Kathmandu: A government-formed taskforce, aimed at suggesting legal reforms to create an investment-friendly environment, has proposed amendments to approximately a dozen Acts and Regulations. The taskforce, led by Yek Narayan Aryal, the Secretary at the Office of the Prime Minister, was established in anticipation of the Third Investment Summit scheduled for April 21-22 in Kathmandu.

The report, submitted on Monday to Chief Secretary Dr. Baikuntha Aryal, recommends amendments to several key laws and regulations to attract both domestic and foreign investments.

The suggested amendments encompass the Industrial Enterprises Act 2076, Foreign Investment and Technology Transfer Act 2075, Special Economic Zone Act 2073, Forest Act 2076, and National Parks and Wildlife Conservation Act 2029.

Additionally, the taskforce proposes amendments to the Lands Act 2021, Land Acquisition Act 2034, Environment Conservation Act 2076, Electronic Transaction Act 2063, and Civil Aviation Act 2053. Furthermore, recommendations include amendments to Foreign Investment and Technology Transfer Regulations 2077 and Forest Regulations 2079.

To facilitate domestic and foreign investments, the proposed amendments are expected to be introduced through a bill to amend specific Nepal Acts in the parliament, following a decision from the Council of Ministers.

The taskforce ensured the active participation of the private sector in its deliberations.