Nepal | May 30, 2020

MoI seeks endorsement of industrial-related acts before NIS

Himalayan News Service
Share Now:

Endorsement of FITTA before Investment Summit a must, as it would guide foreign investment in Nepal— Nabindra Raj Joshi, minister for industry

Minister for Industry Nabindra Raj Joshi

File – Minister for Industry Nabindra Raj Joshi speaks a press meeting in Kathmandu, on Friday, December 9, 2016. Photo: RSS

Kathmandu, January 26

The Ministry of Industry (MoI) has urged lawmakers to fast-track the endorsement of acts related to the industrial sector and investment eyeing the Nepal Investment Summit, which is scheduled to be held in March.

Informing that endorsement of all acts related to industrial sector is crucial to promote Nepal as an investment destination during the Nepal Investment Summit (NIS), MoI urged lawmakers to speed-up the endorsement process of Foreign Investment and Technology Transfer Act (FITTA), Company Act and Intellectual Property Act.

The government is holding the NIS on March 2 and 3 with an aim to harness investment opportunities in Nepal and promote the country as an investment-friendly nation.

While MoI is gearing up to table FITTA and Intellectual Property Act at the Cabinet soon, a parliamentary sub-committee is currently studying the amendment proposals of lawmakers on the proposed draft of the Company Act.

“Among others, endorsement of FITTA is a must before the summit, as it would guide foreign investment in Nepal. We seek lawmakers’ support to simplify the process and ensure that FITTA is endorsed in a timely manner,” Nabindra Raj Joshi, minister for industry, said.

The amendment draft of FITTA and Company Act has given different tax facilities to foreign investors to promote foreign investment in Nepal.

Addressing the meeting of Parliamentary Committee on Commerce, Industry and Consumer Welfare Relation today, Joshi said that endorsement of FITTA along with Company Act and Intellectual Property Act will convey the message to investors that Nepal does not have legal obstructions for investment during the summit.

“MoI has been accelerating works from its side. We urge all lawmakers to finalise drafts of these acts and fast-track their endorsement from the Parliament,” he added.

According to Joshi, these acts have opened the avenues for investments in the country by introducing online registration of industries, approval of investment, one-window policy, subsidy on taxes to foreign investment, among others.

Former industry minister and lawmaker Som Prasad Pandey said that government policies and acts related to industrial sector is no longer time-relevant and need to be amended if Nepal is to draw large-scale investments.

Meanwhile, Bhisma Raj Angdambe, chairman of the committee, said that the investment summit is timely and much needed for the country. “There is no doubt that pending government policies and acts have to be endorsed soon. Our committee will support MoI to bring all industry-related acts before the investment summit,” said Angdambe, adding that the government should make the summit a milestone for industrial growth of the country.

MoI has a target to draw more than 300 foreign investors during the event. Moreover, MoI has set an ambitious target to draw investment commitment of more than $1 billion from the event.


A version of this article appears in print on January 27, 2017 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Are we doing enough for the mental health of healthcare workers?

The number of coronavirus patients has been increasing over the past few days in Nepal. In the current scenario, it seems like the numbers would further increase in the coming days. Given that healthcare workers and frontline staff are the first responders to manage the ongoing pandemic with limited Read More...

England ask 55 players to return for training

LONDON: A group of 55 England cricketers have been asked to return to training to prepare for the start of the English summer season that was delayed by the COVID-19 pandemic, the England and Wales Cricket Board (ECB) said on Friday. Cricket was shut down in March due to the novel coronavirus Read More...

MoHP briefing: Nepal witnesses exponential increase in COVID-19 cases

KATHMANDU: The Ministry of Health and Population (MoHP), in its regular press briefing, shared the latest updates from across the country on government’s response to COVID-19 crisis. As of today, 64,154 tests through Polymerase Chain Reaction (PCR) method and 105,478 Rapid Diagnostic Tests Read More...

Ministry of Home Affairs

Chaurjahari Incident: Govt-formed probe committee begins investigation

JAJARKOT: A five-member high level investigation committee formed by Home Ministry to probe the Chaurjahari incident has begun its investigation from today. The incident occurred when Navaraj BK along with his 18 friends reached Sothi in West Rukum district from Bheri Municipality in Jajarkot Read More...

19 COVID-19 diagnosed individuals discharged, 206 recoveries so far

KATHMANDU: As many as 19 persons earlier diagnosed with COVID-19, admitted at different health facilities across the country, have been discharged, following recovery, confirmed MoHP. Two patients receiving treatment at the Teku-based Sukraraj Tropical and Infectious Disease Hospital, have been d Read More...

Sagarmatha Diwas observed today

SOLUKHUMBU: Sagarmatha Diwas or Mt Everest Day was observed in the country today. The Day is marked in memory of the first-ever summit of the world's highest peak Mt Everest (8,848 metres) by Edmund Hillary and Tenzing Norgay Sherpa on May 29, 1953. It may be noted that Nepal Government decide Read More...

What’s behind latest India-China border tension

NEW DELHI: Tensions along the China-India border high in the Himalayas have flared again in recent weeks. Indian officials say the latest row began in early May, when Chinese soldiers entered the Indian-controlled territory of Ladakh at three different points, erecting tents and guard posts. They Read More...

Monkeys steal coronavirus blood samples in India

LUCKNOW: A troop of monkeys in India attacked a medical official and snatched away blood samples of patients who had tested positive for the novel coronavirus, authorities said on Friday. The attack occurred this week when a laboratory technician was walking in the campus of a state-run medical Read More...