Kazakh president proposes three-year tax exemption for investors in manufacturing industry

ALMATY. Sept 1 (Interfax) - Kazakh President Kassym-Jomart Tokayev proposes to exempt domestic and foreign investors in the manufacturing industry from taxes and payments for the first three years.

"To bolster the manufacturing industry, it is proposed that foreign and local investors be granted a three-year exemption from taxes and other mandatory payments. This could give a significant boost to the manufacturing industry," Tokayev said, addressing the people of Kazakhstan on Friday.

He set a deadline for the end of this year to create "a comprehensive vision for the development of the manufacturing industry" and emphasized the need to intensify geological studies of the country's resources.

Tokayev also said it was "important to give investors who conduct their own geological surveys the priority right to use the mineral resources by reducing the timeframe by half and simplifying the necessary procedures." "The process can be fully digitalized, and comprehensive state expertise can be introduced to expedite the projects," he said.

Tokayev asked the government to expand the geological and geophysical exploration area from 1.5 to 2.2 million square kilometers by 2026.

"Developing deposits of rare and rare earth metals should be a top priority as they have become the new oil. The countries that o can successfully tap this potential will shape the direction of technological progress worldwide," Tokayev said.