Kazakhstan is set
to streamline geological exploration operations for investors. Members of the
Mazhilis, a Lower House of the Kazakh Parliament, have reviewed and approved
the corresponding amendments to the Code on Subsoil and Subsoil Use in the
first reading. It bears noting that these legislative novelties primarily
concern hydrocarbon exploration. Additionally, they will optimize the
assessment process for basic project documents and reimbursement of the
procedure costs. The document also provides for the reduction of financial and
administrative costs for subsoil users.
“At the same time,
this will enhance the regulatory environment for subsoil use operations,
specifically facilitating a prompt transition to practical geological
exploration, reducing the duration of all types of assessments by 8-12 months,
and cutting the time required for administrative procedures by more than
twofold, from 120 to 50 days, while increasing investment attractiveness,” said
Duissenbai Turganov, Member of the Mazhilis, the Lower House of the Kazakh Parliament.
Export credit agency to be established in Kazakhstan
Mazhilis members approved amendments to another draft law, aimed at developing and promoting non-resource exports and creating a new export credit agency. It bears noting that this agency will operate, taking into account the experience of countries such as Hungary, Russia, Australia and India. Particularly, the new organization will be involved in financing, insuring and re-insuring export loans and investments.
“The agency’s functions will be different from those of other organizations. First of all, the agency is expected to achieve the indicator of the national project entitled ‘Sustainable economic growth aimed at improving the well-being of Kazakh citizens’, with respect to increasing the volume of non-oil exports to $41 billion by 2025,” Kairat Torebayev, Acting Kazakh Minister of Trade and Integration, said.
