Kathmandu, May 11: The government has announced the implementation of a new ‘Investment Express’ policy aimed at accelerating and completing key business-related procedures from company registration to construction permits within 30 days.
The announcement was made at the joint meeting of the federal parliament on Monday where President Ramchandra Paudel presented the government’s annual policies and programmes for the upcoming fiscal year 2083/84 BS.
According to the policies and programmes, investors making investments above a government-defined threshold will be eligible for a special ‘Nepal Investment Visa.’
The policy also seeks to amend foreign investment laws to expand automatic approval channels for foreign investors.
The policy highlights the government’s plan to broaden Special Economic Zones (SEZs) and establish ‘Industrial Villages’ equipped with shared infrastructure facilities.
Addressing the ceremony, President Paudel stated that Nepal would lay emphasis on the development of production-oriented and innovation-based industrial hubs, including Green Garment Villages, Information Technology Parks and Agricultural Production Centers.
These industrial zones will also be linked to industrial tourism initiatives, the President asserted.
To promote entrepreneurship, the government pledged to provide services such as company registration, tax exemption and seed funding support within a single day through the ‘Startup Nepal Portal.’
The new policy also embraces the concepts of a ‘borderless economy’ and ‘weightless trade’ as core national economic strategies.
As mentioned in the newly unveiled policies and programmes, the government prioritizes IT-enabled service exports, hydropower, tourism, high-value agriculture and green industrialization as the foundation of economic transformation.
The policy outlines government plans to gradually reduce Nepal’s dependence on sending workers abroad and instead build an economy based on knowledge, digital services, remote jobs and value-added services.
Furthermore, policy promises legal recognition for international payment gateways to simplify foreign currency earnings and tax management.
Measures to strengthen export competitiveness, diversify markets, implement integrated trade strategies and execute an industrial logistics master plan have also been outlined.
