FIC was established by the Decree of the Head of State in 1998.
Individual membership of the Council was approved by the Decree of the President of Kazakhstan #4071 on September 16, 1998. At the time, 11 top executives of foreign companies and international organizations were represented in the Council:
- Charles Frank, First Vice-President, European Bank for Reconstruction and Development;
- Jan Koopman, Senior Executive Vice-President, Europe, ABN AMRO Bank;
- John Klotsche, Chairman of the Executive Committee, Baker & McKenzie;
- Frank Chapman, Executive Director, British Gas International;
- Richard Matzke, President of Chevron Overseas, Director, Chevron Corporation.
- Tessen von Heydebreck, Member of the Board of Directors, Deutsche Bank A.G;
- Lakshmi Mittal, Chairman, LHM Group (Ispat Karmet);
- Roger Munnings, Member of KPMG International Council, Managing Partner of KPMG for CIS Region;
- Hiroshi Nemichi, President and Managing Director of Mitsubishi Corporation;
- Woo Taik Chung, President of Samsung Corporation in Central Asia;
- Daniel Deru, Executive Director, Tractebel International.
The Kazakh side was then represented by:
- Mr Nurlan Balgimbayev, Prime Minister of the Republic of Kazakhstan;
- Mr Uraz Dzhandosov, First Deputy Prime Minister, Chairman of the State Committee of the Republic of Kazakhstan on Foreign Investments;
- Mr Alikhan Baymenov, Head of Administration of the President of the Republic of Kazakhstan;
- Mr Kadyrzhan Damitov, Chairman of the National Bank of the Republic of Kazakhstan.