First Business News Portal in English from Nepal
KATHMANDU: Domestic and foreign investment of around Rs. 343 billion has been proposed during the last fiscal year 2021/22.
According to the annual report released by the Department of Industry, a total of 309 industries both domestic and foreign nationals have been registered with an investment commitment of Rs. 343 billion.
Of these, 91 large, 108 medium and 110 small scale industries have been registered. It has been mentioned that 45,432 people will be provided direct employment in the domestic and foreign projects that have been registered and proposed for investment in a period of one year.
Among them, registered domestic and foreign industries have committed to provide employment to 28,527 people. Similarly, according to the statistics, one design and 37 trademarks have been registered.
Information officer of the Department Purnima Upadhyay said that industry registration both domestic and foreign has increased this year than last year as it had been encouraging from the beginning of the current fiscal year.
The investment commitment of the registered industries is double in the last fiscal year 2021/22 compared to the previous fiscal year 2020/21.
A total of 203 industries both domestic and foreign had been registered with an investment commitment of Rs. 156 billion in the previous fiscal year 2020/21.
A total 295 foreign industries with the investment commitment of Rs. 54.15 billion were approved during the last fiscal year 2021/22. Of these, five large scale industries, 73 medium scale industries and 217 small scale industries have been approved by the Department.
The process to register the industries will start after the investment approval, Upadhyay said.
The foreign industries which were approved by the Department for investment have committed to provide employment to 16,905 people. In the fiscal year 2020/21, the Department had approved foreign investment of Rs. 32.07 billion for 184 industries.
So far, a total of 8,764 industries both domestic and foreign, were registered with an investment commitment of Rs. 2,627 billion in the Department of Industry. The proposed employment of these registered industries is 657,507.
Similarly, 5,533 foreign industries with the investment commitment of Rs. 419 billion were approved by the Department till last fiscal year.
The industry’s registration and investment commitment had been affected badly during the period of COVID-19 pandemic.
She said that the entrepreneurs, both domestic and foreign, are willing to increase their investment with the establishment of new industries with the reduction of the impact of COVID over the months.
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