April 10, 2019
Investment Board Nepal yet to set date to start the service
KATHMANDU, April 10: The Department of Industry (DoI) has said that it would complete necessary works to set up one-stop service for investors by mid-May.
The one-stop service will end the compulsion of going to about two dozen entities for registration of enterprises and investment approvals, among others, according to officials of the DoI.
Director General of DoI Binod Prakash Singh told that the procedure to set up one-stop service has already been endorsed by the cabinet, while preparations for logistics management are in the last leg.
“Our plan is to bring the one-stop service into operation by mid-May. It could come into operation before that as well,” added Singh.
Providing one-stop service to investors was one of the key commitments made during Nepal Investment Summit held in Kathmandu two weeks ago. But it is still unclear when Investment Board Nepal (IBN) will set up such unit to provide integrated service.
The DoI handles investment proposals, including foreign investment for projects up to Rs 6 billion and hydropower projects having capacity below 200 MW. Projects with investment above Rs 6 billion and hydropower projects above 200 MW capacity come under the jurisdiction of the IBN.
The approval of Public Private Partnership and Investment Act 2019 in the third week of March just ahead of the Nepal Investment Summit set the ground for providing one-stop service to investors. The government also endorsed others laws, including Foreign Investment and Technology Transfer Act, ahead of the summit.
IBN CEO Maha Prasad Adhikari said that they were waiting for authentication of the act by the President. “It will take some time to arrange logistics for setting up all those services under one roof,” Adhikari said, adding that he cannot say right now when such service will begin.
Speaking at a press meet organized before the summit, Adhikari and Industry Secretary Yam Kumari Khatiwada had expressed commitment to start one-stop service at the earliest.
Red tape in government offices often discourages investors willing to invest in Nepal. It is also affecting Nepal’s score in business doing indicators.
As many as 15 memorandums of understanding for investments were signed during the summit.
Source: My Republica