Rs 3.36 billion investment in tourism sector during pandemic

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KATHMANDU, JANUARY 22

Even though the COVID-19 outbreak has severely affected the tourism industry, the sector witnessed investment worth Rs 3.36 billion during the pandemic.

According to the Department of Industry (DoI), a total of 19 companies related to the tourism industry with an investment of more than Rs three billion were registered in the last six months.

“Even though the tourism industry has been affected during the pandemic, the sector is gradually reviving. Thus, investments were made even during the pandemic by new investors eyeing the future prospects in the sector,” said Binayak Shah, first vice-president of Hotel Association Nepal (HAN).

Meanwhile, hotels that were being constructed before the pandemic were also registered because of which the investment seems to have increased, the department clarified.

According to DoI, hotels and restaurants attracted investments totalling Rs two billion during the review period. Mostly small and medium sized hotels have been registered during the current fiscal year. In the first six months of the current fiscal, a total of 10 tourist standard hotels and restaurants were registered in Kathmandu.

Similarly, four tourist standard hotels were registered in Pokhara, while one casino was registered in Rupandehi.

Meanwhile, cable-car services worth Rs 1.32 billion were also registered. According to the department, two cable-car services have been registered in Kathmandu and Lalitpur.

Phulchwoki cable-car worth Rs 660 million has been registered in Lalitpur district, while Nagarjun View Cable-car worth Rs 660 million has been registered in Kathmandu district.

Similarly, one trekking company with an investment of Rs four million was registered in the current fiscal year.

 

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Written by Sureis
This news first appeared on https://thehimalayantimes.com/business/rs-3-36-billion-investment-in-tourism-sector-during-pandemic/ under the title “Rs 3.36 billion investment in tourism sector during pandemic”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.