Improve labour laws to lure FDI

Kathmandu, May 4:

C F de Stoppelaar, consul general of Nepal to the Netherlands, has urged Nepal to frame flexible labour law and conducive technology and investment policies to attract foreign investment.

He further stressed on the need to expedite economic activities that Nepal could flourish within a short period of time. Stoppelaar said agriculture, tourism, hydropower, infrastructure development and service sectors are the major areas where Nepal can attract foreign direct investment (FDI).

He was addressing a meeting of Nepali entrepreneurs organised by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

Explaining that the Netherlands has business friendly investment and industrial policies, he expressed that the Dutch model could be practical for Nepal’s new economic development.

Pradeep Jung Pandey, vice-president of FNCCI, on the occasion, said, Nepali private sector is hopeful about future course of economic development with the government committed for long-term political stability.

“The challenge ahead for us is to expedite economic activities, which requires huge amount of FDI,” he added.

Pandey also informed that the CPN-Maoists has emerged as a single largest party after CA polls and the they have made commitments to attract foreign investment. “FNCCI has taken initiatives to frame new policies for industry, labour to lure more FDI as well as technology transfer,” he said.

Martin Sumaker, FDI consultant of the Netherlands, laid stressed on the need of procedure and documents simplification in regards to foreign investment, ICT, labour laws, visa and licensing systems. He further stated that a high level of transparency is needed to attract FDI.