MoI plans to declare FY 2015-16 ‘FDI Year’

KATHMANDU, JAN 01 - The Ministry of Industry (MoI) said on Wednesday it plans to declare fiscal year 2015-16 as the “Foreign Direct Investment (FDI) Year” to attract more FDI into the country.

As a part of the FDI Year, the ministry plans to hold an “Investment Forum”, inviting potential investors from countries such as India, China and South Korea, among others.

Industry Minister Mahesh Basent said the ministry made such a plan considering a new constitution by the current fiscal year would create a conductive environment for attracting FDI next year. “Without a new constitution, we cannot expect big foreign investment,” said Minister at the press meet here. “Most of the foreign investors with whom I have interacted have sought political stability,” he said.

In the last fiscal year, the country received FDI worth Rs 20.10 billion. The number of FDI projects was 305.

According to the ministry, it would prepare a detailed plan of action to mark the FDI Year. There is growing interest among foreign investors to invest in Nepal, with the announcement of economic reforms, power trade agreement with India and project development agreement on 900MW Upper Karnali and 900MW Arun III Hydropower Projects.

Spokesperson Yam Kumari Khatiwada said the ministry plans introduce new Industrial Enterprise Act, Foreign Direct Investment Policy and Foreign Investment and Technology Transfer Act as soon as possible before the FDI Year begins.

The ministry also plans to set up Foreign Investment Facilitation Centre of Nepal under the Department of Industry. “We have prepared a concept paper on this front,” said Khatiwada.

According to the ministry, it also plans to operate “One Stop Service” at the Department of Industry to provide government’s services and facilities to the investors from single window. “The process has reached final stages,” the minister said.

Source:- eKantipur