Body to nominate candidates for Investment Board chief executive
KATHMANDU, OCT 03 -
The government has intensified efforts to form the much-awaited Investment Board by forming a three-member committee to recommend candidates for its chief executive officer (CEO).
The cabinet on Sunday formed the committee headed by Finance Minister Barsha Man Pun in which vice-chairman of the National Planning Commission Dipendra Bahadur Kshetry and former secretary Bimal Wagle are members. Prime Minister Baburam Bhattarai, who had introduced the idea of forming an Investment Board as finance minister in 2008 during the then Maoist-led government, has again promised to form the board as soon as possible. As the prime minister-led board envisions giving a one-window solution to potential investors in big projects, the business community has also been demanding that the board be formed as early as possible.
After parliament passed the Investment Board Bill making it an act, the government initiated the process of appointing the CEO on a competitive basis which will give the board’s administrative set-up. The government has been intensifying efforts to form the board as it is also preparing to announce 2012 as investment year. The Investment Board Act has envisioned formation of the administrative structure led by its CEO. Kshetry, a member of the selection committee, said that they would begin the selection process on a war footing. “The committee will issue a notice calling for applications along with the proposal form from professionals who fulfil the qualifications prescribed in the act between the Dashain and Tihar festivals,” said Kshetry. He added that they would study the proposals submitted by interested candidates and evaluate them on the basis of their proposal, interaction, academic achievement and past performance.
The Investment Board Act has provisioned that the potential chief executive of the board should have academic qualification of Master’s degree in economics, management, project management or business law. The candidate should have 10 years of work experience in the related field and have demonstrated success in his or her area of work. “The committee will complete the entire process and make recommendations within the second quarter of this fiscal year,” said Kshetry. The committee will recommend three names to the cabinet which will select one of them as per the Act.
The business community has welcomed the government’s move saying that it would boost investor confidence. “As the board gives the prime minister-led one-window solution, we expect immediate solutions to problems being faced by investors,” said Pashupati Muraraka, vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
As per the act, fast track roads, railways, international and regional airports, fertiliser factories and petroleum refinery plants will now be looked after by the Investment Board. Likewise, the foreign investment that comes for major projects fixed by the government, banks and financial institutions with a foreign investment component of more than 51 percent, medical colleges and modern hospitals with more than 300 beds, hydropower plants of 500 MW and above and investments for special economic zones will come under the board.
The board will formulate a policy on investment, select the project with potential of investment, consult the investors, approve the investment and sign agreements as per the fixed procedures. It will also monitor the work on the projects, determine and provide financial and non-financial facilities to them, ensure availability of government-owned land, mobilise Nepali missions abroad for investment promotion and ensure coordination among ministries for investment promotion.
Source: Kantipur
The government has intensified efforts to form the much-awaited Investment Board by forming a three-member committee to recommend candidates for its chief executive officer (CEO).
The cabinet on Sunday formed the committee headed by Finance Minister Barsha Man Pun in which vice-chairman of the National Planning Commission Dipendra Bahadur Kshetry and former secretary Bimal Wagle are members. Prime Minister Baburam Bhattarai, who had introduced the idea of forming an Investment Board as finance minister in 2008 during the then Maoist-led government, has again promised to form the board as soon as possible. As the prime minister-led board envisions giving a one-window solution to potential investors in big projects, the business community has also been demanding that the board be formed as early as possible.
After parliament passed the Investment Board Bill making it an act, the government initiated the process of appointing the CEO on a competitive basis which will give the board’s administrative set-up. The government has been intensifying efforts to form the board as it is also preparing to announce 2012 as investment year. The Investment Board Act has envisioned formation of the administrative structure led by its CEO. Kshetry, a member of the selection committee, said that they would begin the selection process on a war footing. “The committee will issue a notice calling for applications along with the proposal form from professionals who fulfil the qualifications prescribed in the act between the Dashain and Tihar festivals,” said Kshetry. He added that they would study the proposals submitted by interested candidates and evaluate them on the basis of their proposal, interaction, academic achievement and past performance.
The Investment Board Act has provisioned that the potential chief executive of the board should have academic qualification of Master’s degree in economics, management, project management or business law. The candidate should have 10 years of work experience in the related field and have demonstrated success in his or her area of work. “The committee will complete the entire process and make recommendations within the second quarter of this fiscal year,” said Kshetry. The committee will recommend three names to the cabinet which will select one of them as per the Act.
The business community has welcomed the government’s move saying that it would boost investor confidence. “As the board gives the prime minister-led one-window solution, we expect immediate solutions to problems being faced by investors,” said Pashupati Muraraka, vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
As per the act, fast track roads, railways, international and regional airports, fertiliser factories and petroleum refinery plants will now be looked after by the Investment Board. Likewise, the foreign investment that comes for major projects fixed by the government, banks and financial institutions with a foreign investment component of more than 51 percent, medical colleges and modern hospitals with more than 300 beds, hydropower plants of 500 MW and above and investments for special economic zones will come under the board.
The board will formulate a policy on investment, select the project with potential of investment, consult the investors, approve the investment and sign agreements as per the fixed procedures. It will also monitor the work on the projects, determine and provide financial and non-financial facilities to them, ensure availability of government-owned land, mobilise Nepali missions abroad for investment promotion and ensure coordination among ministries for investment promotion.
Source: Kantipur
