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.

Govt to formulate 12 policies for IPR protection

Kathmandu, Feb. 28:

The government has proposed formulating at least 12 policies in an effort to protect and promote intellectual property rights (IPR). 

In the draft of the National Intellectual Property Policy, 2017, which the Cabinet meeting on Tuesday approved and decided to send to the Cabinet's Bill Committee, it has proposed formulating policies on copyright, patent, industrial design, trademark, geographical indication, trade secrets and integrated circuit layout design.

Likewise, policies on vegetation preservation, traditional knowledge, abstract cultural heritage and other pertinent sectors will be formulated.

The policy was submitted to the Cabinet by the Ministry of Industry.

According to the policy, there will be automatic protection of any creation, and a new system will be developed whereby the creator, presenter, producer and other concerned parties of a creation will benefit through its commercial presentation, public use and broadcast.

It has aimed at motivating scientists and innovators, industrial institutions, research institutions, universities and private research companies to register the patent of their discoveries and creations.

Similarly, the existing laws and policies will be amended to protect trademarks, service marks, collective marks, wound marks, colour marks, trade dress, certification marks and well-known marks.

"Natural and man-made goods that are produced in certain geographical areas will be labelled with a unique name or sign in order to make it different from other products of the same category. A separate law on geographical indication will be formulated to protect such products. Such intellectual property rights will be non-transferrable," reads the policy.

The policy pledges to develop an inventory and Traditional Knowledge Digital Library to identify, protect, develop and use traditional and indigenous knowledge that has proven useful for the people.

Likewise, it has said that the traditional cultural expressions and folklore would be protected as intellectual properties.

Article 25 of the Constitution has mentioned intellectual property as a fundamental right.

Currently, Patent, Design and Trademark Act, 1965, Copyright Act, 2002, and Copyright Rules, 2004, prevail in the country.

For economic and social transformation through business-friendly environment, foreign investment and employment opportunities, it has become necessary to create an effective policy, legal, institutional mechanism and process for the development, protection and implementation of intellectual property.

According to the proposed policy, a National Intellectual Property Council is to be established under the chairmanship of the Industry minister for intellectual policy reform and institutional coordination.

The council will include experts and representatives from more than two dozen government agencies, academies, business associations and other stakeholders, such as the National Planning Commission, National Academy of Science and Technology, Nepal Academy, Ministry of Industry, Ministry of Finance, Ministry of Agricultural Ministry, Ministry of Commerce, Ministry of Science and Technology, Ministry of Health, and Intellectual Property Registrar's Office.

Similarly, there will an Intellectual Property Office and Intellectual Property Tribunal under the MoI.

The policy has also covered areas of infrastructure development for intellectual property creation and promotion, enhancing access to resources for research and development, modernising the documentation and management, remuneration and evaluation.

 The Cabinet has also sent the draft on Mineral Policy, 2017, to the Bill Committee.

This is the first ever policy created with the aim of conserving the natural resources and mineral deposits and exploiting them in a sustainable way.

It envisions creating a legal, institutional arrangement and developing a process to develop the mines and mineral sector in a sustainable way so that it can contribute to the economic progress of the country.