It will no longer be effective to amend and postpone outdated laws: Head of State

According to Prime Minister KP Sharma Oli, a fundamental shift in the approach to growth is necessary instead of a straightforward reform. During the 59th meeting of the Board of Investment, both Prime Minister Oli and the board chairman asked for an end to the situation where work was being stopped, delayed, and there were practical and legal issues.

"We ought to pursue paradigm shifts rather than broad reforms. Once changed and postponed, old laws are no longer in effect. Prime Minister Oli stated, "There should not be a situation where files are sent from here to there and the time spent on study-discussions. The board should be strengthened with experts, young, and energetic manpower." Effective work should be done for the benefit of the nation without undue pressure from any side. For that we are developing a tracking system where the file has reached. Additionally, we have determined that any file received by the appropriate office must be resolved upon within three days.

The board's chief executive officer, Sushil Gyawali, presented a strategy and professional action plan for the next four years, which was adopted in principle during the meeting. Information regarding a number of projects that are in the stages of agreement and evaluation, as well as progress and implementation, was presented during the same meeting. Following the appointment of Prime Minister Oli and Chief Executive Officer Gyawali, the board is meeting for the first time.

The board stressed the following points: work should be completed promptly, in accordance with the commitments made at the international investment conference, in the private sector and with direct foreign investment; work on investment promotion should be done both domestically and internationally; the single point service center should be fully implemented; and the government's investment budget and expenditure are declining. It also stressed the need to create a dedicated center for province and local investment facilitation, as well as alter the current legislation to give the board more authority and autonomy.

The board's current financial year budget of Rs 188.3 million as well as the chief executive officer's performance agreement indicators were accepted at the meeting. Following the meeting, Prime Minister Oli, Executive Officer Gyawali, and the Chairman of the Board signed a performance agreement. The Investment Board has been assisting hydroelectric projects having a capacity of more than 200 megawatts and projects involving investments above six billion rupees.