The Law "On Subsoil" Comes into Force
Uzbekistan
According to the press service of the Ministry of Mining and Geology, the law "On Subsoil" has officially come into force. The document was adopted by the Legislative Chamber of the Oliy Majlis on August 27 and approved by the Senate on September 20.
During the development of the law, the experience of countries such as Australia, Canada, the USA, Russia, Turkey, South Africa, Indonesia, Azerbaijan, and Kazakhstan was studied. Special attention in the document was given to creating favorable conditions for aligning the interests of foreign investors and the state.
The draft law was discussed with the participation of experts from the European Bank for Reconstruction and Development (EBRD).
Additionally, specialists from the Ministry of Mining and Geology, the Ministry of Energy, the Ministry of Ecology, Environmental Protection and Climate Change, Uzbekneftegaz JSC, the Academy of Sciences, and the Agency for Strategic Reforms contributed their proposals.
The law aims to ensure responsible geological exploration of subsoil resources, their efficient utilization, and systematic protection.
It also facilitates the attraction of local and foreign investments, the establishment of modern production facilities based on existing raw materials, the creation of stable jobs in remote regions, the expansion of the tax base for the economy, and the enhancement of competitiveness in international markets.
The draft law was discussed with the participation of experts from the European Bank for Reconstruction and Development (EBRD).
Additionally, specialists from the Ministry of Mining and Geology, the Ministry of Energy, the Ministry of Ecology, Environmental Protection and Climate Change, Uzbekneftegaz JSC, the Academy of Sciences, and the Agency for Strategic Reforms contributed their proposals.
The law aims to ensure responsible geological exploration of subsoil resources, their efficient utilization, and systematic protection.
It also facilitates the attraction of local and foreign investments, the establishment of modern production facilities based on existing raw materials, the creation of stable jobs in remote regions, the expansion of the tax base for the economy, and the enhancement of competitiveness in international markets.
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