Nepal | May 29, 2020

FDI commitment post quake does not disappoint: DoI

Himalayan News Service
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KATHMANDU: The country has received foreign direct investment (FDI) commitment amounting to Rs 1.67 billion after the devastating earthquake of April 25, squashing various speculations of serious impact on FDI flow in post-quake scenario.

According to the Department of Industry (DoI), which is authorised to approve FDI of up to Rs 10 billion, the FDI commitment after the quake has ‘not been disappointing’. Its Director General Maheshwor Neupane expects the FDI commitment to increase in the coming days due to the political commitment of delivering constitution within a few months.

More interestingly, after the devastating temblor, the country received highest investment commitment in tourism sector — amounting to Rs 451 million — followed by service sector worth Rs 397 million. Similarly, manufacturing sector was the third largest FDI commitment recipient with Rs 375 million, followed by energy-based industry amounting to Rs 290.33 million and agro forestry-based industry worth Rs 161 million, according to the DoI.

The country has received highest FDI commitment from China, totalling Rs 346 million for 16 projects under different categories, and significantly in tourism and manufacturing.

Finland made a commitment worth Rs 290.33 billion after the earthquake and investment commitment from southern neighbour India stood at Rs 203.87 million for a single manufacturing project.

FDI commitment has also been received from over a dozen other countries, namely, the US, UK, Turkey, Switzerland, Spain, South Korea, Pakistan, Norway, Japan, Mauritius, Israel, Germany, Indonesia, Canada, Chile, Bangladesh and Australia.

In total, the country has received commitment for Rs 66.73 billion till the first 11 months of the current fiscal, compared to Rs 19.41 billion in the corresponding period of previous fiscal 2013-14.

The highest FDI commitment has been received in the energy sector, amounting to Rs 54.29 billion in the review period. Likewise, service sector received commitment worth Rs 5.38 billion, tourism sector Rs 4.12 billion and manufacturing Rs 1.93 billion — the top FDI recipients in review period.

Neighbouring India and China ranked at the top in terms of FDI commitment with Rs 34.66 billion and Rs 23.92 billion, respectively.

Pledges after April 25

Sector                     Amount
Tourism                 Rs 451 million
Service                   Rs 397 million
Manufacturing    Rs 375 million
Energy sector     Rs 290.33 million
Agro, forestry     Rs 161 million

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