Kathmandu, March 7

The meeting of the House of Representatives today has approved with majority the proposal seeking consideration on the ‘Foreign Investment and Technology Transfer (FITT) Bill, 2075’.

Minister for Industry, Commerce and Supplies Matrika Prasad Yadav had tabled the bill in the parliament.

Earlier, lawmaker Dev Prasad Gurung stressed on only attracting foreign investment in the country that contributes to national capital formation and promotes national interest. He cautioned the government against allowing foreign direct investment in cottage industries, agriculture, security, press and handicraft, among other sectors.

Another lawmaker, Bhim Bahadur Rawal, said that the government should be sensitive about the principles of the bill regarding protection of national interest and security, and indigenous production and skills. He also stressed that the timeframe of the projects being built with foreign investment should be fixed and that foreign workers coming to work in industries set up with foreign investment should obtain labour permit.

Likewise, Som Prasad Pandeya, stressed that the government should work for promoting and motivating industries.

He added that domestic industries and products should not be neglected at the cost of inviting foreign investment.

Responding to questions from lawmakers, Industry Minister Yadav, said it was imperative to attract foreign investment and technology as prosperity cannot be achieved if foreign capital and technology are not utilised.

He asserted that the government would address the concerns of the lawmakers that foreign direct investment should not be allowed in the agriculture, small and cottage industry sector. Minister Yadav reiterated that the bill has been brought keeping the national interest at the centre.