Azernews.Az

Kazakhstan is creating a new draft law 'On Subsoil and Subsoil Use' , Kazakh Deputy Prime Minister and Minister of Industry and New Technologies, Asset Issekeshev said on November 7 in Astana.

"Kazakhstan is developing a new draft law 'On Subsoil and Subsoil Use' aimed at the removal of bureaucratic barriers for future investors. The experiences of Canada, South America and Australia have been studied. We have developed a model based on Australia's experience to attract investments in geological exploration," the Deputy Prime Minister said at a meeting of 'Perspectives and main direction of development in the geological and subsoil use areas of Kazakhstan' an international round table.

According to Issekeshev, changes to the existing legislation on subsoil use are aimed at simplifying many procedures with the removal of bureaucratic barriers in the first place for private investment.

"At the same time, during the development of the draft law, we tried to meet the interests of the state and therefore are trying to keep a balance of interests," Issekeshev said.

The deputy prime minister noted that there are provisions in the current edition of the law 'On Subsoil and Subsoil Use' that do not meet the requirements of modern times.

"We intend to change the model of law. In particular in Australia itself, some 23,000 licenses were granted to exploration companies in the western part of the country and in Kazakhstan as is known, only 400 contracts were signed for exploration and most of them were with the large companies," he said.

It is necessary to overcome this situation, by focusing on attracting small companies, Issekeshev said.

"The draft law 'On Subsoil and Subsoil Use' must be submitted to parliament before the end of this year," the Deputy Prime Minister said.