New Statutes related to Foreign Investment
On 09-06-2019Category : Foreign Investment
The Government of Nepal has recently made several changes to the existing statutes pertaining to foreign invetment and technology transfer. Two major statutes have been promulgated in line with the government's policy of promoting foreign investment into Nepal. The following are the new Statutes:
- Foreign Investment and Technology Transfer Act, 2075 (2019)
Commonly referred to as FITTA this 2019 statute replaces the 1992 statute which used to govern and regulate matters pertaining to foreign investment and technology transfer in Nepal. FITTA, 2019 contains major changes to the existing laws and regulations pertaining to foreign investment.
- Public Private Parternship and Investment Act, 2075 (2019)
Any foreign investment in a Project with estimated project cost NPR 6 billion and above is governed by the PPP and Investment Act, 2019. This new statute replaces the Investment Board Act, 2068 (2011), the Private Finance in Build and Operation of Infrastructure Act, 2063 (2006)