Though the number of projects dropped, the foreign investment pledge has doubled in the first quarter of the current fiscal year compared to the same period of last fiscal year.
According to the Department of Industry (DoI), Nepal received investment commitments worth Rs 10.76 billion – extending from mid-July to mid-October – compared to Rs 4.8 billion last fiscal year. “China accounted for more than 90 per cent of the total commitments,” it said, adding that the most of the Chinese investment pledges are in the tourism sector. “The pledges were up despite a drop in the number of projects.”
China topped the list of potential investors with total investment pledges of Rs 9.99 billion in 67 projects that are expected to generate 3,833 jobs, whereas investment pledges from India dropped sharply from Rs 2.45 billion to Rs 200 million during the first quarter of the fiscal year, the department informed.
As the most of the investment commitments came in the tourism sector especially in hotels and restaurants, it could be also due to announcement of Visit Nepal 2020. Tourism and the service sector accounted for the largest portion of investment pledges. Investors proposed to invest Rs 5.77 billion in 38 tourism businesses and Rs 2.73 billion in 25 service enterprises. Likewise, the information and technology sector received investment commitments worth Rs 1.3 billion in six different projects.
According to the department, some 77 projects were registered in the first quarter – a 67 per cent drop – from 129 projects in the first quarter of the last fiscal year.
According to the Department of Industry (DoI), Nepal received investment commitments worth Rs 10.76 billion – extending from mid-July to mid-October – compared to Rs 4.8 billion last fiscal year. “China accounted for more than 90 per cent of the total commitments,” it said, adding that the most of the Chinese investment pledges are in the tourism sector. “The pledges were up despite a drop in the number of projects.”
China topped the list of potential investors with total investment pledges of Rs 9.99 billion in 67 projects that are expected to generate 3,833 jobs, whereas investment pledges from India dropped sharply from Rs 2.45 billion to Rs 200 million during the first quarter of the fiscal year, the department informed.
As the most of the investment commitments came in the tourism sector especially in hotels and restaurants, it could be also due to announcement of Visit Nepal 2020. Tourism and the service sector accounted for the largest portion of investment pledges. Investors proposed to invest Rs 5.77 billion in 38 tourism businesses and Rs 2.73 billion in 25 service enterprises. Likewise, the information and technology sector received investment commitments worth Rs 1.3 billion in six different projects.
According to the department, some 77 projects were registered in the first quarter – a 67 per cent drop – from 129 projects in the first quarter of the last fiscal year.
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