KATHMANDU: Minister for Communications and Information Technology Rekha Sharma today informed that the limit of foreign investment in information technology-related industry has been removed from the current fiscal year, 2023/24.

The government has prioritized the development of the communications and information technology sector, she said while speaking at a program with the theme of ‘Growth of Information Technology in Nepal’ organized here by the Institute for Integrated Development Studies.

“It has been announced through the budget for the current fiscal year to allow the industries operating with the aim of exporting information technology services to set up contact offices in the third countries, and provide the foreign exchange facility up to 10 percent of the foreign exchange earnings for an industry to purchase software and programs and install equipment,” she said.

The government has taken a policy of spending a minimum one percent amount of the total capital budget in research, start-ups and invention, she said, adding that there is a provision for preparing the national portal so as to provide accessible information, and adopting the flexible labor policy for start-ups.

Similarly, a provision has been managed for providing 50 percent discounts on tax on the incomes received in foreign currencies by exporting computer-related services like business process outsourcing, software programming, and cloud computing, she said.

The Communications and Information Technology Minister said the government expects this to encourage Nepali human resources in the information technology sector to earn foreign currencies from home and contribute to building digital economy in the country.

As the Minister said, preparations are on to implement training for Bachelor’s degree graduates in Information Technology.

The objective behind this initiative is to align IT programs within the country with the requirements of the global market.

The government aims to offer a concise yet comprehensive IT training program.