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April 21: Industry Minister Nabindra Raj Joshi has called on ambassadors of different countries to Nepal to help attract foreign direct investment (FDI) in Nepal. Minister Joshi made this call to foreign diplomats at a discussion held at the Ministry of Industry on April 20.
Informing that his ministry has aimed at attracting Rs 25,000 billion of FDI within the next 10 years, Joshi expected necessary help from foreign diplomats to meet the target.
Similarly, Minister Joshi informed that the government was working to turn the investment commitment expressed by different countries during investment summit in Kathmandu, into reality. Stating that Nepal is a virgin country for foreign investment, he requested the representatives of diplomatic bodies to lobby for investing in Nepal.
“We have made a lot of improvement in laws,” he said, adding, “We are trying to bring the remaining policies and laws as soon as possible.”
It is noted that after the appointment of Joshi as Industry Minister, Special Economic Zone (SEZ) Act, Industrial Entrepreneurship Act and Company Act have already been amended. Similarly, Amendment of Mines and Minerals Regulations and National Intellectual Property Policies have also been issued.
Likewise, the Ministry has constituted a committee for the operation of ‘one window service’ for facilitating foreign investment. Stating that the investment environment has already been prepared, Minister Joshi clarified that they are trying to develop the country as a new destination for investment. He said, “The commitment by all political parties for the economic prosperity in the forthcoming local election is encouraging.”
In the discussion, ambassadors of various countries said the local level election in time will help bring policy level stability and suggested that the ministry bring the laws on foreign investment, labor and land use and intellectual property.
Japanese Ambassador Masashi Ogawa pointed out the need to assure that Nepal is an investment-friendly country. Joint Secretary at the Ministry Pradip Kumar Koirala made a presentation on the priorities and target of the Ministry.
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