House passes proposal on Foreign Investment and Technology Transfer Bill

The today's meeting of the House of Representatives has approved with majority the proposal seeking consideration on the 'Foreign Investment and Technology Transfer Bill, 2075'.

Minister for Industry, Commerce and Supplies Matrika Prasad Yadav had tabled the bill in the parliament.

Speaking before this, lawmaker Dev Prasad Gurung stressed on only attracting foreign investment into the country that contributes to national capital formation and promotes national interests. He cautioned the government against allowing foreign direct investment in the cottage industries, agriculture, security press and handicraft among other sectors.

Bhim Bahadur Rawal said that the government should be sensitive regarding the principles of the bill as protection of the national interest and security, indigenous production and skills. He also stressed that the timeframe of the projects being built with foreign investment should be fixed and the foreign workers coming to work in industries set up with foreign investment should obtain labour permit.

Som Prasad Pandeya stressed that the government should work for promoting and motivating the industries. He added that the domestic industries and products should not be neglected at the cost of inviting foreign investment.

Krishna Bhakta Pokhrel said the bill has presented a strategic plan of attracting foreign capital, technology and investment. He however warned against inviting foreign investment in the agriculture sector.

Metmani Chaudhari said the government's attention should go towards formation of domestic capital and earning foreign capital.

Bharat Kumar Shaha opined against inviting foreign investment in the cottage industry, forest and agriculture sectors.

Lawmakers, Mohan Baniya, Kedar Sigdel, Gopal Bahadur Bom, Surya Prasad Pathak, Narad Muni Rana and Sanjaya Kumar Gautam underlined the need of forging all-sides consensus for charting out the journey of prosperity.

Responding to questions from MPs, Industry Minister Yadav said it was imperative to attract foreign investment and technology as the prosperity journey could not move forward if the capital and technology were not to be utilized.

He asserted that the government would address the concern of the lawmakers that foreign direct investment should not be allowed in the agriculture, small and cottage industry sector. Minister Yadav reiterated that the bill has been brought keeping the national interest at centre.

Source: RSS