Policy ambiguity and red-tape behind low flow of foreign investment

काठमाण्डु टुडे २०७० कार्तिक १३ गते १५:५५ मा प्रकाशित

Kathmandu, Oct. 30: The existing policy ambiguity, tax system and administrative red-tapism are the key bottlenecks to investment in Nepal, said representatives of business establishments and projects being operated in Nepal with foreign investment.

At an interaction programme jointly organized here today by International Finance Corporation (IFC) and Ministry of Industry with foreign investors on ‘Sharing reform success and handling investors’ queries, speakers shared issues pertaining to visa, work permit, returns of the investment and dividend as key problems to be addressed for free flow of investment in the country.

Representatives of multinational companies such as Ncell, Uniliver and Himal Power Company pointed out that additional investment could not be made in Nepal owing to unavailability of workforce, political instability and investment-friendly environment.

Responding to queries of investors, Director Generals of Departments of Industry, Immigration and Labour pledged to bring administrative reforms for effective and efficient services.

Ealier, while inaugurating the programme, Secretary at Ministry of Industry Krishna Gyawali shared that preparation was underway to bring Industrial Enterprises Act through Ordinance.

He further shared that the Act will incorporate matters on right to intellectual property, transfer of foreign technology and trademark, among others.

Residential Representative of IFC in Nepal Bhalbhagat Singh said that trade-enabling environment is gradually building in Nepal and pledged to extend support to investors and Nepal government to bring in adequate capital to the country.

The government approved 317 projects of foreign investment worth Rs 20 billion in last fiscal year, according to the information shared at the programme. RSS

Copyright © 2016 kathmandutoday.com Department of Information Reg No:460/074/75 About Us