MoI sends Foreign Investment Policy for Cabinet’s nod

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    FDI_FlyKATHMANDU: The Ministry of Industry (MoI) submitted the draft of Foreign Investment Policy-2014 to the Cabinet today for approval. The policy would replace the Foreign Investment and One-Window Policy of 1992 once it is approved by the Cabinet, according to MoI.

    During an interaction with private sector representatives at the ministry after the submission of draft policy today, Minister for Industry Mahesh Basnet said he is committed to expediting the required legislations in a bid to start an industrial revolution in the country, read the statement issued by MoI.

    “Foreign investors and the private sector have long been seeking Foreign Investment Policy and Act, which is why we need to speed up the process to bring the required legislations,” the statement quoted Minister Basnet as saying.

    The policy has prioritised developing the hydropower sector, road and infrastructure projects, agro, food and herbal processing plants, tourism industry as well as mines and minerals by attracting foreign investment, the statement added.

    As per the statement, Vice President of SAARC Chamber of Commerce and Industry Suraj Vaidya said that the policy would provide an opportunity to attract foreign investment to Nepal and stressed on the need of early approval from the Cabinet.

    The statement further said that Rajesh Kazi Shrestha, president of Nepal Chamber of Commerce, looked forward to timely services for foreign investors through one-window policy envisioned by the draft policy and said that it would attract foreign investment.

    Source : The Himalayan Times