Preparation afoot to amend minimum threshold for FDI: Minister Khatiwada

Minister for Finance Dr Yubaraj Khatiwada has appraised the visiting Swiss delegation of the measures adopted by the government and amendments to be considered on the policies to attract as much as foreign direct investment (FDI) in Nepal.

In a meeting held with the team led by Swiss Investment for Emerging Market’s President and former Swiss Ambassador to Nepal Jorg Giovanni Frieden at the Ministry of Finance (MoF) in Singha Durbar on Wednesday, Minister Khatiwada said the discussion had been forwarded regarding the amendment on setting minimum threshold for FDI.

Stating that the ‘Challenge Fund’ was going to be set up and various investment-friendly policies being mooted, Minister Khatiwada informed that the process had been forwarded for inking double taxation avoidance agreement with various countries. The Minister asserted that Nepal needed ample resources be it from private, public sector or from foreign countries for the development of industrial and physical infrastructures in the country.

Admitting that Nepal did not have adequate internal resources for a rapid growth, he was of the view that Nepal could earn foreign currencies through tourism sector and export of energy to realize its economic agenda for which the, he shared, that government was moving ahead in collaboration with the private sector.

According to the Minister, the need of the hour were job creation through promotion of Small and Medium Enterprises (SMEs) and prioritizing innovation, skill development and imparting technical and vocational training to youths.

On the occasion, the Swiss visiting team expressed concern about the economic agendas set by Nepal and its national priorities and the role of private sector in this sphere.

The team expressed happiness for Nepal had investment-friendly climate lately.

Present in the meeting were Swiss Ambassador to Nepal Elisabeth von Capeller and high-ranking officials of the Finance Ministry here.