The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) on Monday argued that further study was needed whether to welcome foreign investment in agriculture sector though the FDI was a must for the country.
Concluding that the government was expected to fulfill the commitments made in the past regarding the investment promotion, the leading private sector organisations have asked that government to hold consultations with the private sector to draft policy, guidelines and procedures or to make any amendments.
Issuing a notice in Nepal Gazette on January 4, the government has opened foreign investment in agriculture sector with some provisions. As claimed by the private sector representatives, the Foreign Investment and Technology Transfer Act, 2019 has totally banned foreign investment in agriculture sector.
As per the government decision, foreign investment in large-scale enterprises on animal husbandry, fishery, beekeeping, fruit farming, vegetable farming, dairy business and some others welcomed with the provision to export at least 75 per cent of their produces.
Source: National News Agency Nepal