Woo NRN investment, govt urged

essmen have asked the government to create a conducive environment to increase investments in Nepal by Non-Resident Nepali (NRN) communities. They also expressed dissatisfaction over the delay by the government in formulating related regulations despite the enforcement of the NRN Act which was holding up investments.

"An economic revolution can't be attained only through slogans and lip service. We want words translated into action. The government should take the initiative to create favourable conditions to encourage national business communities and NRNs to invest," Surendra Bir Malakar, president of the Nepal Chamber of Commerce, said at an interaction in the capital Friday.

He blamed political instability, a slow judicial process and rampant corruption as the major roadblocks to boosting investment in the country.

He also exhorted the government to maintain coordination between investment and export planning, waive dual taxation on dividends and encourage the private sector to increase productivity.

Dinesh Chandra Gupta, executive director of the Trade Promotion Centre, urged NRNs to invest in textiles, spinning mills, chemicals, cement, pharmaceuticals, vehicle production, electricals and electronics and agricultural inputs as Nepal has been spending massive amounts of money on importing these goods. "Investors can benefit from their investments if they put money in these products as they are in high demand in the country," said Gupta at the programme entitled "Future Investment in Nepal and its Potentiality".

Dev Man Hirachan, vice president of the NRN-International Coordination Council, underscored the importance of creating employment opportunities in the country to discourage youths from flocking overseas to do low-grade jobs.

"We can bring down the NRN population by boosting economic growth for which an investment-friendly environment is vital," he said.
Source: eKantipur