Amendments needed in dozen of laws before organizing Investment Summit

A taskforce formed by the government to recommend legal reforms to create environment conducive for investment has recommended amendments to a dozen of Acts and Regulations.

The government had formed the taskforce under the leadership of Secretary at the Office of the Prime Minister, Yek Narayan Aryal, in view of the upcoming Third Investment Summit scheduled for April 21-22 in Kathmandu.

The taskforce submitted its report to Chief Secretary Dr Baikuntha Aryal on Monday with the recommendation to amend a dozen of laws and regulations to ensure more domestic and foreign investment in the country.

The taskforce has suggested that amendments were needed to 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.

Likewise, the taskforce has suggested the government to amend to the Lands Act 2021; Land Acquisition Act 2034; Environment Conservation Act 2076; Electronic Transaction Act 2063 and Civil Aviation Act 2053.
Furthermore, the taskforce has pointed out amendment to Foreign Investment and Technology Transfer Regulations 2077 and Forest Regulations 2079.

In order to facilitate the domestic and foreign investments, amendments to the laws would be made by taking a bill to amend some Nepal Acts in the parliament after a decision from the Council of Ministers.

Participation of the private sector was also ensured in the taskforce.