KATHMANDU, Nov 19: Non-Resident Nepali Association (NRNA) has decided to set up an investment company to make significant investment in the infrastructure sector of Nepal.
The meeting of the umbrella organization of non-resident Nepalis across the world has decided to form such company in Nepal to bring together Nepali diaspora to make investment in the infrastructure development of their motherland. Issuing a statement, the NRNA said that the meeting of its International Coordination Council that concluded on Friday decided, among others, to form such infrastructure investment committee. The statement noted that the works will be taken forward after carrying out a detailed study in this regard within a month.
The NRNA, however, did not provide any detail about the investment company that is has announced to set up. However, the decision to tap into the Nepali Diaspora to draw investment by forming a company for infrastructure financing comes in the wake of growing calls to the NRNs to bring their investment in the country to address the infrastructure deficit.
Vowing to encourage the Nepali fraternity abroad to make investment either individually or in group, the NRNA also said that its members would make investment also in service industries like banks, microfinance institutions and cooperatives. The meeting of the NRNA’s apex body has also decided to work together with the government to pursue Bilateral Investment Promotion and Protection Agreement (BIPPA), economic partnership agreement (EPA) and double taxation agreement (DTA) with various countries to increase investment of NRNs and protect their investment abroad.
Though there is not any accurate data about the investment of the NRNs in Nepal, a survey commissioned by Non-Resident Nepalese Association (NRNA) and carried out by Society of Economic Journalists-Nepal (SEJON) in 2015 had found NRNs pouring a total of Rs 29.85 billion in 67 business ventures in nine districts, generating 8,276 jobs.
NRNA Academy will also be formed to bring its various initiatives like NRNA Science Foundation, Open University, Tele Medicine, Nepal Library Project and blood transfusion technology transfer program, among others, according to the NRNA ICC’s decision. This academy will work toward utilizing the skills, know-how and technologies earned by NRNs abroad for the development of Nepal.
It has also decided to increase the foreign employment welfare fund to Rs 50 million and set up and implement the provident fund for Nepali going for foreign employment, according to the NRNA. Taking exception over the provision in the constitution to bar those Nepali who have obtained permanent residency of another country, the umbrella organization of NRNs has also decided to request political parties to scrap such provision. The NRNA contends that such provision goes against the basic rights of NRNs.
Running campaigns to encourage the use of LED bulbs to reduce electricity consumption, doing at least one welfare program in each country where NRNA is established and giving continuity to Nepali festivals, promotional works for Nepali goods and products and tourism promotion activities in various countries, among others, are the initiatives that the association has decided to continue in the days to come, according to the NRNA’s statement.