Finance Minister Urges Multinational Companies to Increase Investment

Kathmandu. Finance Minister Dr. Swarnim Wagle has urged large multinational taxpayers who have invested in Nepal to bring in more investment. On Monday, during a discussion at the ministry, Finance Minister Wagle urged 20 large multinational taxpayer companies to bring in new investment, expand existing investment, and create new employment opportunities. "Invest more in Nepal, expand your existing industries," said Finance Minister Wagle, "Enter new products and technologies. The government will stand with you." After the Finance Minister's request, company representatives, who spoke one by one in the discussion, stated that the process of investing 200 billion rupees in Nepal is underway and expressed their commitment to increase investment if there is further policy stability. Company officials informed the Finance Minister that they are expanding investment in various projects in productive sectors including hydropower, paint industry, hotels, and beverages. "We are investing 200 billion in industries like hydropower, food, hotels, and paint," said the heads of multinational companies. "Let the government create a favorable environment, we are ready to expand investment. This will play a role in the growth of both employment and the economy." They said that the budget introduced by the new government has significantly boosted the morale of foreign investors, and they urged the government to be liberal in some policy and practical aspects. "Since the formation of the new government, improvements have been seen in the administrative work of the Department of Industry, the Office of the Company Registrar, and tax and customs offices," they said. "However, further facilitation is still needed in some policy announcements and practical implementation aspects." According to them, the government should facilitate the process for companies investing in Nepal to bring capital from their parent companies. They stated that the government should clearly define economic and criminal offenses, and create an investment-friendly environment by amending Section 57 of the Income Tax Act and revising labor laws. They also mentioned that the government needs to facilitate issues such as stable customs rates on raw material imports for multinational companies, facilitation in obtaining raw materials available in Nepal and price control, unfreezing land ceilings, and setting local taxes for each local level. They also drew the Finance Minister's attention to making the basic service delivery necessary for improving the industrial environment technology-friendly. They also urged Finance Minister Dr. Swarnim Wagle to remove the hassle of double taxation and simplify the process of repatriating returns. The discussion included the Nepal heads of multinational companies such as Surya Nepal, Ncell Axiata Limited, Aarti Strips, Gorkha Brewery, Himalaya Airlines, Hongshi Shivam Cement, Doosan Inerability, Dabur Nepal, Bottlers Nepal, Unilever Nepal, Asian Paints, Power Construction, Gorkha Lahari, Huaxin Cement Narayani, Newhope Agro Business, Nepal Wellhope Agritech, Varun Beverages, Turkish Airlines, Bhotekoshi Power Company, and Berger Paints, as well as Nepali investors. Finance Minister Dr. Swarnim Wagle is intensifying discussions related to budget implementation. Previously, he had discussions with three dozen industrialists operating manufacturing industries. Following that, he held discussions with the chief executive officers of commercial banks, and this week he discussed economic development with 18 executive directors of the Nepal Rastra Bank.