ALMATY, Kazakhstan, June 28. Mineral extraction tax in Kazakhstan's oil sector accounts for over 70 percent of all environmental ones, the Managing Director and Head of the Directorate of Natural Resources and Agriculture of the Eurasian Development Bank, Aigul Mukhamadiyeva, said during the session "The EDB’s Investment Instruments: Results and Prospects" at the EDB Annual Meeting and Business Forum in Almaty, Trend reports.
"As analytics indicate, the natural resources sector and agro-industrial complex occupy a significant part of the GDP of the Bank's member countries. Thus, in Kazakhstan and Russia, the mining and mineral processing sector not only has a significant share of GDP but is also a key source of tax revenues as well as an important factor in the economic growth of the countries. In particular, in Kazakhstan, the mineral extraction tax in the oil sector accounts for more than 70 percent of all environmental taxes. At the same time, taxes from mining outside the oil sector account for more than 14 percent of all environmental taxes. This is a significant amount," she said.
According to her, the contribution of mining and processing of minerals to the economy of Kyrgyzstan is also significant.
"In particular, the share of minerals in the total volume of industrial production in 2023 amounted to more than 11 percent. Meanwhile, despite the relatively insignificant indicators of the volume of mining and processing of minerals in the GDP of the Republics of Armenia, Belarus, and Tajikistan, this industry also plays an important role in the economies of these countries," Mukhamadiyeva added.
To note, the final day of the EDB Annual Meeting and Business Forum kicked off in Almaty. Today the event will include three panel sessions and a presentation of the study "Water and Sanitation in Central Asia."
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Aigul Mukhamadiyeva