Industry ministry to initiate policy, procedural reforms to attract foreign investment

Published On: April 3, 2017 11:13 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, April 3: A high level coordination committee on foreign direct investment (FDI) has decided to move forward with both policy and procedural reforms to attract FDI to the country. 

A meeting of the committee held on Sunday under the chairmanship of Minister for Industry Nabindra Raj Joshi decided to take the process of simplifying environmental impact assessment forward and make inter-ministry coordination more effective.

Speaking at the meeting, Joshi, who is also the coordinator of the committee, said the recently held ‘Nepal Investment Summit’ had sent a message to the international market that the Nepal was ready and a lucrative destination for investment. 

He, however, lamented the lack of the same vigor as potential foreign investors among the Nepali private sector in the aftermath of the investment summit.

Urging the private sector to go hand-in-hand with the government to implement the declarations of the investment summit, Joshi said the Ministry of Industry was ready to facilitate translating foreign investment pledges into real investment. 

Also speaking at the meeting, Maha Prasad Adhikari, the chief executive officer of Investment Board of Nepal, said a sub-committee on a Project Bank had already started to develop a terms of reference (ToR) for the realization of letters of intent received from potential foreign investors during the summit.

The investment summit, which ended on March 3, drew letters of intent for an investment of nearly $13.51 billion (equivalent to Rs 1,446 billion).

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Pashupati Murarka, Confederation of Nepalese Industries (CNI) President Haribhakta Sharma and Nepal Chamber of Commerce (NCC) President Rajesh Kazi Shrestha have urged the government to create a conducive environment for investment from the private sector so that foreign investors would be attracted to come to Nepal to pour money.

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