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Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
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Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
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The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
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Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
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The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
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The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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<div>
</div>
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Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
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The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
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The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
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<div>
It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
<div>
</div>
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Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
<div>
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<div>
</div>
<div>
The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
<div>
</div>
<div>
Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
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“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
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<div>
The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
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The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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<strong>--By Sagar Ghimire</strong></div>
<div>
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<div>
Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
<div>
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The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
<div>
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<div>
The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
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<div>
It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
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Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
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<div>
The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
<div>
</div>
<div>
Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
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<div>
Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
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<div>
“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
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<div>
The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
<div>
</div>
<div>
The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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<div>
Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
<div>
</div>
<div>
The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
<div>
</div>
<div>
The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
<div>
</div>
<div>
It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
<div>
</div>
<div>
Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
<div>
</div>
<div>
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<div>
</div>
<div>
The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
<div>
</div>
<div>
Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
<div>
</div>
<div>
Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
<div>
</div>
<div>
“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
<div>
</div>
<div>
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<div>
</div>
<div>
The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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<strong>--By Sagar Ghimire</strong></div>
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Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
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The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
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It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
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Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
<div>
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The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
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Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
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Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
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“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
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The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
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The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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<div>
</div>
<div>
Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
<div>
</div>
<div>
The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
<div>
</div>
<div>
The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
<div>
</div>
<div>
It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
<div>
</div>
<div>
Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
<div>
</div>
<div>
Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div>
<div>
</div>
<div>
The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
<div>
</div>
<div>
Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
<div>
</div>
<div>
Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
<div>
</div>
<div>
“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
<div>
</div>
<div>
The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
<div>
</div>
<div>
The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
<div>
</div>
<div>
Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div>
<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.
The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.
The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012.
It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.
Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board.
Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board.
The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects.
Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts.
Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.
“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.
The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere.
The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”
Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.
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Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
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The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
<div>
</div>
<div>
The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
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<div>
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Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
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The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
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</div>
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Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
<div>
</div>
<div>
Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
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</div>
<div>
“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
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</div>
<div>
The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
<div>
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The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
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</div>
<div>
The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
<div>
</div>
<div>
The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
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</div>
<div>
It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
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</div>
<div>
Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
<div>
</div>
<div>
Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div>
<div>
</div>
<div>
The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
<div>
</div>
<div>
Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
<div>
</div>
<div>
Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
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“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
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The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
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The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div>
<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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<strong>--By Sagar Ghimire</strong></div>
<div>
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Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
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The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
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The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
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It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
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Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
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Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div>
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The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
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Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
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Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
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“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
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The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
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The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div>
<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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</div>
<div>
Thanks to the government’s gross indifference towards the Investment Board (IB), which was established with an authority to create investment friendly environment, is now rendered in a dysfunctional state. Even after two years of establishment, the IB hasn’t been able to lure any single major project despite its lofty plans to promote national and foreign investments.</div>
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</div>
<div>
The Investment Board Nepal was established as a one-stop service centre for foreign and local investors two years ago under the Investment Board Nepal Act, 2068.</div>
<div>
</div>
<div>
The Babu Ram Bhattarai-led government had handed over a total of 14 mega projects, including five large hydropower projects, to the IB in May 2012. </div>
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</div>
<div>
It aims to promote economic development by mobilizing and managing public-private partnership, cooperative and domestic and foreign private investments.</div>
<div>
</div>
<div>
Chairman of Interim Election Council Khilraj Regmi is the Chairman of the IB, while he has deputed Federal Affairs and Local Development and Health and Population Minister Bidyadhar Mallik to assume the role of Vice-chairperson in the 11-member board. </div>
<div>
</div>
<div>
Finance Minister, Forestry Minister and Industry Minister are also the board members for the IB. However, according to a source inside the IB seeking anonymity complained that none of the ministries have been much supportive towards the Board. </div>
<div>
</div>
<div>
The government hasn’t yet provided the human resources required to the Board for the smooth functioning and to facilitate the large scale investment projects. </div>
<div>
</div>
<div>
Allocating a budget of Rs 120.9 million to the Board for FY 2013-14, Finance Minister Shankar Koirala has stated that the mechanism would be made resourceful. But economic analysts lament that the budget falls short in addressing the expectations to enhance the institutional capacity as well as equipping it with the technical experts. </div>
<div>
</div>
<div>
Mukunda Paudyal, Joint-Secretary at the IB, informed that the budget allocated by the government to the Board in one-third of the Board’s demand.</div>
<div>
</div>
<div>
“Budget apart, we have made many policy prescriptions to the government and asked it to amend the laws related to investment. However, the government turned deaf ear towards our recommendation,” he told The Corporate.</div>
<div>
</div>
<div>
The absence of the legislative parliament has also posed a problem for amending laws that are creating hurdles for the investment friendly atmosphere. </div>
<div>
</div>
<div>
The structure of the Investment Board is also a stumbling block towards attracting investors on the sectors that the IB has prioritized, another official in the IB told The Corporate seeking anonymity. He further explained that the Board comprises the members from the business community too who are not much welcoming the new investors in the same field much members are involved. “They have also investment in the priority sectors of the IB so they might not be interested to bring other investors in the same sectors. There is conflict of interest.”</div>
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Likewise, the government is less bothered to own the work of the IB, a source said. “We are in the process of doing the Power Development Agreement for four hydro power projects now. If there was a political government, it could have given impetus to complete these projects,” he argued, “as owning these achievements after bringing the large investors in these projects could mean a lot in terms of political capitalization.”</div>
<div>
</div>
<div>
Similarly, the much touted Investment Year 2012-13 turned to be a non-starter. It failed to yield any tangible result despite its claim that it would attract major foreign investments during this celebrated year. The IB hasn’t even been able to chart out the strategy to bring big foreign investors in Nepal. “We haven’t made it yet due to our busy schedule and owing to the country’s political situation,” Poudyal said.</div>
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