Nazarbayev signed Law on Development of Cotton Industry

Astana. August 2. Kazakhstan Today - The President of the state Nursultan Nazarbayev signed the laws on Development of Cotton Industry and on amendments and additions to the acts of Kazakhstan development of cotton industry, the agency reports.

The texts of the laws have been published in official mass media.

As it was informed earlier, the documents were adopted by the Parliament in the end of June.

The purpose of the law on Development of Cotton Industry is defining of legal, economic and organizational bases of activity and regulation of the relations arising during manufacture, processing, storage and realization of cotton in Kazakhstan.

The document, in the opinion of its developers, will allow agricultural manufacturers to expand access to cheaper financial resources by creation of the system of cotton receipts between participants of the cotton market. Thus, the institute of cotton receipts will guarantee protection of the rights of agricultural manufacturers and exclude further preconditions for creation of various sorts of financial pyramids.

The purpose of the law on amendments and additions to the acts of Kazakhstan concerning development of cotton industry "is corresponding the norms of the law on Development of Cotton Industry with separate norms of the Civil Code and the Code on Administrative Offences.

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