KATHMANDU, June 4: In a good move that is expected to promote foreign investment, investments worth up to Rs 5 billion will be approved from the Department of Industry.
A Cabinet meeting on Friday passed a Bill related to foreign investment that was stuck for long in the Parliament. The Bill has been amended to integrate laws related to foreign investment.
The earlier Bill required an industry with an immovable property worth Rs 2 billion to be registered with both the Department and Investment Promotion Board.
Reacting to the passage of the amended bill at a press conference held at the Ministry today, Industry Minister Nabindra Raj Joshi said, "A conducive environment has been created for foreign investments with the endorsement of the bill."
Foreign investment commitments decrease by over Rs 21 billion
He also urged foreign investors to invest in Nepal rest-assured. The amended bill provisions that identity cards would be provided to foreign investors and their contribution recognized with awards.
Also on the occasion, Secretary of the Ministry Shankar Prasad Koirala expressed hope that with the passage of the amended bill, foreign investment would be increased and more employment opportunities generated in the country. RSS
