An Assumed Impact on the Image of Kazakhstan. Vladimir Karatitsky, director of the legal firm Asia DICSA Lex Analitic. Published: Petroleum № 2, April 2002

An Assumed Impact on the Image of Kazakhstan

By Resolution № 1322 of the Government of the Republic of Kazakhstan of October 15, 2001 a draft Law of the Republic of Kazakhstan "On investments" was submitted to the lower chamber of Parliament, the Mazhilis, for consideration, by which it is planned to replace the current Laws № 266 "On foreign investments" of December 27, 1994 and № 75-1 "On state support of direct investments" of February 28, 1997. The history of the new bill abounds with many ambiguities and mystery.

By Decree № 344 of the President of the Republic of Kazakhstan of February 17, 2000 "About further measures on implementing the Strategy for development of Kazakhstan through the year 2030" the Program of actions of the government of the Republic of Kazakhstan for the 2000-2002 period was approved. Section 3.4 of the Program ("Improvement of the investment climate") envisages that on the basis of the existing Laws "On foreign investments" and "On state support of direct investments" the uniform Law of the Republic of Kazakhstan "On investments" will be developed.

By Resolution № 367 of the Government of the Republic of Kazakhstan of March 7, 2000, the Plan of measures on implementing the Program of actions of the Government of the Republic of Kazakhstan for the 2000-2002 period was approved. As one of the measures of the Plan (on executing the orders of the President of the Republic of Kazakhstan arisen from his statement made on November 10, 1999 at the ceremony of taking an oath of the newly nominated members of the Government of the Republic of Kazakhstan), points 3.4 and 3.2 envisaged the development of a draft Law of the Republic of Kazakhstan "On investments".

By order № 77-p of the Prime Minister of the Republic of Kazakhstan of May 17, 2000, a working group was created to develop a draft Law of the Republic of Kazakhstan "On investments". With the purpose of updating current legislation of the Republic of Kazakhstan on investments issues and achieving a balance of interests between foreign investors and the Republic of Kazakhstan, it was entrusted to the working group in a two-month term from the date of signing this order to develop a draft Law of the Republic of Kazakhstan "On investments" and submit it to the government of the RK for consideration.

Further, by order of the head of State, given by the results of the second session of the Council of Foreign Investors under the President of the РК, a draft Law of the РК "On state support and protection of investments" was elaborated, which considerably differs from the draft law "On investments" on a number of provisions.