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The Law "On Subsoil" was adopted
On October 31, 2024, the Law of the Republic of Uzbekistan No. ZRU-987 "On Subsoil" was adopted. The document was adopted (https://t.me/uzdavgeolcom/17286) by the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan on August 27, 2024 and approved (https://t.me/uzdavgeolcom/17516) by the Senate of the Oliy Majlis on September 20 of this year.When developing the law "On Subsoil", the experience of such countries as Australia, Canada, the USA, Russia, Turkey, South Africa, Indonesia, Azerbaijan and Kazakhstan was studied, which expanded the possibilities of creating mutually beneficial conditions for both foreign investors and the state.
The draft law was discussed jointly with a group of experts from the European Bank for Reconstruction and Development with the participation of specialists and scientists from the Ministry of Mining and Geology and its subordinate enterprises, 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.
The law is aimed at the effective and systematic implementation in the republic of responsible geological study, use and protection of subsoil based on modern standards, the creation of modern production capacities based on available raw materials by accelerating domestic and foreign investment in the industry, the creation of sustainable new jobs in remote regions, expanding the tax base for the economy and increasing competitiveness in foreign markets.
The law comes into force 3 months after the date of official publication.
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