After setting a threshold for foreign investment through Foreign Investment and Technology Transfer Act, Minister of Finance Yubaraj Khatiwada has said that the government will step back from its decision.
Diplomatic missions in Nepal have been lobbying for the removal of the threshold after the government set the minimum amount of foreign investment at Rs 50 million.
Talking to a Swiss delegation at the Finance Ministry yesterday, the Finance Minister said that the government has initiated the process to amend the threshold.
Minister Khatiwada also briefed the Swiss delegation about Nepal’s development priorities, financial situation, and efforts made for investment-friendly environment.
He stated that the government has initiated the process for double taxation avoidance agreement with different countries, start of challenge fund and formulation of many laws to attract foreign investment.
“We have moved forward with the cooperation of private sector for infrastructure development whereas the service sector has been coordinating for quality development,” the minister’s secretariat quoted him as telling the delegates.