Hanoi (VNA) - At its inaugural meeting, the Management Council of the Tamchy Special Financial Investment Territory (Tamchy SFIT) appointed its senior leadership.
Aiaz Baetov, remaining in his capacity as Minister of Justice, has been elected Chair of the Council, Ali Ijaz Ahmad and Bakyt Sydykov (remaining in his position of the Minister of Economy and Commerce) have been appointed as Deputy Chairs.
These activities marked a decisive shift from legislative groundwork to operational readiness for the Tamchy SFIT. The newly appointed leadership team is mandated to build a fully functioning Managing Company before it launches resident operations.
The meeting also approved the financial centre's development plan, internal operating procedures, and an inaugural package of regulatory measures. The Managing Company has been charged with completing the full regulatory framework, designing the resident services ecosystem, and establishing the International Centre for Dispute Resolution, which will resolve disputes under common law principles.
The council also established the Managing Company, appointing Talantbek Imanov as its Head. The Managing Company will serve as the SFIT's principal operating body, responsible for resident registration, licensing, and infrastructure development across a territory of approximately 6,000 hectares.
Alongside the regulatory build-out, SFIT Tamchy is also actively expanding its team. Qualification standards for key roles have been established and applications are open for core positions. Recruitment is already under way across the centre, including the selection of a Chair and judges for the International Centre for Dispute Resolution with recognised international credentials. A search is under way for candidates of international standing who will refresh the initial composition and strengthen the Council.
In the summer of 2026, the SFIT's first business centre — housing the offices of the Managing Company — will open on the shores of Lake Issyk-Kul, marking the launch of formal engagement with businesses and the onboarding of its first residents.
“The Tamchy SFIT is being established as a favourable jurisdiction for international capital deployed across Central Asia: grounded in English common law principles, served by independent justice, and operated to the standards investors expect of leading financial centres,” said Aiaz Baetov, Chair of the Tamchy SFIT Management Council.
"Issyk-Kul sits at the intersection of the region's largest markets — Central Asia, China, and the Middle East. Yet the nearest international financial centre is thousands of kilometres away. Companies tend to operate out of jurisdictions that offer transparent rules, professional teams, and independent arbitration. That is precisely the infrastructure we are building here from scratch as a critical linchpin to support the region's growing economic integration," said Ali Ijaz Ahmad, Deputy Chair of the Tamchy SFIT Management Council./.
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