Govt soon to implement digital signature

Kathmandu, Mar. 28: The government has been finalising the arrangements required to implement digital signature and online payment gateway.

According to the Minister for Industry Nabindra Raj Joshi, there will be a major breakthrough in implementing digital signature and online payment within a couple of months.

"There have been a series of discussions between the ministry and the central bank, Nepal Rastra Bank. We are sorting out the issues related to both the policy and technology," said the Minister while addressing a symposium on Foreign Direct Investment (FDI) in Nepal Saturday evening.

A digital signature is a mathematical code attached to the document or digital messages transmitted electronically which enables the receiver to verify the content and identity of the sender.

Likewise, according to Wikipedia, a payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payment processing for e-business online retailer and other service providers.

Once these two services are implemented, business transactions, including putting an order or making payments can be made online without any party being physically present.

It is believed that it will improve doing business environment in the country and discourages corruption.

Similarly, Minister Joshi also said that all the duplicate processes in registering a company were being removed.

"Now, you should submit your documents one of the two registration offices – Department of Industry or Office of the Company Registrar. When an investor submits the required paper at one of the offices, the other will automatically get it from the former," he said.

Earlier, the investors had to spend about 2 to 4 months just to fulfill the duplicate registration requirements.

"I wonder that both the government offices are doing the same things. It was just to add woe to the worry of the investors," remarked Joshi.

He urged the foreign investors to come to Nepal as the government was looking for the ways to serve the investors in a better way by initiating second phase of economic reforms with major reforms in policy and process.

"Investing in Nepal means investors will have the opportunity of markets in India and China. Joint venture companies are making good profits in Nepal," he said.

However, he urged them not to expect the government to remove all the obstacles overnight as the government had been gradually working for the changes.

Chief executive officer (CEO) of the Investment Board of Nepal Maha Prasad Adhikari said that by 2020 about 30 per cent of the investment committed through letter of intent at the Nepal Investment Summit would be realized, and projects of about Rs. 1.8 trillion would be initiated.

Investors from various countries expressed their intent to invest about Rs. 1.4 trillion in infrastructure, agriculture, hospitality and other projects in the country.

"Success of the Investment Summit earlier this month has inspired us. It is very encouraging that most of the investment interests are expressed on infrastructure projects which the country desperately needs," he said.

However, according to Adhikari, challenges still remain in creating conducive environment and making the intent realize.

Newly appointed Indian ambassador to Nepal Manjeev Singh Puri reiterated that India was committed to completing the projects like Arun III hydropower project and cross-border railways.

He urged the country to learn from the experience of India which has become one of the major FDI destinations in the world.

Managing director of Surya Nepal Abhimanyu Poddar said that the multinational had given a positive message to the foreign investors by diversifying its businesses in Nepal.

He urged the government to activate the one-window system.

"Process to repatriation is cumbersome which needs to be reformed," he said.

CEO of the SJVN Arun III Hydroelectricity Project Suresh Chandra Agrawal said that the company was very close to initiate the project and urged the government to facilitate the company in importing about 6,000 tons of explosives needed for the project.