NRNs seek simplification of bureaucratic procedure for investment
KATHMANDU, OCT 18 -
Non-resident Nepali Association (NRNA), which renewed its commitment to invest in Nepal by establishing a collective investment fund during the recently concluded Fifth NRN Global Conference, has sought simplification of bureaucratic procedures for registering companies.
At an interaction with Finance Minister Barshaman Pun here on Monday, the association sought clarity on how NRNs and People of Nepali Origin (PNO) could participate in the collective investment fund. In an indication that it is serious about bringing investment in Nepal, NRNA also asked the government to provide the list of hydropower projects.
With several NRNs expressing keenness to invest in Nepal through the collective fund, they also asked how the requirement of signatures of all shareholders for registering a company could be eased. The association, in its Kathmandu Declaration announced at the end of the conference, has decided to construct hydropower projects of 100 MW capacity. But for this, they need to register a company with the government agency. “We want to do something for the country that people can see,” said Jiba Lamichhane, newly elected president of the association.
Responding their quarries, government officials said the procedures have already been simplified. “We have eased the procedures related to signature of promoters, in case their number is too high, by allowing them to attach their approval paper collectively with only first promoter requiring signing necessary papers,” said an official of the company registrar office. As PNOs are foreign passport holders, the government officials said they would the ease legal procedures for them to invest in Nepal.
NRNs also asked the government to identify the project in which they could invest collectively. However, there is a complication in the government policy which says projects beyond 10MW capacity will be awarded through competitive bidding.
With several projects already occupied by private developers, the government cannot ask them to abdicate. Despite seeking NRN’s investment in power projects of 100MW capacity, the government has not specified any project that it would ask NRNs to develop.
Government officials say the two sides could discuss about available projects that could be awarded to NRNs. “The Cabinet should decide about awarding projects to NRNs without competitive bidding,” said Energy Secretary Balananda Poudel.
Nepal Rastra Bank Governor Yubaraj Khatiwada suggested developing the projects that are at the hands of Nepal Electricity Authority, giving it certain shares.
With NRNs focusing more on hydropower, Commerce Secretary Purusottam Ojha asked them to invest in other areas too, including the agriculture sector. “Nepali agriculture products such as tea and cardamom and handicraft products have a huge investment potential,” he said. “As India, the European Union, Japan, Australia and the US have offered zero tariff on Nepali products, there is an ample scope of exports.”
During the interaction, NRNA Founding President Upendra Mahato said political instability in Nepal is not a major threat to investors given most of the politically instable countries in Africa are fetching good foreign investment. “I have invested in a dozen of African countries which are more instable and vulnerable,” he said. Finance Minister Pun promised doing the necessary help NRNs invest in the country easily.
Source: Kantipur
Non-resident Nepali Association (NRNA), which renewed its commitment to invest in Nepal by establishing a collective investment fund during the recently concluded Fifth NRN Global Conference, has sought simplification of bureaucratic procedures for registering companies.
At an interaction with Finance Minister Barshaman Pun here on Monday, the association sought clarity on how NRNs and People of Nepali Origin (PNO) could participate in the collective investment fund. In an indication that it is serious about bringing investment in Nepal, NRNA also asked the government to provide the list of hydropower projects.
With several NRNs expressing keenness to invest in Nepal through the collective fund, they also asked how the requirement of signatures of all shareholders for registering a company could be eased. The association, in its Kathmandu Declaration announced at the end of the conference, has decided to construct hydropower projects of 100 MW capacity. But for this, they need to register a company with the government agency. “We want to do something for the country that people can see,” said Jiba Lamichhane, newly elected president of the association.
Responding their quarries, government officials said the procedures have already been simplified. “We have eased the procedures related to signature of promoters, in case their number is too high, by allowing them to attach their approval paper collectively with only first promoter requiring signing necessary papers,” said an official of the company registrar office. As PNOs are foreign passport holders, the government officials said they would the ease legal procedures for them to invest in Nepal.
NRNs also asked the government to identify the project in which they could invest collectively. However, there is a complication in the government policy which says projects beyond 10MW capacity will be awarded through competitive bidding.
With several projects already occupied by private developers, the government cannot ask them to abdicate. Despite seeking NRN’s investment in power projects of 100MW capacity, the government has not specified any project that it would ask NRNs to develop.
Government officials say the two sides could discuss about available projects that could be awarded to NRNs. “The Cabinet should decide about awarding projects to NRNs without competitive bidding,” said Energy Secretary Balananda Poudel.
Nepal Rastra Bank Governor Yubaraj Khatiwada suggested developing the projects that are at the hands of Nepal Electricity Authority, giving it certain shares.
With NRNs focusing more on hydropower, Commerce Secretary Purusottam Ojha asked them to invest in other areas too, including the agriculture sector. “Nepali agriculture products such as tea and cardamom and handicraft products have a huge investment potential,” he said. “As India, the European Union, Japan, Australia and the US have offered zero tariff on Nepali products, there is an ample scope of exports.”
During the interaction, NRNA Founding President Upendra Mahato said political instability in Nepal is not a major threat to investors given most of the politically instable countries in Africa are fetching good foreign investment. “I have invested in a dozen of African countries which are more instable and vulnerable,” he said. Finance Minister Pun promised doing the necessary help NRNs invest in the country easily.
Source: Kantipur
