Kathmandu, Mar. 13: The
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Wednesday
suggested the government not to allow Foreign Direct Investment (FDI) on
micro-enterprise, cottage industries and primary production sectors of
agriculture.
It has asked the government to
restrict the FDI in these sectors through the Foreign Investment and Technology
Transfer Act that is in the process of formulation.
An FNCCI delegation led by
Vice-President Umesh Lal Shrestha met Chairman of Industry, Commerce, Labour
and Consumer Right Protection Committee of the Parliament Bimal Prasad
Shrivastav and presented its suggestions on the bill of the act.
A bill on amendment and
integration of the laws related to Foreign Investment and Technology Transfer is
in the Parliament.
The business-delegation
recommended not to allow FDI in animal husbandry, poultry, fisheries,
beekeeping, milk processing, water procession and production, and service
sector companies like educational consultancies, e-commerce and cargo
operation.
"These sectors have billions
of domestic investment and additional FDI is not needed. The government also
has the responsibility to protect internal investment," said the
delegation.
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