KATHMANDU: President Ram Chandra Paudel has certified the Bill designed to amend some Nepal Acts, 2081 BS to facilitate investment.    

The bill passed by both houses of the federal parliament was certified by President Paudel on Monday in accordance with Article 113 (2) of the Constitution, says a statement issued by Spokesperson for the Office of the President, Shailaja Regmi Bhattarai.

The private sector as well as other stakeholders including foreign investors had been long demanding amendment to the laws to facilitate investment in Nepal.

Targeting the Third Investment Summit held in late April, the government had issued an ordinance to amend 12 laws and regulations 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.

With the objective of increasing investment in the country, the government had earlier reduced the minimum limit required for foreign investment to Rs 20 million.

The government has already adopted a one-door policy to facilitate foreign investment. However, critics say that the Department of Industry, which oversees this system, lacks the required number of human resources.