Kathmandu, March 27 Foreign investment companies operating in Nepal have pointed out the quicker implementation of ‘one-window’ policy and procedural simplification as the two primary conditions for attracting foreign direct investment (FDI) in Nepal. Amid a ‘Symposium on investment in Nepal’ organised by the Embassy of India here today, they said that procedural hurdles remains a key bottleneck to attract FDI in the country. Moreover, Indian Ambassador to Nepal Manjeev Singh Puri also stressed that Nepal should implement the ‘one-window’ policy. “Some of the most common queries made by Indian investors and companies are related to the procedural hassles for setting up businesses in Nepal, operational challenges and how easy is it for foreign businesses to remit back the dividend from the country,” Abhimanyu Poddar, managing director of Surya Nepal, said, adding that to tap the ample opportunities for foreign investment in Nepal, the government should simplify processes for foreign investors to enter Nepal and operate their businesses. Similarly, SC Agrawal, the chief executive officer of Sutlej Jal Vidyut Nigam (SJVN) Ltd — the developer of Arun-III hydropower project — said that land acquisition is another problem in Nepal after procedural difficulties. “Of the total land required for the Arun-III project, private land accounts for only around 30 per cent and we have almost acquired it. However, we are facing difficulty in acquiring a small portion of private land as the owners are not permitting any project activities on their land,” Agrawal said. He also informed that the 70 per cent of required land for the project belongs to the government and huge portion of it is forest area. “The government, simplifying all its procedures, should address the land acquisition problems to boost investment in the country,” he added. Indian Ambassador to Nepal Puri said that India is widely promoting foreign investment in its homeland, which will also benefit Nepal. Puri also said that the presence of the cabinet ministers of Indian government at the recent investment- and infrastructure-related summits in Nepal are the evidence that India is keen about development activities of Nepal. Addressing the occasion, Minister for Industry Nabindra Raj Joshi said that the government will support and facilitate foreign investors by any means. “Nepal is heading towards economic transformation today and foreign investment is a must to drive the economy towards higher growth trajectory,” Joshi said. As per Joshi, the government is on the verge of reforming all its policies to make them investment-friendly. Informing that the Industrial Enterprise Act has already introduced the ‘one-window’ provision for industries, Joshi assured investors that Nepal government will successfully implement it.
‘Procedural simplification an important condition for FDI’
Published: 08:04 pm Mar 28, 2017