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Bills related to investment promotion tabled in HoR

HIMALAYAN NEWS SERVICE

Kathmandu, March 6

Three bills related to investment promotion were tabled in the House of Representatives today ahead of the Investment Summit slated for March 29 and 30.

The bills include Public-Private Partnership and Investment Bill-2019; Safeguards, Anti-Dumping and Countervailing Bill; and Foreign Investment and Technology Transfer Bill.

Presenting the Public-Private Partnership and Investment Bill-2019, Minister of Finance Yuba Raj Khatiwada said the bill was drafted on the basis of new national and international norms related to investment promotion, keeping in mind the changed context.

He said Nepal needed to attain double-digit growth to materialise the government’s vision for ‘Prosperous Nepal Happy Nepali’.

For this, only domestic resources are not enough, and foreign investment is necessary.

“So it is necessary to put in place investment-friendly laws,” he said. “The bill envisages attaining economic growth by mobilising both domestic and foreign investment.”

The other two bills were presented by Minister of Industry, Commerce and Supplies Matrika Prasad Yadav.

Presenting the Safeguards, Anti-Dumping and Countervailing Bill, Yadav said the bill was presented to put in place a legal structure to boost industrial capacity of the country and protect domestic industries from possible damage from uncontrolled imports.

He said the bill envisaged protecting domestic industries from possible damage from cheaper imports or product dumping by slapping duties. “The amount raised from the duties would be used to protect and promote domestic industries,” he said.

Similarly, Yadav said the Foreign Investment and Technology Transfer Bill aimed to promote foreign investment and build investment-friendly environment for the country’s industrial development.

Yadav said the bill would help accelerate economic growth using both domestic and foreign investment, and make the economy competitive and liberal.

He said the bill also envisaged generating employment by boosting production, substituting imports and promoting exports. “This law is necessary to ensure foreign investment for sustainable economic growth,” he said.

Meanwhile, the Parliament also unanimously approved a proposal to forward the Province Civil Service Commission Determination of Criteria and Standards Bill to the parliamentary committee concerned.

Earlier in the day, lawmakers, speaking during the zero hour, demanded that the government address the concerns of agitating teachers of child development centres and community schools and those hired under relief quota.

The teachers have been demanding that the government add a provision in the Federal Education Bill to ensure permanent status to them through internal competition. There are around 40,000 teachers are under the relief quota.

Link - https://thehimalayantimes.com/kathmandu/bills-related-to-investment-promotion-tabled-in-hor/