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Nepal govt forms committee to address concerns of foreign investors

Nepal Investment SummitKathmandu, Nepal, (NNN-Xinhua) : Nepalese government has formed four different committees to address the concerns raised by foreign investors at the “Nepal Investment Summit” so that pledged investment during the event could be realized.

Nepal had got investment commitment of 13.52 billion US dollars from seven countries and the Himalayan country had received largest investment pledge from China amounting to 8.2 billion U.S. dollars in the two-day event that concluded on Friday.

Organizing a press meet on Monday, Industry Ministry said that one high-level committee led by Industry Minister Nabindra Raj Joshi and other three sub-committees by a member of National Planning Commission, the main planning body of the country, Industry Secretary and chief executive officer of Investment Board Nepal (IBN) have been formed.

The High-level Committee on Foreign Investment headed by Industry Minister has 21-member team including Ministers for Commerce, Tourism and Physical Infrastructure, secretaries of concerned ministries, governor of central bank and representatives of the private sector.

Minister Joshi said at a press meet that these committees were formed to ensure materialization of investment commitments made by Nepalese and foreign investors during summit. “These committees will start their works from Monday itself,” he said.

He also informed that the government would implement the one door policy for industry registration instantly enabling investors to present documents only in one government agency which will then reach to other agencies automatically.

During the investment summit, Bangladeshi investors committed FDI of 2.4 billion dollars, second highest from among the seven nations.

The investors from Japan and the United Kingdom pledged over 1 billion. The Himalayan country also received FDI pledge of 500 million from Sri Lanka, 317 million from India and 11.5 million commitments from Nepalese investors.

A total of 16 companies had signed letter of intent pledging investments in Nepal during the event.

From China, six companies pledged investment. China Machinery Engineering Corporation, China State Construction and Engineering Co, CTCE Group, Sichuan Wanping Energy Science and Technology, Wuling Power Corporation and Sichuan Boxing Country Wanping Mining are other Chinese companies making investment commitments.

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