NRNA calls to amend foreign investment laws

Kathmandu, Oct. 13: The Non-Resident Nepali Association (NRNA) has urged the government to implement the non-resident Nepali citizenship provision at the earliest and amend the foreign investment related laws to remove the ceiling on the Foreign Direct Investment (FDI). 

In a 10-point declaration published at the closing ceremony of the Annual General Meeting of the Non-Resident Nepali Association (NRNA) and Global Conclave 2022 on Wednesday in the Capital, it requested the government, political parties and all concerned stakeholders to make the necessary laws to provide NRN citizenship as soon as possible. The constitution of Nepal has a provision to offer NRN citizenship. 

Likewise, the declaration suggested immediate amendment to the Foreign Investment and Technology Transfer Act (FITTA) and related regulations in order to increase the investment of NRNs in the country. In addition, the association requested the government and relevant agencies to amend the Securities Act and regulations to open the secondary market of securities to them. 

"It is considered necessary to create a simple, convenient and favourable environment for the investment of non-resident Nepalis in Nepal, as well as to amend the legal obstacles. Therefore, in addition to bringing in investment, the association is committed to encouraging the investment of NRNs in building a prosperous Nepal by helping create jobs, entrepreneurship and infrastructure development in the country," read the declaration. 

Similarly, in addition to enacting the necessary laws and regulations to ensure voting rights for Nepali citizens living abroad, the NRNA urged the government, the Election Commission and related bodies to arrange for non-resident Nepalis carrying Nepali citizenship to register their names in the voter list and obtain national identity cards through Nepali diplomatic missions in the respective countries. 

It suggested for the arrangement of an identity card with rights to easily connect Nepali people who have been living in Thailand, Myanmar, Malaysia, Fiji and other countries for generations, 

as well as to arrange a study visa in Nepal. According to the agreement inked between the Social Security Fund (SSF) and the NRNA for the safe future of Nepalis who are employed abroad, the association requested the immediate implementation of the Fund by creating necessary mechanisms.

Through the declaration, the NRNA requested that only skilled and trained manpower be sent abroad, that awareness information be sent according to the environment of the destination country, and that the labour agreement be renewed with the country that has the labour agreement and that the labor agreement be renewed with the new potential destination country. 

It suggested that the remittances sent from abroad should be invested in productive sectors and the government should come up with a solid plan for national development as soon as possible through a collective investment plan.

The NRNA also demanded that the government should establish embassies and consular services in Portugal, Croatia, Romania, Malta, Iraq (Kurdistan), Turkey as well as in South American and African countries where a large number of Nepalis are living.

Addressing the closing ceremony of the three-day celebration of the NRNA, former Prime Minister and chairman of CPN-UML KP Sharma Oli expressed his solidarity to the demands and declaration of the NRNA and said that the demand to have an identity card with cultural, economic and social rights is valid. 

There will also be efforts to create conducive environment for investment in Nepal by removing bureaucratic hurdles and policy facilitation, he said. “It is also equally important that Nepalis should have the right to cast their vote and choose their representatives back home regardless of their location across the globe,” Oli added. 

Chairman Oli pledged his and party's support to the NRN citizenship.

President of the NRNA Kul Acharya said that the citizenship is the primary issue for the NRNs and urged for the greater political support from all political parties. 

"We want to forge even better and stronger partnership with the government in Nepal and other stakeholders here to contribute to the development and economic growth of the country," he said. He said that foreign employment social security fund is also their concern. While many countries across the globe have implemented this instrument, Nepal was yet to feel its need. According to him, the NRNs want the equal treatment to them as the citizen of Nepal. 

Another President of the NRNA, Dr. Badri Acharya, suggested the government to remove the cap on foreign investment and restriction imposed on certain sectors for the Foreign Direct Investment (FDI). 

All Nepalis across the globe should be provided with the NRN citizenship without limiting it to the three generations of the family lineage in Nepal. 

He said that the political interference in the NRNA's movement has resulted in the situation where the organisation has three presidents, and it would be corrected through the convention next year. Dr. Upendra Mahato, founder President of the NRNA, stated that Nepalis scattered throughout the world have contributed to the development and prosperity of the country according to their capacity.