•      Mon Jul 22 2024

National Assembly passes Bill on Investment Facilitation

National Assembly meeting

Kathmandu, July 2: The National Assembly meeting on Tuesday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS.

Minister for Industry, Commerce and Supplies Damodar Bhandari tabled a proposal seeking consideration on the bill and added that the bill is designed to facilitate more investments into the country.

The government had issued an ordinance ahead of the Third Investment Summit to convince the investors of policy reforms on investment in the country.

The bill has amended the existing provisions on registration of business startups, foreign investment and technology transfer, tenure extension of industries’ operation, production of goods on a contract basis and some other issues.

Likewise, subsidies to the industries at special economic zones and easing the process for the establishment of prioritized industries in the forest sectors are also mentioned in the bill.

In its bid to ease the investment environment in the country, the government has amended different Acts including the Industrial Enterprises Act 2076, Lands Act of 2021 BS, National Parks and Wildlife Conservation Act of 2028 BS, Land Acquisition Act of 2034 BS, Special Economic Zone Act of 2073 BS, and Public Private Partnership and Investment Act of 2075 BS, Foreign Investment and Technology Transfer Act 2075 and Forest Act, 2076.

On the occasion, Minister Bhandari said that the issues raised by the lawmakers in the clause-wise discussions will be incorporated in the bill.

NA members Krishna Bahadur Rokaya, Tul Prasad Bishwakarma, Devendra Dahal, Sonam Gyaljen Sherpa, Suresh Kumar Alemagar, Tulasa Kumari Dahal, Padam Bahadur Pariyar and others expressed their views on the proposal.

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