The Ministry of Industry (MoI) said it has already initiated joint exercises with Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and Confederation of Nepalese Industries (CNI) to identify the projects. [break]
The projects will be from different sectors including hydropower, tourism, agro-processing and timber-based, among others, said Shankar Koirala, MoI Secretary. "We will unveil it during the Nepal Investors Forum when we bring together a large number of foreign investors," he added.
The government has announced to mark 2012 as Nepal Investment Year and MoI is preparing to organize the forum as one of the major highlights of Nepal Investment Year-2012. And, ready-to-go projects are being worked out for investors participating in the event so that they can find detailed information about potential projects and take instant investment decisions.
"This is much necessary because without specific projects all we can garner is investors´ positive comments. Ready-to-go projects will incite instant decisions and help realize investments," said Koirala.
Nepal had organized first such Investors´ Forum in 1992, and officials attribute the FDI that came in subsequent years to the impact of 1992 Forum. After that, the country has failed to hold similar events.
Koirala disclosed the MoI´s latest initiatives while interacting with newly-elected execute members of Non-Resident Nepalis Association (NRNA) on Monday.
During the meeting, coordinated by Ministry of Finance, NRN officials said they have already initiated steps to register a company that will be an exclusive business holding of NRNs to make investment in hydropower, tourism and other business undertakings in Nepal.
"A lawyer has already been appointed and we have also approached the Company Registrar´s Office, seeking its assistance to set up the new business venture," said Jiba Lamichhane, newly-elected president of NRNA.
NRNA took the initiative after the first meeting of its newly-elected executive body endorsed investment proposal brought by its new president and decided to set up a global company for mobilization of funds from Nepalis residing in 57 countries and funneling them into Nepal.
The company will initially be promoted by some NRN leaders but it will eventually bring all NRNs willing to invest in Nepal by issuing company´s shares to them and kick off business ventures in a collective way.
"Development of hydropower of 100 MW will be the first venture of this company," said Lamichhane adding that NRNs are ready to start the project immediately.
NRNA executive body during its meeting reviewed the criticism it faced in the recently concluded fifth Global Conference that it´s talking too much, but doing little for the country. In order to respond to the criticism positively, NRNA leaders also committed to start visible social contributions and launch investment projects in Nepal.
Bhawan Bhatta, treasurer of NRNA, said he is setting up an international airline company under the name of Lord Buddha. "Other projects will be announced once NRNs finalize them," said Lamichhane.
NRNA officials also sought government help to identify ready-to-start project for producing 100 MW of electricity. The request, however, goes contrary to existing laws which ask the government to award license for project above 10 MW only through competitive bidding.
Nonetheless, Energy Secretary Balananda Paudel said the government can make such offers through special decisions. "Considering the zeal of NRNs, we are positive about taking such a decision," he stated.
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