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PM Oli appeals for Chinese investment in Nepal

  2 min 35 sec to read
PM Oli appeals for Chinese investment in Nepal
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March 23: Prime Minister KP Sharma Oli has appealed to the Chinese business community and investors to invest in Nepal, now that the atmosphere for the same is favourable with a new constitution and peaceful environment.

Speaking at the Nepal China Investment Forum hosted by the China Council for the Promotion of the International Trade and the Nepali Embassy in Beijing on Tuesday, Prime Minister Oli said Nepal wants to reap benefit by integrating its economy with China in beneficial way. Nepal is now moving ahead towards the path of development and hence provides abundant possibilities for investment. Hydropower, solar energy and wind energy development are the primary attractive sectors of investment, he said.

Stating that cheap labour, liberal policy and easy administrative procedures provide ground for investment in Nepal, Prime Minister Oli also assured for security of investment. He also outlined the benefits of investing in the special economic zones of Nepal.

 "Nepal is pursuing a liberal economic policy by letting the private sector to take the helm of economic affairs of the country with it as partner for development and promoting public private partnership," he said.

In Nepal, there is growing realization that the untapped potentials of the country can be harnessed through the effective mobilization of foreign investment. With a view to improving and facilitating trade and investment, Nepal has reduced tariffs, simplified tax regimes and focused on the development and operation of trade related infrastructure, he added. 

Similarly, export and import rules and procedures have been made market based, market friendly, open and liberal. Nepal has made several policy provisions for the foreign investors to provide maximum security to their investment. Minimal tax slabs, no income tax on dividends and export earnings as well as exemption of tax, duty and fee on the products, machinery, equipment, tools and raw materials used by an export industry are some of the policy provisions to ensure high return from FDI, he informed the business community.

Now the country has adopted the single window facility for the foreign investors as the Prime Minister says. Investment Board has been established to facilitate large scale investments. Board negotiates projects and provides one window services. Simplified and liberal visa rules apply to investors and their family members. The same rule is applicable to reinvestment. Foreign companies registered in Nepal can purchase, own and sell land. Law in Nepal ensures that no private industry will be nationalized. Industrial relations have been improved. Labour law is being reformed.  

Similarly, establishing the cross border economic zones and port facilities helps facilitate commercial activities. Investing within SEZ has multiple benefits that include flexible and investment friendly labour law, the Prime Minister said, adding that  government of both countries were actively considering the development of cross border facilities and establishing SEZ near the border.  Prime Minister frther added, “Our doors are open for investment in almost every sector. These include manufacturing, hydropower, tourism, services, IT, mining and agro based industries”. RS

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