News

41 enterprises receive FDI as one- stop service center comes into operation

July 03, 2019

Nikeeta Gautam, My Republica, July 03, 2019

KATHMANDU: After the establishment of one-stop service center at the Department of Industry, foreign direct investment (FDI) of Rs 7.92 billion has been approved for 41 industries from the information technology (IT), manufacturing, services and tourism sectors.

Among the 41, 22 industries from the tourism sector have received FDI approval, which is the highest of all sectors. Likewise, 15 from services, three from manufacturing and one from IT sectors have got the approval.

Investors from China, Myanmar, India, Germany, and Turkey are investing in these sectors, with the Chinese investing in 32 industries, Myanmarese in four and Indians in three industries. Similarly, Germans and Turkish investors are investing in one enterprise each.

Entrepreneurs and industrialists had been requesting the government for implementation of one-stop service center for many years to reduce hassles in registering their ventures. The Ministry of Industry, Commerce and Supplies started the service from May 15 from the premises of Department of industry.

This one-stop service center provides services from registration to operation to exit of industries from a single window. “The one-stop service has reduced the hassles for enterprises and investors. It is gradually bringing positive attitude among them,” said Binod Khadka, information officer of Department of Industries.

“As we have just started the service, there is no much significant difference in the amount compared to before,” Khadka added. “However, with this service running now, we hope that more foreign investors would be interested to invest in the long run.”

The center provides facilities to enterprises with capital ranging from Rs 100 million to 6 billion. Enterprises are provided with services such as industry registration, visa assistance, tax registration, and other facilities and subsidies from the same place. "We are soon bringing infrastructure unit as well. Facilities including water and electricity needed for production units will also be dealt from the center after that," said Khadka.

Source: https://myrepublica.nagariknetwork.com/news/41-enterprises-receive-fdi-as-one-stop-service-center-comes-into-operation/