HoR session: NA amendments to Bill to facilitate investment accepted

Kathmandu : A meeting of the House of Representatives (HoR) today accepted the amendments made by the National Assembly regarding the Bill to amend some of Nepal’s acts related to investment facilitation.

Minister for Communications and Information Technology Rekha Sharma proposed the HoR session to consider the NA amendments to the Bill. The Minister put this proposal before the session on behalf of Prime Minister Pushpa Kamal Dahal ‘Prachanda’ who also takes charge of the Ministry of Industry, Commerce and Supplies. The meeting accepted the proposal with the majority after discussions.

The lower house had sent the Bill to the NA after the endorsement on July 2 and NA sent it back to the HoR with amendments to some provisions.

The government hosted the Nepal Investment Summit on April 28-29 and pledged policy reforms and legal amendments to enable an investment-friendly atmosphere in the country through an ordinance. And the Bill was brought accordingly to materialize the Ordinance.

Through the Bill, the government has introduced provisions for registering start-up industries, clarifying transfer procedures of foreign investment and technology, the deadline for the operation of industries, and the producing goods on contract.

Rise in subsidy for industries based in the Special Economic Zone and enabling atmosphere for establishing industries of priority in the forest area among those issues incorporated in the Bill.

The government has proceeded with the amendments to the Industrial Enterprise Act, 2076 BS, Lands Act, 2021, National Park and Wildlife Conservation Act, 2029, Land Acquisition Act, 2034, Economic Zone Act, 2073, Public Private Partnership and Investment Act, 2075 BS, Foreign Investment and Technology Transfer Act, 2075 BS, and Forest Act, 2076 BS to enable the atmosphere capable of attracting investment in the country.

In the meeting, Minister Sharma, on behalf of Prime Minister Pushpa Kamal Dahal ‘Prachanda’ presented the fifth annual report-2079-80 BS of the National Inclusion Commission. The next meeting of the HoR has been scheduled to take place at 11:00 am on July 10.