Govt to lift FDI restriction in agriculture sector

KATHMANDU: Following long debate and discussions, the government is preparing to allow foreign investment in country’s agriculture sector.

The Ministry of Industry, Commerce and Supplies is preparing to publish a notice in the Gazette allowing foreign investment in the agriculture and nine other restricted sectors.

As per the provision in the Foreign Investment and Technology Transfer Act-2075 BS, the areas where foreign investment has not been opened include primary agricultural production including livestock, fisheries, beekeeping, fruits, vegetables, oilseeds, pulses and dairy businesses.

As the result of such provision in the law, the agriculture sector could not be commercialized, job creation and development of agro-based enterprises could not be improved as expected, the Ministry has prepared a report with suggestions to open investment in coordination with various agencies.

The study was conducted under the coordination of the Director General of the Department of Industry with the participations from the Investment Board Nepal, Ministry of Agriculture and Livestock Development, Ministry of Labor, Employment and Social Security.

Fiscal Nepal |
Tuesday December 29, 2020, 02:04:24 PM |

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