Industrial Enterprise Ordinance by mid-August

KATHMANDU, July 16:

After the cabinet agreed in principle to formulate Industrial Enterprise Act (IEA) a week ago, the Ministry of Industry is giving a final touch to the act, so that it could be forwarded it within a month to the cabinet.

The draft law aims to create favorable environment for investment as well as draw foreign investment in the country for promoting the export-oriented industries, among others.

The industry ministry spokesperson, Yam Kumari Khatiwada, informed that the task of incorporating suggestions from the line ministries is in the last stage and the draft would thereafter be forwarded to the Ministry of Law.

Promoting export-oriented industries, infrastructure development, like Special Economic Zones for industries, and a one-door service delivery are some of the main features of the proposed law, which offers new legal framework to boost investment in industry sector.

Unlike in the past the public-private dialogue was carried rigorously while drafting the legal document, according to Khatiwada.
"We will send the legal document to the cabinet as an ordinance within a month," added Khatiwada. The ordinance needs a final approval by the President for enforcement.

The government has announced a quick and simplified fasttrack service-delivery system to encourage export-oriented private sector in the budget for the fiscal year 2013/14, which was announced on Sunday.

Source: Republica