President of Federation of Nepalese Chamber of Commerce and Industry (FNCCI) said that announcement of nine ordinance revitalize Nepal’s investment landscape.

“In a significant move aimed at revitalising Nepal’s investment landscape, the government has amended nine outdated laws and policies through ordinance, marking a pivotal moment for the country’s economic growth,” said Chandra Prasad Dhakal, President of Federation of Nepalese Chambers of Commerce and Industry.

He hailed the government’s proactive stance and said the amendments will help attract more foreign direct investment (FDI) and foster a conducive environment for business growth in the country.

“This is a momentous occasion for Nepal’s economic development. The amendments to these laws and policies signify a notable step towards removing longstanding barriers that have hindered investment inflows into our country,” Dhakal said.

According to a news published in The Rising Nepal, the amendments target key areas identified as bottlenecks for investment, including simplifying bureaucratic procedures, enhancing investor protection mechanisms and streamlining regulatory frameworks across various sectors.

He said that on the eve of the investment summit, the amendment to the investment laws has created a ray of hope for domestic and foreign investors and has sent a message that the government wants to accelerate economic activities in cooperation with the private sector.

The government has also passed the Bilateral Investment Agreement (BIA) to create a suitable climate for investment. The FNCCI had been pushing the government for the BIA and legal reforms to make an environment to navigate investment, both domestic and foreign, he said.

Dhakal further elaborated on the implications of these reforms, stating, “By addressing these critical issues, the government has demonstrated its commitment to fostering a business-friendly environment that encourages both domestic and foreign investors to explore opportunities in Nepal. This initiative will not only stimulate economic growth but also create job opportunities and drive innovation across various sectors.”

The FNCCI reiterated its commitment to collaborating with the government and other stakeholders to ensure the effective implementation of these reforms, emphasizing the need for continued dialogue and cooperation to sustain momentum in Nepal’s journey towards becoming an attractive investment destination.