“Amendments are needed in dozen of laws before organizing Investment Summit”

KATHMANDU, JANUARY 29: A task force formed by the government to recommend legal reforms to create an environment conducive to investment has suggested amendments to a dozen of Acts and Regulations. It was formed under the leadership of the Secretary at the Office of the Prime Minister, Yek Narayan Aryal, considering the upcoming Third Investment Summit scheduled for April 21-22 in Kathmandu.

The task force submitted its report to Chief Secretary Dr. Baikuntha Aryal today suggesting the said amendments to ensure more domestic and foreign investment in the country.

“The Industrial Enterprises Act 2076, Foreign Investment and Technology Transfer Act 2075, Special Economic Zone Act 2073, Forest Act 2076 and National Parks and Wildlife Conservation Act 2029, among others, need to be amended.  Likewise, revisions are required in the Land Act 2021, Land Acquisition Act 2034, Environment Conservation Act 2076, Electronic Transaction Act 2063, Foreign Investment and Technology Transfer Regulations 2077, Forest Regulations 2079 and Civil Aviation Act 2053,” states the report.

The prescribed amendments would be made by taking a bill to revise some Nepal Acts in the parliament after a needed decision from the Council of Ministers.