Kazakhstan to amend its legislation to attract investments in subsoil development

Finance Materials 6 September 2022 18:19
Baku, Azerbaijan Trend News Agency Nargiz Sadikhova
Kazakhstan to amend its legislation to attract investments in subsoil development

Kazakhstan’s legislation will be amended to attract investments in subsoil development, Minister of National Economy Alibek Kuantyrov said during the governmental meeting, Trend reports.

According to Kuantyrov, the amendments are envisaged in the draft national action plan for the implementation of President Kassym-Jomart Tokayev's address on "Just state, a single nation, prosperous society".

The draft consists of a set of systemic and sectoral measures for 109 activities in six directions aimed at increasing the stability and competitiveness of the economy and the qualitative improvement of the welfare of citizens.

So, in the direction of "Development of the real sector" 15 activities are planned.

To attract investment in the development of subsoil, appropriate changes will be made to the legislation to simplify procedures.

To improve the efficiency of the special economic zones, it’s planned to introduce several measures, including a differentiated approach to the provision of investment incentives in the special economic zones.

"In order to reform the architectural and construction activities, as well as to update outdated building standards and norms, a conceptually new document - the Urban Planning Code will be adopted," the minister of national economy said.

It’s also planned to reformat the activities of the Samruk-Kazyna Fund into an investor with only a majority stake in companies in strategically important sectors.

New long-term approaches to subsidizing the agro-industrial complex will be prepared.

To solve the growing problems in the water sector, it’s planned to intensify the work of the Water Council under the government with the involvement of experts, and a three-year comprehensive plan for the development of the water industry will be worked out.