AKIPRESS.COM - The Embassy of Canada to the Kyrgyz Republic and the British Embassy in the Kyrgyz Republic issued a joint statement on situation in the mining sector on May 13.
"As significant investment partners of Kyrgyzstan, we are concerned about recent developments in the mining sector," the statement said.
"We are closely following the developments related to the Law on Joint Stock Companies, and the upcoming extraordinary session of the Parliament of Kyrgyzstan on May 17, where we understand deputies will discuss the probable nationalization of the Kumtor Gold Company.
Both these actions in particular cause much concern due to their potential far reaching consequences on foreign direct investment in Kyrgyzstan.
A transparent and fair business environment is critical to recovery from the COVID-19 pandemic.
Measures that negatively impact trade and foreign direct investment will further undermine already fragile economic livelihoods of the Kyrgyz people.
We express our hope that commercial agreements will be upheld and disputes will be resolved quickly and amicably by foreign investors and Government of the Kyrgyz Republic working together," the statement concluded.
President Japarov has signed amendments to the law on joint stock companies and Criminal Code, which were earlier passed by the Parliament.
The amendments allow introducing external management in mining companies that have committed violations of the requirements of subsoil protection, environmental and industrial safety, creating a threat to life or health of people working or living in the mining area.