In the first two months of the fiscal year 2021/22, Nepal has seen a sharp rise in foreign investments.

Foreign investors from six countries have registered 71 projects at the Department of Industry (DoI) during mid-July and mid-September.

Surprisingly, around 30 of the registered projects are related to tourism business, the highest of all.

The foreign investors are looking to run hotels in Nepal, proposing to invest in around 25 hotels in just two months of the current FY.

Likewise, service sector received 20 proposed projects and manufacturing industry received 15. Moreover, four of the proposed projects are related to agriculture sector and one each to energy sector and IT industry.

Of the proposed foreign direct investments, 62 companies are from China, the highest of all.

Four companies are from India, two from the US, and one each from the Netherlands, Japan, and Vietnam.

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The Nepali Government has received FDI worth NPR 5.50 billion for the tourism business during mid-July and mid-September of the current fiscal year 2020/21.

According to the Department of Industry (DoI), the FDI commitment the government received for the tourism industry in the first two months of the current fiscal is almost the same as that of the last fiscal.

Of the total amount pledged, Nepal received FDI worth NPR 5.35 billion from China, the highest of all. The Chinese investors have proposed to open around 30 hotels and restaurants and provide employment opportunities to 618 people.

China has been leading in FDI pledges to Nepal, especially in the tourism sector, for the last few years. As Nepal has become a leading tourism destination for Chinese tourists, the investors from China have been showing a deep interest in opening hotels and restaurants, mainly in Kathmandu Valley, Pokhara, and Chitwan.

As per the DOI records, the tourism sector has received a total of NPR 32.80 billion foreign investment in the past five years. Chinese investors have poured in NPR 23.23 billion, making up 71% of the total proposed amount.

Aslo Read: Nepali Tourism 2019: Foreign Arrivals to Chitwan Shrink

In the FY 2019/20, Nepal received a foreign investment commitment of NPR 25.79 billion for the tourism sector, with China proposing to invest NPR 11.66 billion.

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The Nepali Government has directed the industries within Valley to renew their registration by August 23 to avoid paying hefty fines.

Issuing a notice on July 29, the Department of Industry (DoI) has urged the concerned industrialists to renew the registration of their companies by August 23. It has mentioned that an additional 30 days were issued for the industries from the end of lockdown (July 22), considering the impact of the pandemic.

“Since the lockdown was lifted on July 22, we urge all owners of industries in the valley to complete all works related to the DoI by August 23 to avoid paying a hefty fine,” the Department said in the statement.

However, the deadline for the industries operating outside the Valley is September 23.

Likewise, the deadline to apply for an extension to start manufacturing a commercial product or business is August 23. But the deadline for foreign investors for such extension is September 23.

Meanwhile, the DOI informed that there would be no additional late fees and penalties than the regular ones considering the severe impact of lockdown.

However, the special facility does not apply to the companies whose registration had expired before the lockdown.

On the other hand, the industrialists were unhappy with the DOI decision and demanded an extension of at least two months for renewal.

“We have been lobbying with the concerned stakeholders of the government’s body to manage necessary extension for us,” said Shekhar Golchha, Senior Vice-President of Federation of Nepalese Chamber of Commerce and Industries.

He added that the Nepali Government should consider their demand as all the businesses were closed during the lockdown.

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Nepal witnessed a Foreign Direct Investment of Rs 15.17 billion in the 2016-17 fiscal year, informed the Department of Industry (DoI).

Out of the total foreign investment made in country’s 395 industries, big industries attracted a total foreign investment of Rs 6.22 billion share, followed by medium industries (Rs 1.17 billion) and small (Rs 7.61 billion).

According to the DoI Secretary Durga Prasad Bhusal, FDI into the country started increasing with the passage of country’s new constitution on September 20, 2015.

Meanwhile, General Secretary of the Federation of Nepal Cottage and Small Industries Dambar Prasad Regmi urged the government to formulate investor-friendly policies to attract more foreign investment.

China topped the list of investors with Rs 6.24 billion investment in total 183 industries of the country.

India stood second in the list with Rs 1.99 billion in 40 industries, followed by the United States (38 industries), South Korea (15), Japan (12), the United Kingdom & The Netherlands (9 each), France (8), Bangladesh & Switzerland (7 each), Germany (6), and Belgium & Canada (5 each).

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