Govt task force recommends amendments to Acts, Regulations to foster investment

KATHMANDU: A government task force, led by Eknarayan Aryal, secretary at the Office of the Prime Minister and Council of Ministers, has recommended amendments to several Acts and Regulations to foster investment.

This initiative is in anticipation of the upcoming Nepal Investment Summit, scheduled for April 21-22 in Kathmandu.

The task force submitted its report to Chief Secretary Baikuntha Aryal, suggesting amendments to a number of laws and regulations to encourage both domestic and foreign investment. The laws identified for amendment include the Industrial Enterprises Act 2076, Foreign Investment and Technology Transfer Act 2075, Special Economic Zone Act 2073, Forest Act 2076, National Parks and Wildlife Conservation Act 2029, Lands Act 2021, Land Acquisition Act 2034, Environment Conservation Act 2076, Electronic Transaction Act 2063, and Civil Aviation Act 2053.

Additionally, the task force recommended amendments to the Foreign Investment and Technology Transfer Regulations 2077 and Forest Regulations 2079. To facilitate investments, the task force suggested taking a bill to amend some Nepal Acts to the parliament, following a decision from the Council of Ministers.

The task force also ensured the participation of the private sector in its activities.