Kathmandu, June 20
Prime Minister KP Sharma Oli has sought Chinese investments in Nepal to fill the financial and technological gap in the country.
Addressing Nepal-China Business Forum jointly organised by Embassy of Nepal in China and China Council for the Promotion of International Trade, PM Oli said huge foreign investment, including from China, is crucial to fulfil Nepal’s aspiration of graduating from the least developed country status and becoming a middle-income country by 2030.
“Nepal today requires massive investment in infrastructure development and introduction of advanced and innovative technology. As investing in Nepal today is a profitable business and the government is committed to maintaining an investment friendly environment, Nepal expects huge investment from China,” said Prime Minister Oli.
Oli informed access to market will not be a problem for Nepal due to the strategic location between two vibrant economies of the world. “Nepal is committed to further improving the business climate in the country and doing everything that will enhance the investors’ confidence,” he said.
Citing that Nepal has enacted friendly laws and policies on foreign investment, public private partnership, industrial enterprises, banking and intellectual property, the prime minister informed that every sector in the country including manufacturing, hydropower, IT, services, tourism, mining and agro-based industries are open for foreign investment.
On the occasion, Prime Minister Oli also expressed his commitment to maintaining liberal economic policy with the private sector as a key partner.
Moreover, he also stated that Nepal today offers a favourable fiscal environment with low tax slabs, no income tax on earnings of industry exporting its products established in Special Economic Zones for a certain period of time, exemption of tax and tax holidays for certain industries, and exemption of duty and fees on the key inputs used by an export industry.
“Moreover, our law also permits full repatriation of income earned from investment and reinvestment,” added Oli. Availability of cheaper labour force and improved labour law and industrial relations, as per Oli are the other crucial factors that make Nepal a good investment destination.
Written by Sandeep
This news first appeared on https://thehimalayantimes.com/business/pm-oli-promises-better-investment-climate/ under the title “PM Oli promises better investment climate”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.