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Attracting Foreign Investments In Nepal
By KTM Metro Reporter
October 31, 2013: speaking at the half-day interaction event held jointly by the Department of Industry and International Finance Corporation (IFC) in Kathmandu yesterday, foreign investors urged the government of Nepal to simplify the administrative procedures and visa issuance process to attract more foreign investment appreciating the recent reform measures taken by the government for facilitating the foreign investment; and they suggested more areas of reforms for creating an investment friendly environment in the country, according to the news on the ‘gprkhapatraonline.com.’
Foreign investors said that some of the laws and policies were still not friendly for foreign investment. They pointed out the lengthy administrative procedures for the FDI approval, industry registration as well as visa issuance and work permits to the foreign workers in Nepal.
They suggested the government to provide one-window service to lure more FDI in Nepal. They also urged the government to establish effective coordination mechanism and data sharing between the concerned government authorities.
Secretary to the Ministry of Industry Krishna Gyanwali said that the government was working on policy and legal reforms as well as establishing an institutional arrangement for improving the investment environment in the country. The government is working on introducing Industrial Enterprise Act and Foreign Investment and Technology Transfer Act in near future, he said. In addition, we are setting up various institutional arrangements including Integrated Industrial Information Management System, one spot service center among others, he said.
Head of Nepal Investment Climate Reforms Program under IFC Fred Sake said that the IFC has been working to stimulate private investment in Nepal by helping to create an investment friendly environment.
About 50 foreign investors along with representatives from various bilateral chambers of commerce and industries, development partners and representatives from the concerned government authorities were present in the interaction.
