Investment Board plans incentives packages to lure investors

The Investment Board is working on sector-wise project profiles with economic benefit to cost, investors' tracking system, and communication strategies to lure investment in the country.
"The meeting chaired by Prime Minister Dr Baburam Bhattarai today discussed on possible incentives — on the basis of employment they create, size of the investment and region where it will be based — to attract the investment in commercially viable projects," said chief executive of the Investment Board.
"We are preparing a transparent incentives framework to make the country more lucrative for the investors," he said, adding that the modules will be ready by the end of the current fiscal year.
The country is observing the fiscal year 2012-13 as Nepal Investment Year aiming to attract Rs 600 billion foreign investment that could propel the economic growth to the double digit.
Apart from the economic benefit to cost module, the board is also preparing a investor tracking system — before investment and after investment — to create database that will help analyse the issues and problems and continuously support the investors throughout, said Pant, who has a long experience on investment.
"We are also preparing a communication strategy that will help local community aware of the benefits of the projects in their locality," he said, adding that it will help them better understand advantages of the projects in their locality before the project starts.
The Prime Minister, during the meeting, opined that the country needs investment — both domestic and foreign — to create employment and boost the current sluggish economic growth.
There are enormous opportunities in Nepal as it is one of the richest countries in terms of natural resources. But the country has failed to exploit the resources. The government has formed Investment Board to capitalise the opportunities and create a conducive environment for investment.
The board is chaired by the Prime Minister and three ministers — finance, industry and forest — are the members alongwith the vice chairman of the National Planning Commission, governor of the central bank and the chief secretary.