KATHMANDU, April 10: Foreign investors pledged to invest Rs 24.79 billion in Nepal in the first nine months of the current fiscal year. The pledged amount is around 42 percent less than that in the same period of the last fiscal year.
According to the Department of Industry, Nepal received an investment commitment for Rs 42.96 billion in foreign direct investment (FDI) during the review period in 2019/20. The pledged amount this year has declined by Rs 18.17 billion. Government officials said the decrease could be due to the economic loss triggered by the COVID-19 pandemic globally.
With just a few days left for the third quarter-end, 139 foreign companies have so far expressed interest in investing in Nepal. They have hoped to create job opportunities for around 5,000 individuals.
Of the pledged amount, the main attraction is seen in the tourism business. A total of 79 foreign companies have expressed commitment to invest Rs 15.58 billion in the tourism sector. The amount exceeds that of the review period last year by Rs 7 billion.
The service sector received commitments for investment of Rs 5.26 billion, manufacturing Rs 2.78 billion, communications and information Rs 600 million and agricultural business received commitments for investment worth Rs 560 million.
No foreign company has so far come forward to invest in the energy sector this fiscal year. In the nine months of the last fiscal year, foreign investors had pledged to invest Rs 11.82 billion in this sector.