Nepal to hold conference to attract more FDI

Nepalese government will organise an international investment conference to attract more foreign direct investment (FDI), Nepal's Industry Ministry said on Friday.

Themed as "Harnessing Investment Opportunities in Nepal," the conference will be held in Kathmandu on March 2-3 next year, Xinhua news agency reported.

The government planned to organise the event to inform the foreign investors about Nepal's legal structure regarding foreign investment and make political parties to commit for creating favourable investment environment for foreign investors and their investment security, according to a press release of the ministry.

"Leaders of all the political parties will commit to investment security of foreign investors which will help build confidence among the international community," said Industry Minister Nabindra Raj Joshi.

Nepal has recently introduced new Policy on Foreign Investment, new Industrial Enterprise Act and Special Economic Zone Act by offering more attractive incentives to the foreign investors.

The Nepalese government is also working on to introduce new Foreign Investment and Technology Transfer Act by opening more sectors for foreign investment and offering more incentives, according the ministry officials.

In the last fiscal year 2015-16 that ended in mid-July, Nepal received FDI worth 44 million US dollars only, according to Nepal Rastra Bank, central bank of Nepal.

During the conference, discussions will be held in the areas such as energy, infrastructure, information and communication technologies, tourism, financial sector, mining sector, agro processing and the manufacturing industries, according to the ministry.

Around 300 participants are expected to join the event, according to the ministry.

--IANS

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