KATHMANDU, Dec 18: Nepal has received over Rs 20 billion in foreign investment commitments in the first five months of the current fiscal year.
Between mid-July and mid-December, foreign investors pledged to bring in investments worth Rs 20.78 billion. The Department of Industry (DoI) reported commitments of Rs 2.11 billion in mid-December alone.
In five months, investors committed to bringing Rs 2.13 billion through the automated system, with Rs 527.5 million pledged through this system in mid-December alone.
The DoI’s approval system recorded Rs 18.65 billion in investment commitments during this period. Of this, Rs 1.60 billion in commitments came in mid-December, according to the DoI.
Foreign investment commitments decrease by over Rs 21 billion
If these investment commitments are realized, 9,206 jobs will be created in the country. Based on mid-December’s commitments alone, 1,363 individuals are expected to secure employment.
By mid-December, Rs 10.25 billion in commitments had been made through the automated system, and Rs 530.29 billion through the approval system. The total foreign investment commitments till date stand at Rs 540.53 billion.
Based on these commitments, the DoI has proposed that 337,514 jobs will be created if the investments are realized.
In the past five months, Nepal has sent royalties totaling Rs 382.25 million, USD 951,240, INR 200.5 million, and EUR 10,200 abroad. In the same period last year, royalties amounted to Rs 748.67 million, USD 591,468, and INR 192.25 million.
Additionally, foreign investors repatriated Rs 851.62 million as dividends between mid-July and mid-December. Service fees totaling Rs 388.68 million, USD 286.9 million, and INR 58.35 million were sent abroad as of mid-October.
Increase in business visa applications from investors
According to the DoI’s data, the number of foreign investors applying for business visas in Nepal has increased of late.
The latest data reveals that 1,782 investors requested recommendations for business visas over the past five months. This is an increase from 1,200 requests made in the same period last year. Additionally, the number of representatives for these investors has also grown.
