By Ajay Chhetri, Kathmandu, Nov. 10: Foreign investors have committed Rs. 24 billion foreign direct investment (FDI) in the first quarter of the current fiscal year (FY).

According to the Department of Industry, 107 projects have got approval for the FDI that promised to generate 7,195 employment opportunities.

The details showed an aggregate commitment of Rs. 122 billion in the first quarter have been recorded. In this, Rs. 24 billion promises are FDI that consists of 19.67 per cent.

The Industrial Information System (IIS) showed 16 industries have been registered for foreign investment. The newly committed FDI will flow into sectors such as hydro, international cargo, garment, construction, herbal, hotel, software development.

The data showed more than 80 per cent of the industries have been registered for 100 per cent FDI and 20 per cent for partnership with local industry.

According to the Information Officer of the Department of Industry, Gyanendra Parajuli the inflow of FDI has been triggered as the economy is bouncing back after the COVID-19 pandemic. In addition to it, the investment-friendly budget, monetary policy, amendments in acts, and rules for foreign investment have been motivating foreign investors. He further added that facilities through one-stop service have also had an effective role in motivating foreign investors. He said that the banking service of Nepal Rastra Bank, support in immigration processing, mediation in the land acquisition process, facilitating the process of customs service through the one-stop service has been highly effective to attract foreign investors.