Investment Board to get chief executive

Some eight candidates have applied for the post of chief executive of Investment Board that is envisioned to give a one-window solution to potential investors in big projects over Rs 10 billion.
The cabinet will appoint the executive chief once the selection body that has finance minister Barsha Man Pun, National Planning Commission vice-chairman Deependra Bahadur Chhetri and ex-secretary Bimal Wagle forwards three names among the eight applicants.
"The government is going to appoint the chief executive next week," according to Prime Minister Dr Baburam Bhattarai.After the appointment of the executive chief, the board will start its operations," said the premier, who is the chairman of the Board. The Prime Minister will appoint finance minister as the vice-chairman of the board.
The house had approved the much-awaited Investment Board Act on August 15, after two years to attract big investments, though the idea was floated some 14 years ago by bi-national chambers.
The board that will have a secretariat that will work as a one-window system to address investors’ concerns will be directly under the Prime Minister’s Office. It is expected to smoothen inflow of foreign direct investment (FDI) by creating investment friendly environment by facilitating investment in infrastructure projects and projects with large capital base.
According to the World Investment Report (WIR) of UNCTAD, Nepal ranks at the bottom of the list of countries attracting foreign investment among the Least Developed Countries (LDCs).