Nepal Investment Summit 2024: Rs 9.13 Billion Approved for Projects; Easier Foreign Investment Process Introduced

During the 3rd Nepal Investment Summit 2024, the Department of Industry gave the green light to investments totaling Rs 9.13 billion for various projects, aiming to boost Nepal's economy.

Shankar Singh Dhami, Director of the Foreign Investment and Technology Transfer Unit, shared the breakdown: Rs 6 billion for an investment company in Bhaktapur, Rs 3 billion for a business complex in Kathmandu, Rs 76.6 million for a hydropower project in Kailali, and Rs 62.5 million for hotels and restaurants in Lalitpur.

To attract more foreign investors, the Department of Industry introduced a new, simpler system for foreign investment approval. Now, foreign investors can easily apply to start new companies, and joint ventures, or invest in existing ones with full ownership rights. They'll get approval quickly after submitting their application. There's no minimum investment requirement for IT-based industries, making it easier for them to invest in Nepal.

In addition to the investments approved during the Third Investment Summit, an agreement was reached with the Expert Group of Australia to establish a luxurious resort near Rara Lake in Mugu. The MoU, signed by representatives of both parties, outlines plans for the resort's construction on an 80-ropanis area, with approximately Rs 700 million allocated for the first phase and Rs 400 million for the second. Abhishek Bikram Shah, representing Rara Holdings Resort Pvt Ltd, aims to complete construction within one and a half years, utilizing local resources and reflecting the region's cultural heritage.