Nepal records threefold increase in foreign investment in FY 2017/18

Nepal records threefold increase in foreign investment in FY 2017/18

Nepal records threefold increase in foreign investment in FY 2017/18

Nepal has received as much as Rs 61 billion foreign investment in the recently concluded fiscal year 2017/2018. This amount is three times the amount of foreign investment Nepal had received in the previous year, fiscal year 2016/17.

According to the chief of Foreign Investment Division at the Department of Industry, Khagendra Bahadur Basnet, Nepal received 61.094 billion in one year. It is 193 per cent more than the amount of last year, which was just Rs 20.853 billion, according to him.

Hydropower and energy, mines, forest and agriculture, information and communication technology and tourism have become major attractions for foreigners to invest in Nepal.

So far, foreigners have invested Rs 268 billion in 4,475 projects of Nepali industries, informs Basnet. Nepal’s immediate neighbours–India and China–are in the first and second positions of foreign investment respectively on the basis of amount.

India has invested more than Rs 87 billion whereas China has investment around Rs 76 billion.

On the basis of number of projects, however, China is ahead of India (around 1,400 against around 800) in overall.

“The state of foreign investment was hopeless in Nepal due to the armed conflict and the political stability that followed,” he claims, “But, the investment has significantly increased in 2017/18.”

“We hope it will increase further in the next year.”

Source : Onlinekhabar

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