AIFC Court and IAC received Japan and China delegation visits
The AIFC Court and IAC received delegation visits from Japan and China. The Ambassador of Japan, H.E. Jun Yamada, led a delegation including representatives from the Parliament of Japan and the Japan Bank for International Cooperation. Mr. Wang Jinglei, Director General of the Treasury Department of the State Development Bank of China, led a delegation from China. During the visits the delegation visitors were introduced to AIFC Court and IAC premises, digital technology, and practices, as the leading international standard dispute resolution institutions in Eurasia.
Investors from 23 countries with business in Kazakhstan have used the AIFC Court and IAC to resolve commercial disputes. All AIFC Court Judgments have been enforced to 100% satisfaction of the Parties. The AIFC Court and IAC work closely with their international dispute resolution partners in Japan and China and have resolved 1 dispute with a Japanese investor via mediation at the IAC; and 20 disputes with Chinese investors (i.e. 3 disputes via the AIFC Court, 3 disputes via arbitration and 14 disputes via mediation at the IAC). The AIFC Court and IAC have resolved and enforced 263 cases involving investors from 17 Belt & Road Initiative (BRI) countries, including the 20 cases involving Chinese investors, all doing business in Kazakhstan. Lawyers from Japan and China registered at the AIFC Court for rights of audience to represent investors in disputes at the AIFC Court. 506 lawyers from 30 countries (32 jurisdictions) and 6 continents registered for rights of audience at the AIFC Court.
The AIFC Court and IAC continue to gain trust and significant international recognition with Japanese and Chinese investors in Kazakhstan as the elite international commercial dispute resolution institutions in Eurasia.
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz
The AIFC Court is an independent legal entity. It has its own procedural rules modelled on English common law procedures and leading international practice. The AIFC Court is separate and independent from the courts of the Republic of Kazakhstan. It consists of two tiers: a Court of First Instance, which includes a specialist division known as the Small Claims Court; and a Court of Appeal. It has exclusive jurisdiction over disputes arising out of the activities and operations of the AIFC and jurisdiction in the case of other disputes in which all parties agree in writing to give the AIFC Court jurisdiction. It does not have jurisdiction in relation to disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/
The International Arbitration Centre (IAC) is an independent legal entity. It has its own procedural rules modelled on best international practice. It has its own panel of leading international arbitrators and mediators having many years of arbitration and mediation experience in commercial law, including oil and gas, trade, construction, energy, financial services, banking, Islamic finance, insurance, and intellectual property. IAC arbitration awards are recognised and enforceable in Kazakhstan and internationally. https://iac.aifc.kz/