MoI sets upcommittee to facilitate foreign investors
Published: March 07, 2017 5:06 am On: Business
The Ministry of Industry has formed a high-level committee and three sub-committees to facilitate the foreign investors to come to Nepal following the Nepal Investment Summit that was held last week. To realise the letters of intent (LoIs) given by the foreign investors during the summit, the government has formed the high-level committee on foreign investment chaired by minister for industry and comprising commerce minister, tourism minister, energy minister, physical infrastructure and transport minister, state minister for industry, a member of National Planning Commission who looks into industry sector, Nepal Rastra Bank governor, finance secretary, tourism secretary, energy secretary, commerce secretary, CEO of the Investment Board Nepal and presidents of three umbrella bodies of the private sector — Federation of Nepalese Chamber of Commerce and Industry, Confederation of Nepalese Industries and Nepal Chamber of Commerce. Similarly, joint secretary of the Industrial Promotion Division under the Ministry of Industry will serve as the member secretary of the high-level committee.
The high powered committee led by industry minister will monitor the progress in realising the foreign investment pledged in various sectors and related to ministries like tourism, energy, commerce, among others and also resolve the hassles through reforms in laws and policies, administration and services, according to Industry Minister Nabindra Raj Joshi. The high-level committee has also formed three sub-committees — Policy Coordination Sub-committee for Foreign Investment, Foreign Investment Promotion Sub-committee and Foreign Investment Projects Coordination Sub-committee.
The policy-related sub-committee is led by a member of National Planning Commission. The sub-committee comprises secretaries from Ministry of Commerce, Ministry of Tourism, Ministry of Energy, Ministry of Industry, Ministry of Finance and representatives of the aforementioned three private sector umbrella bodies. A joint secretary at the NPC will serve as the member secretary of this sub-committee, which would provide necessary recommendations to the high-level committee for the necessary reforms in laws and policies to create favourable environment for foreign investors.
The Foreign Investment Promotion Sub-committee is led by secretary of the Ministry of Industry, which comprise joint secretaries from finance ministry, commerce ministry, tourism and energy ministries as well as representatives from the private sector umbrella bodies. The chair of this sub-committee will work as the focal person to bring investment pledged by foreign investors in the country. A sub-committee under the convenorship of Investment Board Nepal CEO has also been formed to coordinate projects lucrative for foreign investors.
This committee will showcase the potential foreign investment projects and deal with foreign investors to convince them to invest in the projects that have been developed by various ministries, agencies, private sector and board as well. This sub-committee includes joint secretaries from the ministries such as Ministry of Industry, Ministry of Finance, Ministry of Commerce, Ministry of Tourism, Ministry of Energy and representatives of the private sector umbrella bodies. Joint secretary of the Investment Board Nepal is the member secretary of this sub-committee. All these committees and sub-committees have come into operation from today following a ministerial-level decision.