More foreign investors show interest to come to Nepal

Kathmandu, Mar. 15: More investors from Turkey, Japan and Canada are interested to invest in Nepal, said Minister for Industry Nabindra Raj Joshi on Wednesday.

Speaking to the journalists at the Ministry, he said that more investors and companies had enquired about investing in Nepal.

 “There have been some positive developments following the Nepal Investment Summit. Turkish investors are coming to Nepal in June, and more companies from Japan and Canada are keen to bring foreign direct investment to the country,” said Joshi.

Meanwhile, the Minister is participating as a guest of honour in a programme organized by the Lord Mayor of London Dr. Andrew Parmley in London where the UK business community will be present.

Likewise, the Embassy of Nepal in London is also organising a meeting with the businessmen of the UK.

“After Brexit, countries like Nepal can be a good destination for the British investors. Hence, we would like to bring them here,” Joshi remarked.

Similarly, another meeting is being held with the investors in the Silicon Valley of the United States of America.

The government is also set to call on Indian investors to come to Kathmandu on March 27.

The Minister claimed that such activities would motivate more investors to come to Nepal as they could be duly informed and updated about the major reforms being carried out in order to improve the business climate.

He also said that the Company Act and Intellectual Property Rights (IPR) Policy, which were the major concerns of the foreign investors, had been approved by the parliament to create more favourable business environment in the country.

The amendment of the Company Act has facilitated the companies with easier exit process.

Companies registered that never started their business or those, which were closed after being in operation for a couple of years can be closed forever by paying just 0.5 per cent of the issued capital or the accumulated tax so far.

The investors can choose the lesser amount either the tax or the issued capital.

There are more than 70,000 dormant companies.

Likewise, the Act has a provision whereby telecommunication companies having more than Rs. 50 million investment should issue their shares to the public.

“The amended law has a provision to facilitate investors to participate in the company meeting through video conferencing, inclusion of female in the Board of Directors if the company has female investors, and digital signature and online payment. It shows that we are expediting the second generation economic reforms,” said Minister Joshi.

Meanwhile, the Ministry of Industry held a meeting of the follow-up committees of the Investment Summit.

It discussed about the implementation of the one-door policy to facilitate the investors.