KATHMANDU: A taskforce formed by the Ministry of Industry on Wednesday submitted the draft of Foreign Investment and Technology Transfer Policy, 2066 to the Minister for Industry Mahendra Prasad Yadav.

With the context of the membership Nepal took from various regional and multilateral organisations as World Trade Organisation (WTO), BIMSTEC, SAFTA, and Nepal's commitment in the bilateral and multilateral organisations; and global and domestic changes, the draft has formulated the policies pointing out the need that the policy on foreign investment and technology transfer should be changed according to the changed time.

The policy has suggested that the sphere of the foreign investment was broadened. So, the draft has made provision on importing foreign investment in small industries but it has banned foreign investment in the domestic and cottage industries.

Similarly, the draft has a provision that investment would be made even in the second market.

Likewise, it has made various provisions on equal treatment to both national and foreign investors but positive discrimination according to the national need, and suggested providing non-tourist visa to foreigners considering their research in Nepal with the aim of the investment and others.

Handing over the draft, Coordinator of the Task Force and former member of the National Planning Commission Dr Pushparaj Rajkarnikar opined that the policy was formulated with the aim of importing maximum foreign capital and technology in the country.

The draft will be now discussed with the concerned stakeholders and given a final shape after rounds of discussions.