KATHMANDU: Deputy Prime Minister and Home Minister Narayan Kaji Shrestha said that Nepal has consistently encouraged, promoted and protected foreign direct investment (FDI) through significant improvement in its investment regime.

Addressing the Opening Ceremony of the 19th Western China International Fair in Chengdu, Sichuan Province of China today, he said, “Nepal has been pursuing a business and investment-friendly policy. We have made major reforms in our investment regime that encourages, promotes and protects foreign direct investment.”

He added, “Our tax slabs are one of the lowest and our position is fairly good in ease of doing business.”

He said that there are a host of areas including hydropower, industrial manufacturing, infrastructure development, tourism, agriculture, minerals, and mining, among others, to make investment in Nepal.

Noting that after the historical peace process and democratic political change, establishing republic and socialism-oriented inclusive democracy, and promulgation of new constitution, the DPM said Nepal today is focusing on economic development and prosperity for institutionalizing these achievements, and to this end, it is in need of international cooperation including FDI.

“Our laws permit full repatriation of income earned from investment. Foreign companies registered in Nepal can purchase, own and sell land. No discrimination is made between national and foreign investors,” he stated.

According to him, there is no policy of nationalization of private industry.

“The other factor that makes a business competitive in Nepal is the availability of a less expensive workforce, reformed labour laws, and improved industrial relations. We are seriously working on further simplifying the procedures and fully operationalizing the one-stop service,” he added.

On the occasion, Deputy Prime Minister Shrestha called upon businesspeople from China as well as from abroad to attend this International Fair to avail themselves of the opportunities unfolding in Nepal.

He added, “I would also ask you all to visit Nepal and experience for yourself and for your near and dear ones the real natural beauty, cultural diversities and a range of adventurous tourism products Nepal offers.”