Investment friendly environment is being created in Nepal: British envoy

Published On: March 28, 2024 01:45 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, March 28: A team of high-level investors from Britain is going to come to the investment summit to be organized in Kathmandu in April.

British Ambassador to Nepal, Rob Fenn, met Finance Minister Barshman Pun on Thursday and said that British investors will be attending the investment summit.

Ambassador Fen praised that Nepal is creating a friendly environment for foreign investment. He requested Finance Minister Pun to clarify the policy regarding the double taxation system to the international community.

Ambassador Fenn also mentioned that he is also discussing and coordinating with the heads of missions of other countries in Kathmandu to make the investment summit a success. "A high-level team of British investors is coming to the investment summit," he said, "We are actively working to make it a success."

Ambassador Fenn reminded that Britain has been running a program targeting communities deprived of education, health and infrastructure development in Nepal, and pledged to continue it in the future as well. Ambassador Fenn also appreciated Nepal's efforts to avoid being on the gray list of the Financial Action Task Force.

Similarly, Minister Pun said that Britain is an old friend and an important foreign partner of Nepal and thanked for the support it has been providing so far. He also appreciated the role played by the British Embassy in Kathmandu to make the investment summit a success.

Finance Minister Pun mentioned that Nepal has adopted a policy of welcoming foreign investment and mentioned that the questions raised by international investors and development partners including the double taxation system will be addressed.

He said that the process of amending more than a dozen laws has been initiated to create an environment for foreign investment. Minister Pun said that the government expects the UK to increase its investment in Nepal. In response, Ambassador Fenn promised to take positive initiatives for that.

Similarly, he also informed Minister Pun that the cooperation announced by Andrew Mitchell, the British Minister for Development and Africa and the Commonwealth of Nations, who came to Nepal on the occasion of the centenary of the Nepal-UK friendship treaty last February, is in the process of implementation.

In a meeting with Prime Minister Pushpa Kamal Dahal on February 20, Mitchell promised to give a grant of Rs 66.60 billion (400 million pounds) to Nepal through the new development portfolio on behalf of the UK.

Nepal will spend the amount for projects to be implemented by 2030 to deal with the crisis of climate change, mobilize international finance for development, economic transformation and good governance and inclusion. It is expected that 13,500 jobs will be created from this amount and two million women and children will have access to quality health and education.

Leave A Comment