Foreign investors can now apply for up to Rs 500m in Nepal: Minister Bhandari

KATHMANDU: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has announced that foreign investors can now apply for investments in Nepal up to Rs 500 million from abroad.

Speaking at the plenary session of the two-day 29th Partnership Summit, which began today in New Delhi, India, Minister Bhandari highlighted that Nepal has implemented an automated pre-approval system for foreign investment proposals through an online platform. He also shared that the threshold for Foreign Direct Investment (FDI) has been reduced to Rs 20 million from Rs 50 million, with no threshold requirement for investments in the IT sector.

"We are focused on policy and legal improvements to promote trade in Nepal and to provide registration and facilities to investors. A One Stop Service Centre (OSSC) has been established by bringing 14 agencies under one roof," he added.

Minister Bhandari assured that foreign investments in Nepal are yielding good profits, and the country's liberal and open market policies are reflected in its commitments to multilateral, regional, and bilateral agreements.

He expressed his hope that the discussions and deliberations at the summit will pave the way for sustainable development, innovation, technology transfer, and prosperity.

The Industry Minister also extended an invitation to the global business community to partner with Nepal in exploring opportunities for new technologies and expertise, working together to achieve economic prosperity.

Nepal offers significant investment potential in sectors such as tourism, hydropower, agriculture, medicine, aromatic plants, IT, and manufacturing, he said, adding that Nepal is now in a position to export electricity to neighbouring India and Bangladesh under bilateral and trilateral agreements.

Furthermore, Bhandari said Nepal has prioritised its consolidated and historic relations with India, which are deep-rooted in terms of shared history, and cultural and economic interdependence. Before the address, India's Union Minister of Commerce and Industry, Piyush Goyal, welcomed Minister Bhandari.

By RSS