Kathmandu, Sept. 14
The Investment Board Nepal (IBN) has launched the web-based
'One-Stop Service' (OSS) platform that would facilitate the investors in
project registration, getting approval and also get connected with the relevant
stakeholders.
Prime Minister Sher Bahadur Deuba launched the new facility
at the Sustainable Infrastructure Investment Forum 2022 organised by the IBN in
the Capital on Wednesday.
The OSS platform will provide services like visa and labour
permit, foreign exchange, facilitation and cooperation required for the project
and financial or non-financial facilities as per the laws or agreement.
Likewise, it will support in the access to industrial
infrastructure such as approach roads, electricity and transmission lines,
approval for environmental studies, leasing government land and forest land,
and acquiring private land for the project.
It also helps to make available services of company
registration, tax registration, industry registration, approval of the Nepal
Rastra Bank, other registrations, licenses and approvals, said the IBN.
PM Deuba also unveiled 'IBN Project Bank Directory' that
includes projects in offer for the investors, and feasibility study report
prepared by the board for setting up a chemical fertiliser factory in Nepal.
The Project Bank is prepared by the IBN compiling a list of
technically and economically feasible investable projects to be implemented in
public-private partnership (PPP). The feasibility study report presents a
comparative study of operation of fertiliser plant with electrolysis and
natural gas.
Speaking at the opening ceremony of
the one-day seminar, PM Deuba said that without structural transformation in
our economy, the LDC graduation would not be easy and favourable for Nepal.
"The IBN has an important role in this regard to
attract investment and support in national development," he said.
He said that Nepal should prepare the methods and means to
achieve the goal of zero carbon emissions by 2045 and called on the development
partners to increase cooperation to achieve this goal.
The government has also set specific targets to be achieved
by 2030. This includes, but is not limited to, generating 15,000 MW of clean
energy, construction of 200 km of electric rail network and 2,000 km of rail
network and black-topped roads, building five international airports, and
attracting five million tourists.
"In order to meet these targets, significant financing is
needed to support these sustainability efforts, with public capital alone not
being sufficient. It is noteworthy that we have an annual fiscal gap of nearly
US$ 6 billion to meet the Sustainable Development Goals by 2030, alone,"
said PM Deuba.
The GoN has been implementing the 15th Periodic Plan that
envisions investment of over US$ 79 billion in the five-year period starting
from 2019, of which about 56 per cent investment is expected from the private
sector.
Investors appreciate policy reforms
Nicola Pollitt, Ambassador of the United Kingdom to Nepal,
said that investment in infrastructure, especially reliable energy, is a key
for other developments.
"Significant investment in infrastructure is crucial
for the next decade. That is why the UK has supported Nepal in this drive and
the support will increase in the days to come," she said.
According to her, urbanization and building a net-zero
carbon economy could be new areas of investment. She said that Nepal has made
significant strides in terms of policy reforms for the attraction of investment
and creation of business environment.
Arun Dhiman, Chief Executive Officer of the Arun III
Hydroelectricity Project being implemented by SJVN India, praised the IBN for
its facilitation in policy and implementation of projects. Arun III and Lower
Arun hydroelectricity projects will be completed within the stipulated time, he
said.
Hee Woong Kang, CEO of Upper Trishuli 1 Hydroelectricity
Project, said that the efforts of the IBN and government of Nepal in removing
the barriers to the investment in infrastructure is appreciable. "I can
say, environment for investment in Nepal has largely improved over the recent
years," he said.
Goal is to secure $16 billion by 2026
Sushil Bhatta, Chief Executive Officer of the Office of the
IBN, said that the board has successfully attracted investments in clean and
green energy projects. US$ 6 billion is in the energy sector alone.
"Key goals of the IBN are to approve investments of at least
US$ 10 billion and manage PPP projects of at least US$ 6 billion by 2026,
develop IBN as a PPP Centre of Excellence and contribute to improving the
investment environment through effective investment promotion," he said.
According to him, to achieve these goals, IBN has adopted four strategies
- project development and management, investment promotion, institutional
development and coordination, and collaboration and partnership.
Currently, pre-feasibility studies for seven projects representing
seven provinces of Nepal are under way and they were demonstrated at the SIIF
on Wednesday.
"Operationalization of
the web-based OSS system will definitely enhance project facilitation and
management process in IBN and increase operational efficiency through saving
time and costs of the office as well as of valued investors," said Bhatta.
He also stressed the need for effective coordination,
collaboration and partnership between government and the private sector.
Reaching out to investors
According to Amrit Lamsal, Spokesperson and Joint Secretary
of the IBN, objective is to reach out to the prospective investors in
sustainable investors, developers, policy makers, development partners and
other concerned stakeholders, and update them about investment climate, policy
regime and facilitation.
It also aimed at creating a platform for market sounding of
IBN’s PPP Project pipeline including green projects, and presenting and sharing
experiences of large-scale investments in Nepal.
So far, IBN has approved 33 projects of about US$ 9 billion.
Projects worth Rs. 4 trillion are under planning and implementation phase. Last
year, it approved projects with investment over Rs. 122 billion.
Established in 2011 by then Prime Minister Dr. Baburam
Bhattarai, IBN is a high-level government body chaired by the Prime Minister,
and it functions as a central fast-track government agency established to
facilitate economic development in Nepal by creating an investment-friendly
environment, mobilizing and managing domestic as well as foreign investments. It
organised two investment summits in 2017 and 2019 to attract investment in
large infrastructure projects.
Published in The Rising Nepal daily on 15 September 2022.
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