Nepal Investment Summit was a success, say officials

NL Today

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Kathmandu: Investments worth Rs 9.13 billion have been approved for four different projects through the Department of Industry under the 3rd Nepal Investment Summit 2024.     

According to Shankar Singh Dhami, Director of the Department of Industry’s foreign investment and technology transfer unit, an investment of Rs 6 billion will be made to establish an investment company in Bhaktapur, Rs 3 billion for a business complex building in Kathmandu, Rs 76.6 million for a 200 KW hydropower project in Kailali, and Rs 62.5 million for the construction of hotels and restaurants in the Lalitpur district.

Earlier today, the department inaugurated the system of foreign investment approval through the automatic route. Accordingly, foreign investors can apply to establish a new company with 100 percent share ownership, a joint venture, or investment capital in an already existing company through an automatic route. 

Foreign investors will be able to apply through the system today and receive the letter of approval for foreign investment as soon as they submit their application.     

No minimum investment limit has been specified while approving foreign investment through an automatic route for information technology-based industries.     

The automatic route is expected to save investors the time and money required to make investments in Nepal. (RSS)