Himalayan News Service

Kathmandu, May 7:

Leaders of Nepali diaspora today urged the government for an immediate enactment of non-Resident Nepalis (NRN) legislation to attract investment from NRNs.

They also criticised the government for failing to implement its commitment to promote investments by NRNs. Some one and half years ago, the government had promised to bring a separate legislation for NRNs by early 2004.

“Delay in the enactment of NRN legislation has hindered smooth activities by Nepali diaspora here in Nepal,” said Dr Upendra Mahato, president of NRN-International Council, at a programme organised by the Reporters’ Club Nepal, today.

“Although NRNs are fully committed to help Nepal, lack of proper legal provisions should be addressed as soon as possible in order to attract more investments,” he said. Dr Mahato also pointed out the need to set up a provision to avoid double taxation to not only lure NRNs but other foreign investors as well.

According to him, NRNs are keen to invest in agro-based industry and hydropower development, in which Nepal has a higher comparative advantage. “These areas are vital in terms of generating employment as well as helping Nepal in its goal of alleviating poverty and achieving broad-based economic growth,” he added.

Referring to latest findings on the decline of poverty in Nepal, Dr Shanker Sharma, vice-chairman of National Planning Commission (NPC), said though the poverty level has decreased, a widening gap between rich and poor is a matter of concern. He also expressed concern over increasing food insecurity in conflict-hit areas, where majority of people are hardcore poor.