Domestic and foreign investors in the processing industry will be exempt from taxes and payments for the first three years, as per President Kassym-Jomart Tokayev's directive.
In the processing industry, both foreign and domestic investors should be exempt from taxes and mandatory payments for the first three years. This will significantly boost the industry,"
President Tokayev said, delivering a message to the people of Kazakhstan on September 1. He added that by the year-end, the country should develop a "comprehensive vision of the industry".
Besides, the President has emphasized the importance of giving priority to investors who carry out geological research at their own expense, in order to expedite the process of approving projects.
The President has set a goal for the government to increase the area of geological and geophysical study from 1.5mn square km to at least 2.2mn square km by 2026.
President Kassym-Jomart Tokayev has also highlighted the importance of developing deposits of rare earth metals, which he believes will play a significant role in determining the direction of technological progress for the world.
Earlier, Daryo reported that Kazakhstan has over 8,000 mineral deposits and is actively exploring its subsoil using "regional exploration" and "prospecting." To attract more investment, the Ministry for Investment and Development plans to make geological exploration a national priority and increase public and private investment. The government is now digitizing subsoil users' business processes and implementing a "single window" principle for investors to access geological materials.
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