CIM urges approval of bill for industrial reform, investment

KATHMANDU: Chamber of Industries Morang (CIM) has requested that the bill, which includes provisions for reforming existing laws through an ordinance to promote the industrial environment and investment, be passed as soon as possible.

The government has made an effort to address the issues raised by the private sector by amending over two dozen laws to improve the economic and business environment and promote investment. Therefore, CIM has requested that all political parties prioritise this important issue of economic and business interest and move forward.

The amendments include provisions under Good Governance (Management and Operation) Act, 2064, Revenue Tribunal Act, 2031 (1991), Black Market and Certain Other Social Crimes and Punishments Act, 2032, Companies Act, 2063 (2006), and Foreign Investment and Technology Transfer Act, 2075 (2019). These changes aim to make services faster and more efficient, improve the business environment, and encourage investment, according to CIM.

The private sector organisation has welcomed the amendments to the Industrial Enterprises Act, 2076 (2020), which include providing a decision within 15 days of the application for registration of an industry, leasing government-owned land to large industries, and registering unregistered industries without fines.

CIM President Rakesh Surana expressed excitement about these progressive reforms, stating, "The entire private sector is very excited about these simultaneous progressive reforms." He also expressed concern that these reforms might fall under the wrath of partisan politics and appealed for a national consensus on economic and industrial development to overcome the current extreme despair.