Kathmandu, January 11, 2019: On January 9, 2019, the Society of Economic Journalists-Nepal (SEJON), Economic Policy Incubator and UK Aid jointly organized an interaction on draft of the ‘Industrial Enterprises Bill’ where the stakeholders said that the new Industrial Enterprises Act, should focus on promoting investment, without incorporating provisions that control entrepreneurship and business growth. They further expressed, ” The new law should ensure better incentives for doing business in Nepal and adopt measures to raise the contribution of the industrial sector in the gross domestic product of the country.”
The senior vice president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Shekhar Golchha said,” The draft of the Industrial Enterprise Bill seems to have adopted stricter provisions on fine and punishment even for a minor offence. These provisions should be revised.” Similarly, the president of the Confederation of Nepalese Industries, Hari Bhakta Sharma stated,” The new law should be liberal. The government must change the provision that restricts sales of land bought by industrialists to set up an enterprise.” On the other hand, ” There are several good provisions in the draft bill despite some weaknesses. But the key to effective implementation is strong coordination between government agencies,” said Shankar Sharma, the former vice chairperson of the National Planning Commission.