8th December 2009 Academy of RFCA and UBS AG jointly hold the second Conference in Almaty, Kazakhstan - Global Investment Outlook 2010: The shape of things to come.
The objective of the conference was to provide the audience with the unique opportunity to exchange proactively their views with high profile financial experts from UBS, government officials and the business community.
The attendees (local and international) of the event were about 200 top management and shareholders of major Kazakh financial institutions, businesses and senior representatives of state organizations.
Chairman of the Agency of the Republic of Kazakhstan on regulation of activities of the regional financial centre of Almaty Arken Arystanov opened the conference with a Welcome Address together with Lord Leon Brittan, Vice Chairman of UBS Investment Bank. UBS and RFCA have established a partnership to launch the RFCA Academy. It is also to further support that initiative that the conference was organized. Lord Leon Brittan commented that education and professional development are enormously important at UBS and that UBS is very proud to sponsor the RFCA Academy opened in 2008 to train the skilled professionals needed for the success of the new Almaty Financial Regional Center.
Panel participants were:
David Buckle, Executive Director, UBS Global Asset Management, London
Raimbek Batalov, Chairman of the Board, Forum of Entrepreneurs of Kazakhstan
Paul Donovan, Managing Director, Global Economics, UBS Investment Bank, London
Oraz Zhandosov, Director, Economic Analysis Center "Rakurs"
Richard Luddington, Vice Chairman, Global Capital Markets, UBS Investment Bank, London
Kairat Mazhibayev, President, Resmi Group
Pavel Malyi, Managing Director, Head of UBS Investment Bank, Russia, Ukraine and Kazakhstan
Alexei Morozov, Executive Director, Co-Head of Research, Russia and CIS; Senior Analyst, Metals & Mining, UBS Investment Bank, Moscow
Maxim Moshkov, Executive Director, Senior Analyst, Oil & Gas, UBS Investment Bank, Moscow
Umut Shaykhmetova, CEO, Halyk Bank
First panel discussion concentrated on global and local macroeconomic and markets environment. UBS global strategist Paul Donovan was key note speaker. Paul Donovan prognoses that:
1. The world economy should slowly recover in 2010, from an extremely severe economic contraction. However, there are still obstacles to global growth, and we would expect the recovery to be slower than is normal. Global growth is only seen returning to trend in 2010, which means that spare capacity and high unemployment problems will not be meaningfully reduced next year.
2. We expect the world to continue to operate in a low inflation environment. However, the need to provide liquidity to the financial system will diminish in 2010. As the need fades, so central banks will raise interest rates slightly, to facilitate liquidity management programs.
3. Commodity prices should generally be supported by a weak dollar environment, and a gradual return to trend growth (and thus more normal levels of commodity demand). However, the world is gradually becoming more efficient in its consumption of commodities.
Second panel discussion addressed key issues and opportunities for post-crisis business development in Kazakhstan.
The economic crisis has essentially knocked down the Kazakhstan business. As Kairat Mazhibayev, the President of Resmi Group, has noted there is the big dissolution between today's condition of business and that period of blossoming that still waits the Kazakhstan business in opinion of the participants of discussion. Also they are anxious by that, certainly, the market will change, and the Kazakhstan business should be prepared for such changes. For this purpose problems of acceptance of the certain measures in its improvement already have put. TheChairman of the Board, Forum of Entrepreneurs of Kazakhstan Raimbek Batalov has conditionally divided the given measures into two stages - short-term (constructive interaction of the state, banks of the second level and the business) and in a complex-strategic (development of an investment climate, an infrastructure, branch programs of development, mobile business-formation, etc.).
Source: RFCA Academy