The bill aims to correct legal shortcomings in the Investment Law
The Ministry of Economy and Commerce has presented a new bill that not only corrects errors in the current "Investment Law" but also improves interaction between investors and government bodies.
In particular, the document clarifies the procedure for the confiscation of investors' property, limiting its application exclusively within the framework of criminal legislation, whereas previously civil law norms were used. The bill also eliminates an erroneous reference to an article regarding the amount of the investment agreement and cancels the requirement for notarization of document copies.
According to the Ministry of Economy and Commerce, these changes will allow investors to more effectively and quickly conclude agreements with state structures, reduce costs, and eliminate legal inconsistencies.
The Committee of the Jogorku Kenesh responsible for finance, budget, entrepreneurship, and competition development has already approved the bill in its first reading.
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