KATHMANDU: Prime Minister (PM) Pushpa Kamal Dahal ‘Prachanda’ has said the government has a policy of promoting the culture of innovation and entrepreneurship, simplifying the investment process.

Inaugurating the ‘Nepal-EU Business Forum’ organised here today on the occasion of the 50th anniversary of establishment of Nepal-EU diplomatic relations, Prime Minister Dahal shared that the government was committed to ensure openness for business.

“Nepal’s policy of creating a strong economic structure increases international partnership and helps in economic expansion,” he explained.

Stating that there was enthusiastic participation of more than 50 countries across the world in the recent investment summit held in Nepal, the PM said a message that the international community was excited to investment in Nepal was disseminated.

On the occasion, the Prime Minister underscored that Nepal was ready for further collaboration with EU-member countries in Nepal’s effort of bringing in foreign investment, according to PM Dahal’s Private Secretariat.

Stating that Nepal has the goal of graduating from the least developed country status until 2026 and of achieving the Sustainable Development Goals by 2030, the Prime Minister pointed out the need of adequate investment and transfer of the required technology by the foreign partners to fulfill these goals.

He shared on the occasion that the government has recently initiated the ‘automated route’ for foreign direct investment up to Rs 500 million and expressed the belief that with this initiation will enter the managerial capacity and capital in Nepal.

“We have approved some applications for investment received via the automated route. We have been trying to strengthen our initiatives through the international partners. This will bring not only capital but also the technical and managerial expertise in Nepal,” he said.

Making it clear that the Government of Nepal has given priority to the environmental sustainability and the green economy that is practicable, Prime Minister Dahal said the government is consistently carrying out works on the promotion of renewable energy projects, sustainable agriculture practices and attainment of environmental goals.

“Our development activities are in harmony with the national interest and the global environmental objectives. Nepal is always committed to the Paris Agreement and we have been actively including the climate actions in our development plans and programs,” he added.

The Prime Minister reiterated that Nepal is committed to reach the zero carbon emission milestone by 2045 despite of the resource and capacity gap, and the constant challenges invited by the climate change.