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FNCCI applauds amendments to 12 laws, regulations via ordinance in preparation for investment summit

B360
B360 April 24, 2024, 11:17 am
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KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made by the government through ordinances in 12 laws and regulations, aimed at promoting investment ahead of the investment summit.

Considering that foreign investment accounts for only 0.2% of the Gross Domestic Product (GDP), it is anticipated that the improvements made at FNCCI's request will cultivate a conducive environment for investment. The Foreign Investment and Technology Transfer Act, 2019 (2075), The Industrial Enterprises Act, 2076 (2020), Forests Act, and Acts related to lands, among others, have been amended at the request of the private sector, keeping in mind the upcoming investment summit on April 28 and 29. The new amendments have addressed issues such as environmental impact assessment and restrictions.

FNCCI has expressed contentment that the issue of defining a startup, which was initiated by FNCCI, has also been amended in some Nepal Acts this time. Previously, due to the lack of a definition, it was not feasible to provide facilities to startups. Although FNCCI sought a definition through regulations, it is positive that this time it is addressed directly through Acts.

In accordance with the advice of the then secretary at the Office of the Prime Minister and Council of Ministers, and Coordinator of Policy, Law and Structural Improvement Taskforce, Eknarayan Aryal, the law has been amended, with FNCCI playing a pivotal role.

FNCCI is assured that the Parliament will also ratify the legislation passed by the Ordinance. FNCCI is hopeful that the amended law will be enacted. FNCCI perceives this reform as the commencement of the second generation of reforms.

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