The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) welcomed the amendments made by the government to 12 laws and regulations through ordinances for the promotion of investment.

On the eve of the 3rd Nepal Investment Summit 2024, the government has amended the laws and acts through the ordinance.

The Summit is scheduled to be held on April 28-29 in Kathmandu.

In the context that only 0.2 per cent of the gross domestic product came from foreign direct investment, it can be believed that the reforms made at the request of the Federation will create an investment environment, according to a press statement issued by the FNCCI on Tuesday.

Aiming at the Summit, at the request of the private sector, the government has amended the Foreign Investment and Technology Transfer Act 2075, the Industrial Enterprises Act 2076, the Forest Act, and the Land Act, among others.

The new arrangement has addressed issues such as environmental impact assessment and limit of land utilisation.

The Federation has expressed its happiness that the definition of start-up has been included in the amendment of some of the laws of Nepal at the initiative of the Federation.

Earlier, due to the lack of definition, start-ups could not be facilitated.

Even though the FNCCI sought a definition through the regulations, it is positive that this time it is directly addressed by the law, it said.

The laws and regulations have been amended according to the opinion of the Policy Reform Task Force formed under the chairmanship of the then Secretary of the Office of Prime Minister, Ek Narayan Aryal.

The Federation believed that the Parliament would also approve the legal provisions passed by the Ordinance and amended law would be implemented effectively.

The FNCCI believed that this reform was the starting point for the second generation reform.