Total foreign investment in Nepal reaches Rs 113b

KATHMANDU, FEB 17 -
 
Nepal has received foreign direct investment ( FDI ) worth Rs 113.18 billion from 78 countries till date. India, China, South Korea and the US are the top FDI contributors in the country.

In the last fiscal year, FDI inflow in the country hit an all-time high of Rs 19.93 billion. Nepal has received FDI worth Rs 16.40 billion as of the first seven months of the current fiscal year.

With the hydropower sector being a tantalizing allure for investors, the energy sector has emerged as the largest recipient of FDI . In the first seven months, the energy sector has received FDI commitments worth Rs 10.94 billion.

Senior government officials have stressed the need to make it easier for foreign investors to put money in Nepal after FDI increased only gradually in the last two fiscal years.

Speaking at an interaction on FDI organized at the Prime Ministers’ Office (PMO) on Sunday, Krishna Hari Banskota, secretary at the PMO, urged officials directly associated with the government agencies dealing with foreign investments to help foreign investors with industry registration, company registration, visa procedures and foreign exchange.

According to Banskota, Sunday’s meeting dwelt on policies to attract FDI , improvement in the behaviour of government officials and easing visa procedures (business visa and non-resident visa) for foreign investors and workers. The issue of a one-window policy was also discussed to cut

the red tape in land registration, environment impact assessment and issuance of labour permits.

Currently, foreign investors have to deal with three ministries, Industry, Home and Environment, three departments, Industry, Immigration and Land Revenue, and the Company Registrar’s Office.

Speaking at the programme, Industry Secretary Krishna Gyawali said that there should be timely amendments to the Industrial Enterprise Act 2049 and the Foreign Investment and Technology Transfer Act 2049.

Radhes Pant, CEO of Investment Board Nepal, said that the board was currently engaged with potential investors of various countries in a bid to attract FDI in Nepal.

According to Dhruba Lal Rajbanshi, the director general of the Industry Department, there has been a surge in FDI in the energy, agriculture and service sectors.

Source: The Kathmandu Post