Law on subsoil use should be priority for Kazak parliament – President
Kazakhstan's President Nursultan Nazarbayev urged the government and the Kazakh parliament to bring order to the area of subsoil use.
"When someone does not invest in and develop deposits, these will be returned to the state and provided to other investors," Kazakh President said during a joint session of the parliamentary chambers in Astana.
According to him, the adoption of changes to the law 'On Subsoil and Subsoil Use' should be a priority in the work of parliament in the current convocation.
"The most important and priority goal is the adoption of changes to the law 'On Subsoil and Subsoil Use'. The system of granting exploration rights and defence against the practice of ill-conceived deposit speculation should be cardinally simplified," Nazarbayev said.
According to him, Kazakhstan will be able to attract new investments in geological exploration.
"I have already given instructions regarding the work on major strategically important deposits. In particular, it is necessary to provide mechanisms for the mandatory requirements for the investor in terms of promoting the diversification of our economy at the stage of signing contracts and making changes," the Kazakh President said.
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