Total foreign investment reaches Rs 113.18 billion

Nepal has received foreign direct investment worth Rs 113.18 billion for 2,787 companies till date.

The investment is expected to create 186,789 employments in the country.

Some 78 countries including India, China, South Korea and the US have invested in Nepal, according to the Department of Industry.

In the last fiscal year 2012-13, the FDI inflow stood at an all-time high of Rs 19.93 billion for 317 firms. The country had received Rs 7.14 billion worth investment – in the fiscal year 2011-12 – for 227 companies. However, Nepal received FDI commitment worth Rs 16.40 billion for 135 companies by the end of seventh month of the current fiscal year.

The hydropower sector is the major attraction for the foreign investors as the sector received some Rs 10.94 billion investment commitment in the current fiscal year.

Discussing on measures to increase FDI inflow here today, secretary at the Prime Minister’s Office and Council of Ministers Krishna Hari Banskota urged to help foreign investors by simplifying the procedures of industry registration, company registration, visa procedures and foreign exchange repatriation.

The meeting that brainstormed on policy simplification to attract FDI, the participants also suggested improvement in the behaviour of government officials and easing visa procedures (business visa and non-resident visa) for foreign investors and workers, apart from creating one-window policy to cut red tape in land registration, environment impact assessment and issuance of labour permits.

The foreign investors have to deal with three ministries – Industry, Home and Environment – three departments – Industry, Immigration and Land Revenue – and the Company Registrar’s Office.

Speaking at the programme, industry secretary Krishna Gyawali said that timely amendments to the Industrial Enterprise Act 2049 and the Foreign Investment and Technology Transfer Act 2049 will help attract more foreign investment in the country.

Chief executive of Investment Board Radhes Pant, on the occasion, informed that the board is currently engaged with potential investors of various countries in a bid to attract FDI in Nepal.