US$90 Billion of Investments Attracted to Geological Exploration in Kazakhstan
Kazakhstan has attracted nearly US$90 billion of investments into its geological exploration sector.
The industry is undergoing active development due to the new law on Subsoil and Subsoil Use.
Kazakh Deputy Minister of Industry and Infrastructure Development, Timur Toktabayev said the law reform has significantly simplified the process of the exploration license issuance.
“Now the entrepreneurs can get the right to use subsoil in just 10 days. It’s based on the first-come, first-serve basis,” he said.
The new law has also impacted Kazakhstan’s growth in the world rating of investment attractiveness, ranking in number 24 out of 104 countries.
Chairperson of the geology and subsoil use committee under the Kazakh Ministry of Industry and Infrastructure Development, Akbatyr Nadyrbayev said that attracting foreign investments in geology and subsoil use is a huge role for the country.
“The investments in geological exploration for solid minerals have amounted to nearly US$40 billion to US$50 billion. The investments attracted for new projects have been estimated at approximately US$30 billion to US$40 billion.”
“The investment attracted for new projects have been estimated at approximately US$30 billion to US$40 billion. With the introduction of the new law, we expect that the amount of these investments will increase at least two to three times,” Nadyrbayev said.
Based on data, there are more than 8,000 oil fields in Kazakhstan. Geologists have discovered 133 deposits of hydrocarbon raw materials, more than 200 deposits of gold, non-ferrous, ferrous metals and other types of minerals.