Kazakhstan to shorten investment application review period to three months

ALMATY. April 4 (Interfax) - The Investment Council of Kazakhstan on Thursday held a meeting chaired by First Deputy Prime Minister Roman Sklyar to discuss ways to improve the investment climate in the republic, the prime minister's press service said in a statement.

"Special attention was paid to improvement of the mechanism of investment contracts. The period of their review was proposed to be shortened to three from 12 months, and the applicable procedures will be eased in order to increase the effectiveness of investment activities," the statement says.

The meeting also reviewed criteria for "green corridor" projects so as to enhance the transparency and facilitate the interaction between investors and government bodies.

In addition, the Investment Council discussed issues relating to investment in road construction, disposal of domestic wastes, as well as some pharmaceutical projects.