THE PROTECTION OF INVESTORS’ RIGHTS IN KAZAKHSTAN
Since obtaining independence, the Republic of Kazakhstan has developed an ‘open-door’ policy for foreign investors ready to invest in the country's economy. Over time, approaches and mechanisms that have created favorable conditions for investors have changed, along with appropriate amendments to the legislation. Currently, Kazakhstan is a rapidly developing country with great potential. According to the World Bank, out of 189 countries, Kazakhstan rated 50th in 2014 for ‘Doing Business’. Nonetheless, many foreign investors may rightly query about the guarantees for protecting investors' rights in this country, under the conditions they find here. This article aims to cover the mechanisms for protecting the investors' rights in the Republic of Kazakhstan, taking into account the recent changes in investment law, and based on a several case reviews.
Boyd, S., Lalonde, M., & Hanotiau, B. (2008). Rumeli Telekom A.S. and Telsim Mobil Telekomunikasyon Hizmetleri A.S. v. Republic of Kazakhstan. Award. Retrieved from: http://italaw.com/documents/Telsimaward.pdf.
Bulletin of the International treaties of the Republic of Kazakhstan. (2003). No. 3, Article 20. Kazakhstanskaya pravda. No. 004, dated January 5, 2000.
Civil Code of the Republic of Kazakhstan. (1994). No. 269-XII, dated December 27, 1994.
Code of Civil Procedure of the Republic of Kazakhstan. (1999). No. 412-1 (with amendmends 06.27.2014), dated July 13, 1999.
Decree of the Government of the Republic of Kazakhstan. (2013a). No. 275. On establishment of the Council on improving the investment climate (with alterations and amendments as of 04.08.2013), dated March 1, 2012.
Decree of the Government of the Republic of Kazakhstan. (2013b). No. 1145. On approval of the Program to attract investment, develop special economic zones and export promotion in the Republic of Kazakhstan for 2010 – 2014, dated October 30, 2010.
Didenko, A., & Nesterova, E. (2007). Legal nature of subsoil and investment contracts. Civil legislature. Articles. Comments. Practice, 29, 186-217.
Law of the Republic of Kazakhstan. (2009). No. 171-IV, 7th July, 2009, On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the United Arab Emirates regarding the construction of the complex Abu Dhabi Plaza. Astana, Information system, Paragraph, 201.
Legal Policy Research Centre. ( 2011). Legal review of Cases challenging decisions and actions (inaction) of state authorities, local self-government, officials and civil servants in the period from 2008 to the 1st half of 2011. Retrieved from http://www.zakon.kz/4475014-obzor-sudebnojj-praktiki-po-delam-ob.html.
Normative decree of the Supreme court of the Republic of Kazakhstan. (2014). No. 5. About judicial practice of using tax legislation.
Suleimenov, M., & Osipov, E. (2008). Review the legal framework for investment in the oil and gas sector of Kazakhstan. Electronic resource. Retrieved from http://pubs.iied.org/pdfs/G02763.pdf
The Law of the Republic of Kazakhstan. (2000). No. 24. About the ratification of Convention about investor’s rights protection, dated December 30, 2003.
The Law of the Republic of Kazakhstan. (2003). No. 373. About investment, dated January 8, 2003.
Tukulov, B. (2013). “Discussion of possible ways to reduce the legal risks faced by foreign investors in the implementation of activities in the Republic of Kazakhstan”. Retrieved from http://www.gratanet.com/ru/publications/534.
Usmanov, S. (2012). Overview of the risks related to litigation that may arise in the course of doing business in the Republic of Kazakhstan and ways to reduce them. Retrieved from http://www.gratanet.com/up_files/newsletter_grata_dispute%20resolution_december_2012_rus.pdf.
World Bank Group. (n.d.). Economy rankings. Doing Business. Retrieved June 2014, from http://www.doingbusiness.org/rankings
Zhazykbayeva, R., (2001) Transferring of foreign investment disputes under subsoil use contracts to international arbitration. International business journal KAZAKHSTAN, 5. Retrieved from: http://www.investkz.com/journals/29/369.html
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (Creative Commons Attribution License 3.0 - CC BY 3.0) that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
email@example.com, www.iseic.cz, ojs.journals.cz