3rd Investment Summit: Investments worth Rs 9.13 billion approved; Investment Summit achieves grand success: Minister Pun

Kathmandu / April 29: Investments worth Rs 9.13 billion have been approved for four different projects through the Department of Industry under the 3rd Nepal Investment Summit 2024.

An investment of Rs 6 billion for establishing an investment company in Bhaktapur, Rs. 3 billion for a business complex building in Kathmandu, Rs 76.6 million for 200 KW hydropower project in Kailali and Rs 62.5 million for the construction of hotels and restaurants in Lalitpur district, according to the information provided by Director of the foreign investment and technology transfer unit under the Department of Industry, Shankar Singh Dhami.

Earlier today, the department inaugurated the system of foreign investment approval through the automatic route. Accordingly, foreign investors can apply to establish a new company with 100 per cent share ownership or joint venture or investment capital in an already operating company through an automatic route.

Foreign investors will be able to apply through the system from today and receive the letter of approval for foreign investment as soon as they submit their application.

No minimum investment limit has been specified while approving foreign investment through an automatic route for information technology-based industries.

The automatic route is expected to save the investors time and money required for making investments in Nepal.

Investment Summit achieves grand success: Minister Pun

Finance Minister Barshaman Pun has said the third Nepal Investment Summit-2024 has been a grand success.

The Minister said this in his address to a sideline meeting with representatives from the World Bank, Asian Development Bank, International Monetary Fund, the United Nations Development Programme (UNDP) and ambassadors of various countries to Nepal held earlier today under the Summit.

He said the government has been encouraged by the enthusiastic participation of development partners in the meeting and such participation made the Summit a grand success. “The presence in the meeting is a testament to suggest that Nepal is one of the suitable and emerging destinations in the world for investment.”

Pledging to further strengthen the cooperation with the development partners in the days ahead, he said the Event sent a message to the world that Nepal is united in terms of efforts to build an atmosphere conducive to investment.

As he said, the political presence, remarks, and commitments including from the major opposition leaders contributed to establishing the fact that Nepal presents ample investment opportunities. He thanked the development partners for their remarkable presence and commitments expressed during the Summit, contributing to making it successful.

He also expressed his happiness over the good attraction of development partners and investors towards the projects presented during the Summit.

He took time to say that the amendment of nine laws through an ordinance on the eve of the Summit to build an investment-friendly atmosphere has enhanced the level of confidence among investors. According to him, the process of Sovereign Credit Rating, one of the concerns of development partners, has been initiated.

The Minister states that there are abundant opportunities for Nepal’s energy, tourism, information technology, agriculture, and infrastructure sectors.

As Nepal is progressing towards graduation to a middle-income developing country from the category of the least developed country and in this context, other capacity enhancements are the priorities of the government.

As he said, Nepal’s situation in between two emerging nations: Nepal and India suggests a great opportunity for domestic and foreign investment.

As he said, Nepal’s biological diversities and the abundant availability of natural resources make it a suitable zone for investment. He pledged further policy and legal reforms and procedural simplification for investment in the days to come.

The Finance Minister utilized the forum to say that social justice, good governance, and prosperity are the priorities of the CPN (Maoist Centre)-led government, and the budget for an upcoming fiscal year will address these matters with much priority. RSS