KATHMANDU: The government is preparing to amend prevailing laws to promote foreign investment, saying that foreign investment has been impeded due to legal issues.

The Ministry of Industry, Commerce and Supplies has formed a task force headed by Joint Secretary at the Ministry Narayan Prasad Regmi to prepare a report. The task force has already started its job.

In the first phase, opinions and suggestions of all concerned sided will be collected. After this, the report will be prepared and the laws will be amended, said Joint Secretary Regmi.

The task force will study the environmental impact assessment for the industry with foreign investment, profit return process of the company, land acquisition law, Foreign Investment and Technology Transfer Act 2075 and other laws.

The ministry has started preparations for an internal study on the laws to create a conducive environment for foreign investment.