House approves Investment Bill

By A Staff Reporter,Kathmandu, July 9: The House of Representatives on Monday approved amendments introduced by the National Assembly concerning a bill aimed at revising various Nepali laws related to facilitating investments. 

Minister for Communications and Information Technology, Rekha Sharma, proposed the consideration of these amendments on behalf of Prime Minister Pushpa Kamal Dahal ‘Prachanda’, who also oversees the Ministry of Industry, Commerce, and Supplies. Following deliberations, the proposal garnered majority support in the session.

Earlier, the HoR endorsed the bill on July 2, subsequently sending it to the National Assembly, which returned it to HR with amendments to certain provisions. The amendments align with commitments made during the Nepal Investment Summit in April, where the government pledged reforms to create a conducive investment environment through ordinance measures, now formalised in the bill.

Key provisions include startup industry registration, clarity on foreign investment and technology transfer procedures, industry operational deadlines, and contract-based production. Additionally, amendments to several acts, including the Industrial Enterprise Act, Lands Act, and Forest Act, aim to bolster investment attractiveness across various sectors in Nepal. 

Minister Sharma also presented the fifth annual report 2022/23 of the National Inclusion Commission.

The lawmakers also urged the government to swiftly help the citizens grappling with natural disasters. 

Lawmaker Abdul Khan criticised the prioritisation of constitutional amendments over fundamental rights and urged action to curb inflation and economic disparities. MP Ram Prakash Chaudhary opposed pardons for gold smugglers, while MP Prabhu Sah demanded a crackdown on illicit activities, including hundi business and corruption. 

Lawmakers also underscored the urgent need to swiftly provide relief to victims of monsoon-related disasters such as floods and landslides. They emphasized the immediate treatment of flood victims and the timely distribution of relief materials.

 Thakur Prasad Gaire highlighted the widespread impact of the floods and landslides, stressing the necessity for adequate compensation and relief for affected families. MP Laxmi Tiwari called for enhanced government capacity in disaster risk management to mitigate future calamities. Vidya Bhattarai drew the government’s attention towards child fatalities resulting 

from drainage mismanagement in Lamachaur. 

MPs urged detailed reports on flood and landslide damage nationwide. They demanded swift relief for displaced families, medical care for the injured, and efforts to find the missing. MPs also called for relocating vulnerable settlements, improving transportation on blocked highways, and enhancing disaster management. They highlighted delays in corruption probes, political power shifts, and infrastructure flaws. Actions were requested against offenders in scandals like gold smuggling. Additionally, they advocated removing outdated regulations on women’s attire in national IDs and forming a consensus government for stability.

The lawmakers urged the government to provide detailed reports on the extensive property damage caused by floods, landslides, and other disasters following the monsoon rains nationwide. MPs Sher Bahadur Kunwar and Hemraj Rai specifically requested comprehensive assessments of the devastation from these natural calamities. They called for immediate relief for displaced families, prompt medical care for the injured, search efforts for the missing and relocation of vulnerable settlements.

Additionally, MPs pressed for accelerated natural disaster management, relief operations, and rescue missions. Concerns were raised about blocked highways due to floods and landslides, with demands for improved transportation arrangements. They urged the identification of high-risk areas prone to floods and landslides, relocation of residents to safer zones, enhancement of early warning systems, preparation of hospitals for emergency treatments, and provision of air ambulances for rescue operations.