HoR passes Bill on Investment Facilitation

Kathmandu, July 1: The House of Representatives (HoR) meeting on Monday passed the Bill designed to Amend Some Nepal Acts on Investment Facilitation, 2081 BS.     

The bill submitted at the HoR meeting by Minister for Industry, Commerce and Supplies Damodar Bhandari was approved with a majority of votes.     

The government had introduced an ordinance in view of the Third Investment Summit to convince the investors of policy reforms on investment in the country.     

The bill has amended the existing provisions on registration of business startups, foreign investment and technology transfer, tenure extension of industries' operation, production of goods on a contract basis and some other issues.     

Likewise, subsidies to the industries at special economic zones and easing the process for the establishment of prioritized industries in the forest sectors are also mentioned in the bill.     

In its bid to ease the investment environment in the country, the government has amended different Acts including the Industrial Enterprises Act 2076, Lands Act of 2021 BS, National Parks and Wildlife Conservation Act of 2028 BS, Land Acquisition Act of 2034 BS, Special Economic Zone Act of 2073 BS, and Public Private Partnership and Investment Act of 2075 BS, Foreign Investment and Technology Transfer Act 2075 and Forest Act, 2076.     

The HoR meeting on Monday also approved a proposal seeking consideration on 'Water Resources Bill, 2080' and the proposal tabled by Finance Minister Barsha Man Pun on "Bank and Financial Institutions (First Amendment) Bill, 2080".     

The next meeting of the HoR is scheduled for coming Sunday.(RSS)