Source::MyRepublica
The third edition of the Nepal Investment Summit 2024 commenced with the aim of attracting investments in key sectors of the country. Over 1600 potential foreign investors from more than 55 nations gathered in Kathmandu, as announced by the Investment Board Nepal (IBN).
Finance Minister Barshaman Pun emphasized the government's commitment to amending several laws to enhance the investment environment. Efforts are being made to simplify taxation laws and introduce policies to encourage foreign direct investment (FDI). Nine laws related to FDI are being revised through an ordinance, including acts concerning land, technology transfer, forests, and industrial enterprises.
Pun highlighted the provisions of the Foreign Investment and Technology Transfer Act (FITTA) 2019, which streamline FDI approval processes and facilitate profit repatriation for foreign firms.
Former finance ministers and economists echoed the importance of policy consistency and political stability in attracting investments. They cited Nepal's stable political environment, market assurance, and efficient profit repatriation procedures as factors favoring investment.
The government has identified priority sectors such as agriculture, tourism, hydropower, and infrastructure for development. Additionally, there are opportunities in IT services, biodiversity, human resource development, education, health, and pharmaceuticals.
Notably, during the summit, two agreements were signed to enhance international partnerships. One agreement aimed at fostering professional cooperation between domestic and foreign business organizations, while another focused on collaboration between Nepalese and Indian companies to establish and operate a data center.
Also Read
