Tuesday, 23 April, 2024

IBN, FNCCI ink deal for investment promotion


By A Staff Reporter
Kathmandu, Mar. 28:The Investment Board Nepal (IBN) and Federation of Nepalese Chambers of Commerce and Industry (FNCCI) have signed a memorandum of understanding (MoU) to promote domestic and foreign investment in the country through mutual cooperation.
Chief Executive Officer of IBN Sushil Bhatta and FNCCI president Shekhar Golchha signed the MoU on behalf of their respective institutions in the presence of Finance Minister Janardan Sharma on Sunday.

As per the agreement, a foreign direct investment help desk will be set up at the secretariat of the Federation.
The IBN will provide technical assistance in the operation of the help desk as well as assistance in capacity building, skill development and exchange of knowledge.
As per the MoU, the FNCCI will actively assist the IBN in identifying investment projects as per the needs of the nation and in finding investors internationally through its medium.
In the direction of investment promotion, the two organisations will continue to work together under the concept of public-private partnership, exchange of knowledge, experience and information related to investment, and cooperation in policy reform.

The FNCCI will provide direct assistance to the IBN in organising training and other similar activities at home and abroad.
Likewise, the two organisations will provide assistance, cooperation and exchange of investment related data, reports, challenges and opportunities in attracting foreign investment and investment policy in public-private partnership.

FM directs to select profitable project
At the signing ceremony, vice-chairman of IBN and Finance Minister Janardan Sharma said that the MoU between the IBN and the FNCCI was a unique example for the promotion of internal and external investment in the country.
Stating that it is necessary to increase investment in big projects, he suggested to select profitable projects.

He said that the structure, act, law and working practices of the board should be amended to improve the trend of investment commitment but lack of realisation.
Stating that there is enough money in the country to raise capital for big projects, he said that projects that resonate with the people should be chosen. "If we choose a project capable of repaying the loan ourselves, the project will repay the loan and the people will not be burdened unnecessarily. Therefore, special attention should be paid to the selection of good projects, 'he said.
He also urged the private sector to give necessary suggestions to further strengthen the government-private sector partnership.

He also said that the government is working to bring in maximum investment as per the commitment by conducting a thorough study on the failure of investment growth as per the commitment made for the same.
Chief Executive Officer of the IBN Bhatta said that the understanding between the Board and the Federation was historic.

Stating that the Memorandum of Understanding (MoU) was a historic beginning after a long period of homework, he said that the IBN would spare no effort to make the agreement a success.
He assured that the same objective of both the organisations would be to make the common Nepalis happy through promotion of internal and external investment in the country and to make it a success to the maximum.

FNCCI President Golchha expressed the belief that understanding would be the foundation in the promotion of internal and external investment in the country.
He said that the understanding has opened the door for cooperation with the Investment Board in investment promotion. He also expressed confidence that the help desk opened with the involvement and support of the Board at the secretariat of the Federation would produce concrete results.

He said that today's commitment would also help in the success of the national economic transformation roadmap put forward by the Federation.