Government To Ease Restriction on Foreign Investment

Finance minister Dr. Ram Sharan Mahat said that there is no reason to restrict any Nepalese who want to invest in foreign country and make money.

July 7, 2015, 5:45 p.m. Published in Magazine Issue: Vol: 09 No. -2 July. 03- 2015 (Ashad 18, 2072)

Finance minister Dr. Ram Sharan Mahat said that there is no reason to restrict any Nepalese who want to invest in foreign country and make money.

Finance minister Dr. Mahat expressed this remark in a program on Pre-Budget Discussion with Finance Minister and Senior Officials of Finance Ministry. Organized by Confederation of Nepalese Industries (CNI).

Addressing the program, finance minister Dr. Mahat said that there need to do a lot of work to reform industrial sector. “The forthcoming budget will give special attention on it. I will incorporate the suggestion given by CNI,” said Finance Minister Dr. Mahat. The new budget will give high priority to infrastructure development speeding up the project like Fast Track.

Opening up the program, CNI president Narendra Kumar Basnyat said that the new budget needs to give priority to increase the employment opportunities. “There need to reform the budget from social progress to economic transformation,” said Basnyat. “The budget should be catalyst for economic development.”

Basnyat said that the budget should not be revenue oriented but it should be export oriented and friendly to private sector. Presenting the CNI’s view, senior vice president Hari Bhakta Sharma urged government not to impose new tax to the industries which are badly damaged by earthquake. “The current EIA policies need to review as it is discouraging the industrialists,” said Sharma.

Secretary (Revenue) Navaraj Bhandari welcomed the CNI delegates saying that the government will take their suggestions as much as possible.

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