Focus on implementation : Private sector

Foreign Investment Policy

KATHMANDU, Sept 25: Stakeholders have urged the government to focus on implementation of Foreign Investment Policy 2071 which was endorsed by the cabinet in the last week of February.

Speaking at a program organized by the Ministry of Industry (MoI) to formally launch the policy, stakeholders said new policy was encouraging, but added that the government should put focus on effective implementation of the policy.

"We welcome the new policy. But the government should make sure that it is effectively implemented," Narendra Basnyat, president of Confederation of Nepalese Industry (CNI), said. "Though the new policy has addressed most of the issues related to foreign investment in Nepal, it is silent on Nepali investment in foreign land."

Rita Bhandari, president of Federation of Woman Entrepreneurs' Association of Nepal (FWEAN), agreed with Basnyat. She said that the policy has not addressed problems related to micro entrepreneurs and entrepreneurship. "Small entrepreneurs are suffering from the lack of payment gateway. The policy should have addressed it," she said.

Similarly, Bhawani Rana, senior vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said effective implementation of the policy will create conducive environment for new investments.

Speaking at the program, Minister for Industry Mahesh Basnet assured stakeholders that the policy will be implemented. "We are optimistic that the new policy will attract foreign investments in Nepal and help to increase exports," said Basnet.

The new Foreign Investment Policy has identified agro-based industries, tourism and manufacturing industries, hydropower, and transportation infrastructure as the prioritized sectors for investment in Nepal.

"The basic aim of the new policy is to achieve higher economic growth rate and create more employment opportunities in the country by bringing more foreign direct investment (FDI)," said Basnet.

The policy states that the government will help to build infrastructure for industries which discourages import and contribute to boost export.

"The new policy has addressed issues raised by all the stakeholders," he added.

GOVT TO MONITOR USE OF DOMESTIC PRODUCTS IN PUBLIC OFFICES

Officials of MoI have said that the government will monitor the use of domestic products in public offices.

Introducing the Directive to Increase Consumption of Domestic Goods in Public Offices, 2071 in May, the government had made it mandatory for government offices to use local products. As per the directive, public offices should use Nepali products even if they are expensive than imported products by up to 15 percent.

"The directive aims to promote use of domestic products and reduce imports," Khanal said, adding: "We will monitor implementation of the directive in all public offices."