KATHMANDU
Finance Minister and Coordinator of the Investment Summit Steering Committee, Dr. Prakash Sharan Mahat, has said inquiries from international investors to invest in Nepal have been received.
The third meeting of the Third Investment Summit Steering Committee was held under the convenorship of Committee Coordinator and Finance Minister Dr. Mahat today. The meeting discussed policies, laws, and structural reform-related reports, as well as the projects prepared in view of the investment summit.
Addressing the meeting, Finance Minister Dr. Mahat issued instructions to prepare the projects with due seriousness, as international investors have shown interest in investing in Nepal. ‘The summit is an opportunity for us to attract investment. The government is always prepared for legal and policy-level reforms to attract foreign and Nepali investors, as well as non-resident Nepalis, to invest in Nepal,’ he said, adding that the main goal of the summit is to disseminate to the wider world the message that Nepal is the best destination for investment. This message, he said, would be best served by making simplified provisions for investment facilitation, project implementation and operation, and repatriation of profit.
According to the Finance Minister, the World Bank is ready to organize the conference of its IEG in Nepal in June. “The formal letter related to this is expected to arrive in some days. The biggest ever international conference will be held in Nepal. Representatives of more than 92 countries, including the World Bank President, will attend the conference,” he said.
Finance Minister Dr. Mahat said the Investment Summit will take place on April 28 and 29 before the WB conference. “If this summit can be made result-oriented, then there is also the possibility of increased private investment in Nepal, not only of the multi-national companies’ investment,” he added. Coordinator of the Policy, Law, and Structural Reform Taskforce and Secretary at the Office of the Prime Minister and Council of Ministers, Ek Narayan Aryal, presented a report on the legal and policy-level improvements.
The report has been prepared with the participation of the private sector as well, and it incorporates the feedback received in the meeting of the Investment Summit Implementation Committee under the Chief Secretary’s coordination. Based on this report, the ‘Bill Designed to Amend Some Nepal Acts for Facilitation of Investment, 2024’ will be prepared through the Ministry of Industry, Commerce, and Supplies and will enter the parliamentary process for its endorsement following the approval of the Council of Ministers.
The taskforce has proposed amendments to various provisions of the Industrial Enterprise Act 2076, the Foreign Investment and Technology Transfer Act, 2075, the Special Economic Zone Act 2073, the Forests Act 2076, the National Parks and Wildlife Conservation Act 2029, the Land Act 2021, the Land Acquisition Act 2034, the Environment Conservation Act 2076, the Electronic Transaction Act 2063, the Civil Aviation Authority of Nepal Act 2053, the Foreign Investment and Technology Transfer Regulations, 2077, and the Forests Regulations, 2079.
The amendment proposal has been proposed to these acts and regulations with the objective of removing the legal and policy-level obstacles seen in industries, enterprises, and investment, as well as doing away with the difficulties and delays experienced in the implementation of construction projects. Similarly, the Coordinator of the Technical Committee and Secretary at the Ministry of Industry, Commerce, and Supplies, Mukunda Niraula, made a presentation related to the preparation of projects to be showcased at the Third Investment Summit. The technical committee has pursued further home work by preparing the preliminary list of projects after classifying the projects at different stages of study.
Ministers at the Ministry of Energy, Water Resources, and Irrigation; the Ministry of Industry, Commerce, and Supplies; the Ministry of Agriculture and Livestock Development; the Ministry of Culture, Tourism, and Civil Aviation; the Ministry of Urban Development; and the Ministry of Forests and Environment were present in the meeting. Also attending the meeting were the National Planning Commission (NPC) Vice Chair, the Chief Secretary, the Advisor at the Finance Ministry, the Governor of Nepal Rastra Bank, the Secretaries of various ministries, and the presidents of the Federation of Nepalese Chambers of Commerce and Industry, the Confederation of Nepalese Industries, and the Nepal Chamber of Commerce, among others.
