The apex business body took the initiatives mainly after number of foreign investors, who were interested to make capital investment in the country, sought its assistance in identifying sectors and particular projects to invest.[break]
“A larger number of foreign investors and chambers of commerce and industries from abroad are asking us to suggest them areas and projects in Nepal for investment,” said Dr Hemanta Dawadi, director general of FNCCI. “We are soon coming up with list of sectors and projects having high potential to attract foreign direct investment (FDI).”
With the exercise, FNCCI and MoI plan to develop a profile of all potential sectors and identify investment projects with a detailed description for marketing them to foreign investors. The joint team will identify the areas on the basis of provisions mentioned in Foreign Investment and Technology Transfer Act - 1992.
Although FNCCI has long been talking about identifying and developing profiles of projects and sectors having potential to draw foreign investment, it initiated works in this direction only very recently. The new FNCCI leadership under the presidency of Suraj Vaidya this year had directed the FNCCI Secretariat to implement the project at the earliest.
“This is an initiative, which will not only help us to attract more foreign investors, but also assist to build national consensus on the sectors which are long awaiting huge investment - be it from abroad or local level,” said Dawadi.
FNCCI officials said that different research and studies to identify the probable sectors have already begun and the areas will be finalized on the basis of the recommendations from the researchers.
Different business bodies, including Confederation of Nepalese Industries (CNI), Nepal Chamber of Commerce (NCC), industrialists and other stakeholders, including government agencies, have proposed including tourism, infrastructure development, agriculture and agro-processing, education, manufacturing and mining, among others in the profile.
Dawadi, however, said that rather than including many sectors, FNCCI will particularly focus on some specific areas which have relatively high probability to attract FDI and try to publicize them in national and international level.
“We have decided to identify only five major sectors with around 50 projects this time,” added Dawadi. He said the profile with be sent to MoI within three to four months and that the ministry will put the sectors in its first priority.
“Though late, we are happy that FNCCI has initiated this task. We believe this will help Nepal attract more foreign investors and FDI in a systematic manner,” said Begendra Raj Sharma, joint secretary of MoI. He said that the MoI will help to promote the areas identified by FNCCI.
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