Kathmandu: The 63rd meeting of the Investment Board Nepal (IBN) has formed a taskforce to present an appropriate alternative for the establishment of a chemical fertilizer factory in the country. The meeting, held under the chairmanship of Prime Minister KP Sharma Oli at the Office of the Prime Minister and Council of Ministers, made this decision, as informed by the office.
According to National News Agency Nepal, the meeting decided to constitute a taskforce to recommend a proper option to the Board by reviewing the comprehensive feasibility study report on the establishment of the chemical fertilizer factory in Nepal. The press release highlighted the decision to bring the proposal on the comprehensive study, development, operation, and management of the Panchkhal Special Economic Zone Project to a competitive process under the ‘Swiss Challenge’ concept.
Additionally, the Board has initiated the formation of a taskforce to prepare and submit a report on signing double tax avoidance agreements and investment promotion agreements with more countries, building on existing agreements. Another taskforce will study and report on the ‘Deep Seabed Mining’ project after reviewing international laws, national policies, legal frameworks, and technical and economic aspects related to the proposals received.
The meeting also resolved to delegate authority to the Investment Board office to grant survey permissions for Green Hydrogen projects and establishment of industries based on proposals received. It was stated in the release that certain authorities of the board have been delegated to the Executive Director to enhance the efficiency of the board office.
Furthermore, the meeting decided to recommend the formation of a ‘project review panel’ to the Nepal government, as per the provision of the project development agreement of the under-construction Arun-3 Hydropower Project.