economic model carries risks, as development costs are required immediately, while income may only appear later.
The reliance on investment inflow and business development currently remains amforecast. At the initial stage, tax preferences may also reduce budget returns.
The President instructed the Alatau Development Council and the city administration to develop a sustainable financial-economic model. The Government must ensure stable funding for basic infrastructure at the project's start.
Alatau aims to develop as a crypto city
The Head of State declared that Alatau should play a special role in the development of the fintech industry. He called it the first "crypto city" in this part of the world.
To achieve this, it is essential to define a clear legal framework for digital assets, categorizing them as property, with a designated strategic function for the digital tenge. The Head of State also ordered the acceleration of the tokenization of the real sector of the economy, including real estate, infrastructure, and raw material assets.
Business must become a project participant
A pool of 53 investment projects worth over 2 trln tenge has been formed. The Head of State emphasized that domestic business must become a full participant in Alatau’s development. Over the next year or two, the project portfolio is planned to expand through investors in priority sectors.
The President ordered the provision of comfortable conditions, transparent guarantees, and "one-stop-shop" services for investors. The launch of Alatau requires swift and high-quality decisions.
