KATHMANDU, MAY 30
The Non-Resident Nepali Association (NRNA) has welcomed the budget for fiscal year 2022-23 presented by Finance Minister Janardan Sharma on Sunday 'as it has endorsed several proposals and addressed various concerns raised by the NRNA time and again'.
Issuing a press statement today, NRNA has appreciated the decision of the government to reduce the minimum threshold for foreign investment from Rs 50 million to Rs 20 million, and also make arrangements for FDI approval of up to Rs 100 million through automated system.
Likewise, the press statement stated that the government's announcement to allow non-resident Nepalis to invest in the secondary market and to put measures in place to reserve 10 per cent of initial public offerings (IPOs) to Nepali migrant workers are positive steps.
"In order to attract foreign investment in productive and export oriented industries and to attract investment of NRNs, it has been announced that the laws and procedures related to foreign investment would be improved, provisions to lease land for 50 years for operation of industries, among others, which are laudable" the press statement read.
Similarly, it also commended that the upcoming budget has mentioned to issue the bond targeting the migrant workers and NRNs while mobilising internal loans for operation of high return projects and national capital formation.
The press statement further stated that the forthcoming budget has announced of provision to provide foreign employment related services through online system, to make necessary arrangements for telemedicine services and to operate a reserve investment fund for migrant labours.
The press statement said NRNA welcomed the announcement of a 50 per cent discount on fees for renewal of passports, consular services and renewal of labour permits to migrants who send remittances through formal channels and encompassing them in the Social Security Fund through contribution-based social security.
The press statement stated the budget presented on Sunday, announced to provide concessional loans to citizens returning from foreign employment, which is appreciable.
"Provisions such as allowing foreign nationals to buy apartments in Nepal are also positive," the press stated. "Earlier, the government had facilitated Nepalis living abroad to open dollar accounts in Nepali banks and from June 1, Nepal Rastra Bank will start issuing foreign employment savings certificates with attractive interest rates, which will enable NRNs to support Nepal's economy."
A version of this article appears in the print on May 31, 2022, of The Himalayan Times.
