Kazakhstan climbs nearly 50 spots in subsoil use investment attractiveness rankings

ASTANA. KAZINFORM - Minister of Industry and Infrastructure Development of the Republic of Kazakhstan Zhenis Kassymbek talked about the improvement of Kazakhstan's position in the Fraser Institute's rankings on investment attractiveness in subsoil use on Wednesday, Kazinform correspondent reports.

"In July 2018, the new Subsoil Use Code entered into force. It has simplified administrative procedures in the field of subsoil use, and, therefore, will encourage investment in geological exploration. As a result, Kazakhstan has climbed 49 positions and ranks 24th in the Fraser Institute's rankings on investment attractiveness in subsoil use," Zhenis Kassymbek told the enlarged meeting of the Government of the Republic of Kazakhstan.

According to him, this will make it possible to attract every year up to KZT 100 billion of investment in Kazakhstan's geological exploration of solid minerals. Besides, the minister reported on the digitalization at domestic enterprises.

"Under Digital Kazakhstan Program, it is planned to adopt innovative and digital technologies at more than 100 enterprises of the mining and metallurgical sector and the manufacturing industry by 2022. 38 projects related to the adoption of innovative and digital technologies will be implemented this year at 32 enterprises of the mining and metallurgical sector, chemical, construction, and food industries," added Zhenis Kassymbek.