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.

Stay Tuned to NepaliSansar for Latest Nepal Business News!

More News:

• ICC WC League-2: Nepal Inflicts 7-Wicket Defeat on Oman!
• Nepal to Set Up Multiple Fair Price Shops
• Nepal Reopens Bardiya National Park, Eyes on Tourism Revival!
• China Readies Millions of Vaccine Doses for Nepal

The post Nepal Sees Spike in Foreign Investments in FY2021/22 appeared first on Nepali Sansar.

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.

The post Govt. Urges Kathmandu Industries to Renew Registration By Aug 23 appeared first on Nepali Sansar.

Asfaw Dingamo, Ethiopian Ambassador to India, who is currently in Kathmandu to inaugurate the Honorary Consul of Ethiopia, said that Nepal and Ethiopia can improve in various sectors as both the nations have already got the status of rising economies of Asia and Africa.

Rajendra Giri, the Chairman of Kailash Development Bank, has been selected as honorary consular of Nepal to Ethiopia.

Dingamo wanted to improve trade and commerce relations as Ethiopia is called as get-way of Asia in Africa. He said that their economies are growing so the private sectors from both the nations can avail the opportunity. He added saying that multiple foreign investors are investing in agro-processing manufacturing and others.

He also wanted Nepali investors to invest in Ethiopia as its economic outlook is doing better than it was previously.

Furthermore, Dingamo said that more agreements are in line including the air service agreement with Nepal.

The post Ethiopia Invites Nepali Investors to Invest in Agro-Processing and Others appeared first on Nepali Sansar.