42 laws to be scrapped and amended for enabling investment-friendly environment: Finance Minister

Kathmandu: Finance Minister Dr Swarnim Wagle has informed that 42 laws are in the process of annulment and amendment for enabling investment-friendly environment.

At a discussion with industrialists, entrepreneurs and representatives of the private sector today, Finance Minister Dr Wagle clarified that they have pursued a solo and shared national agenda of investment.

The government has charted a roadmap to scrap redundant and old laws, improve the investment environment, make tax systems simple and transparent, ease the business-doing atmosphere, expand the stock market and alternative financial tools, and build a transparent administration through digital service.

“The Prime Minister himself is quite serious about the issues of the private sector. He has been directly dealing with the prime affairs on his own and also stepped up follow-ups through other cabinet colleagues and me,”, the Finance Minister stated.

The government is clear on its stance that domestic and foreign investors have high confidence in the economic transformation of the country through expansion of investment, establishment of new industrial avenues and production, Wagle shared. He further said they are focused on operating industries at full capacity, expanding business seamlessly, and creating new enterprises.

“With significant improvements in the three indicators, economic growth, job creation, revenue growth, and export promotion will naturally advance at a new pace. Thus, all our efforts and policies will focus on achieving these three outcomes,” he said.

Finance Minister Dr Wagle also mentioned that a ‘response desk’ will be set up at the Ministry of Finance as a high-priority initiative to coordinate immediately with relevant ministries, departments, and agencies to resolve issues raised by industrialists, businessmen, and private sector representatives.

“Files will no longer just pile up; a culture of making quick decisions and solving problems will be developed,” he said. “Tasks related to law amendment, regulation, procedure and institutional reforms would be carried out as per the calendar”.

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