The Geological Investment Group initiated the establishment of the Subsoil Use Committee within the European Business Association

The Geological Investment Group initiated the establishment of the Subsoil Use Committee within the European Business Association. Members of the committee will have the opportunity to lobby for reforms and propose legislative initiatives in the field of subsoil use, as well as receive legal support and partnership.

The presentation of the Subsoil Use Committee concept recently took place at the office of the European Business Association. Association member companies operating in the subsoil use sector or those interested in investing in subsoil can join. The establishment of a separate committee within the European Business Association was initiated by the Geological Investment Group, which specializes in geological-legal consulting.

“As a member of the European Business Association, we initiated the creation of a separate Subsoil Use Committee because we face real problems and business needs in our work. Among these challenges are unpredictable changes in legislation, which are not discussed with the market by relevant ministries, the absence of unified and stable rules, archaic legal regulation of production sharing agreements, intervention in the subsoil use sector by unrelated state authorities, and others,” commented Iryna Suprun, founder and head of the Geological Investment Group.

Among the important legislative initiatives that have not involved stakeholders and representatives of the business community in subsoil use are the NSDC Decision “On Stimulating the Search, Extraction, and Provision of Minerals of Strategic Importance for Sustainable Economic Development and State Defense Capability “, the draft resolution of the Cabinet of Ministers of Ukraine “On Amendments to the Procedure for Granting Special Permits for Subsoil Use”, the draft Code of Ukraine on Subsoil, and several others.

“Uniting into a separate Subsoil Use Committee within the European Business Association will allow companies working in the subsoil use sector to defend common interests and become a team whose opinion is heard and considered,” emphasized Iryna Suprun.

The Geological Investment Group is currently working on developing the strategy for the Subsoil Use Committee. Among the tasks outlined by the company are establishing dialogue between all subsoil users and state authorities, lobbying for quality reforms, initiating legislative initiatives in subsoil use, improving the investment climate in the subsoil use sector, providing professional legal support and partnership for members of the Subsoil Use Committee within the European Business Association.

The next meeting with potential participants of the Subsoil Use Committee is planned for March.