Kazakhstan, Astana, Nov. 19 / Trend A. Maratov /
Kazakhstan canceled 348 contracts with mining companies, not fulfilling their investment commitments, Adil Abylkasymov, the head of information-analytical department of the Agency for Fighting Economic Crime and Corruption in Kazakhstan (financial police), said.
"About 348 contracts were cancelled with mining companies, not fulfilling their investment commitments, or do them in small amounts (up to 30 percent)," he said at the international scientific-practical conference on "Political and legal aspects of the subsurface in Kazakhstan: the guarantee of economic stability".
Moreover, it was revealed that $21.3 billion were invested in the sphere of subsoil in Kazakhstan in 2009. Of this amount, the cost of production amounted to $19.1 billion (89.6 percent of all investments), the costs of exploration, social and training of Kazakh specialists - $ 2 billion (9.3 percent).
"Thus, one can conclude that the structure of investments in mining, which focuses primarily on the extraction of natural resources does not allow developing domestic small and medium businesses. Its involvement in investment projects is extremely low," he said.
Earlier, President Nazarbayev said at the meeting of the Foreign Investors Council in March 2010 that investors must really invest the money into the economy of Kazakhstan and to fulfill their investment commitments related to the development of deposits, as well as an increase in the number of jobs for Kazakh specialists.