Nepal investment year: Govt plans investors’ meet next fiscal year
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KATHMANDU, DEC 24 -
With the Cabinet recently endorsing a government proposal to declar 2012 and 2013 as investment year, the government is planning to host an investors’ meet next fiscal year.
The meet will be held between December 2012 and March 2013, according to a senior official at the Prime Minister’s Office (PMO).
A Cabinet meeting has also fixed a tentative schedule of work to be carried out during Nepal Investment Year. According to officials at the PMO, the government will first carry out a feasibility study of potential projects for the period of 7-8 months and then organise the meeting by inviting potential investors from various countries. “The idea is to first identify potential projects and present it to the potential investors,” the official said.
Around 50-60 major projects will be identified and the government will seek investment
from domestic and foreign investors during the meeting. “The government will then be ready to convince investors of the prospects of the projects and facilities to be provided.”
With a view to achieving a double digit economic growth, the government is aiming to double the existing investment in the country in the next two years. Currently, around Rs 300 billion is invested annually in the country from both the government and the private sector.
“We have to attract investment at an additional Rs 350 billion annually to achieve the double digit growth,” a PMO official said. Finance Minister Barshaman Pun told a press meet on Thursday that the government aims to bring big investments in the country during the investment year.
The major areas where investment will be sought will be agriculture, tourism, energy, infrastructure and medical and educational institutions.
The government will seek foreign investment from countries from where capital inflow has been big, such as India, China, the US and Malaysia, among others.
The Cabinet has also formed a high-level steering committee under Prime Minister Baburam Bhattarai to facilitate the investment year and solve problems in attracting investment.
The committee will give policy directions and create an investment-friendly environment by changing existing laws that hinder investment and by resolving other problems, according to the official.
Posted on: 2011-12-24 10:00
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