April 24: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has welcomed the amendments made in the laws regarding investment, even though they were introduced through ordinances prior to the Third Investment Summit.

The umbrella organization said that despite being brought through ordinances, the amendments are seen as positive steps towards improving investment ambiance.

Issuing a press statement on Tuesday, FNCCI expressed confidence that the amendments made through ordinances in 12 laws and regulations by the government have created a conducive environment for investment.

 Stating that Nepal was receiving only 0.2 percent foreign investment of total domestic production, FNCCI said that the government's step would help create an environment conducive to investment.

Targeting the investment summit, the government has made amendments in various laws including the Foreign Investment and Technology Transfer Act 2075, Industrial Enterprises Act 2076, Forest Act, and Land-related laws, focusing on attracting foreign investment and technology transfer.

“The government’s step to define startup through the amendment of the law is positive,” said FNCCI press statement.