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February 16: Minister for Industry Nabindra Raj Joshi has made commitment to table the law on foreign investment and technology transfer after approving it from the Council of Ministers.
The minister made the commitment at an interaction with foreign mission representatives organized on February 15 at the Ministry regarding the preparations of the upcoming Nepal Investment Summit- 2017 .
The ministry is making preparations for timely reform on necessary laws for creating industrial environment in the country. In this connection, the ministry is in the process of final discussion with the concerned ministries by formulating laws on foreign investment and technology transfer, said Minister Joshi. The proposed laws have provisions for concessions and subsidies to foreign investors at par with Nepali investors, he said, adding it has made the entry and exit of investment easier.
The time now is for the industrial revolution in Nepal, he said, and requested home and foreign investors to take benefit by investing in infrastructure development and production -oriented industries in the country.
The government is planning a two-day Nepal Investment Summit in Kathmandu on March 2-3. Minister Joshi said the attention of all the political parties in Nepal now has been focused towards economic prosperity of the country. There is a situation that no regular meeting has been held of the Industrial Promotion Board which has got the responsibility of facilitation of foreign investment of large amounts.
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