Reforms underway to increase investment: Minister Bhandari

By A Staff Reporter,Kathmandu, Mar. 31: Minister for Industry, Commerce, and Supplies, Damodar Bhandari, said that although the government has created a conducive environment for investment, there is still much work to be done.

Addressing the 16th European Regional Conference of the Non-Resident Nepali Association (NRNA) in Malta, he cited India and China as examples, emphasising that political stability is essential for investment.

"The government's current priority is policy reform. Our laws are overly cumbersome, and therefore, significant adjustments are required. The ordinance was introduced precisely to address systemic issues," said Minister Bhandari, according a statement issued by the NRNA. 

He maintained that with the implementation of the new amendments, no task should take more than seven days to be processed. If a task remains incomplete, an appropriate explanation must be provided.

Minister Bhandari further announced that individuals residing abroad will now be able to register businesses in Nepal remotely. Stressing the shift towards digitalisation, he stated that work will now be conducted online rather than through physical queues. 

"He also assured the audience that he would relay their concerns to the Prime Minister and work towards resolving them," read the statement. 

NRNA President Badri KC underscored that investment thresholds, whether minimum or maximum, should not be a matter of concern for investors.

"There are numerous Nepalis eager to invest in Nepal. However, when the government organises an investment summit, it often overlooks the NRNA. We have repeatedly called for the enactment of an NRNA-specific law, incorporating economic, social, and cultural rights," he said. 

According to KC, no one understands foreign investment better than Non-Resident Nepalis. "To keep our future generations connected to Nepal, we must invest in our homeland. Yet, the government continues to frustrate us with bureaucratic hurdles instead of facilitating our citizenship rights," he said.