Although Nepal is in lockdown for about two and half months to contain the spread of the COVID-19, the process of registering industries has been going on. It is good news that the country has been able to attract both foreign and domestic investment even during such an uncertain situation. According to a news report published in this daily on Sunday, as many as 15 new industries, with a total investment commitment of Rs. 2.74 billion, have been registered at the Department of Industries (DoI) in the past one month. The DoI has endorsed a domestic investment of Rs. 1.82 billion for four industries and direct foreign investment (FDI) of Rs. 927 million for 11 businesses during the period. Of the total foreign investment, Chinese investors have made the highest venture of Rs.727 million for seven industries while the investment of Rs. 50 million each has been received from India, South Korea, The Netherlands and Malaysia. Even during the lockdown, the DoI has remained active in facilitating investors by registering their businesses in time.

As Nepal has been in dire need of more foreign as well as domestic investments for achieving higher economic growth, the government has adopted more investor-friendly policy in order to entice investors into the country. It is noteworthy that the government has already amended relevant laws and policies and started operating one-stop services for investors to promote investment. Such measures have definitely assisted investors thereby contributing to increasing the inflow of domestic as well as foreign investment into the country. In the current fiscal year, the DoI has approved the FDI worth Rs. 30.59 billion for 184 different projects. The authority has also allowed a domestic investment amounting to Rs. 112 billion for 81 projects. Similarly, the Investment Board of Nepal (IBN) has approved the FDI of Rs. 155 billion during the current fiscal year. As per the DoI, the country has witnessed a remarkable increase in the foreign direct investment in the current fiscal year. However, the inflow of investment may not have a smooth sailing as the COVID-19 pandemic has affected the global economy.

It is encouraging to note that the Ministry of Industry, Commerce and Supplies has formed a high-level industrial and investment forum to facilitate the industrial and investment promotion board. Formed under the coordination of the Minister for Industry, Commerce and Supplies coordinates, the forum includes business entrepreneurs and experts as its members. The body has been entrusted to provide suggestions on necessary amendment of policies and procedures for luring investment and promoting the industrial sector. With this fresh imitative, the industrial sector is expected to receive more foreign and domestic investment in the future. Favourable policies and incentives are a must to mobilise an additional amount of investment. The concerned authority must listen to the grievances of investors seriously and tackle them immediately. Needless to say, the longstanding lockdown has badly affected the country's economic sector. Keeping this in view, the government is working out necessary plans to relax the existing lockdown to reopen the economy. Meanwhile, the government has allocated increased budget for the next fiscal year to implement the plan for economic recovery.