The government will step back after setting a threshold for foreign investment through Foreign Investment and Technology Transfer Act.
Diplomatic missions in Nepal were lobbying for removal of the threshold after the government set the minimum amount of foreign investment at Rs 50 million.
Talking with a Swiss delegation at the Finance Ministry on Wednesday Finance Minister Yuba Raj Khatiwada said the government has initiated process to amend the threshold. His secretariat revealed that he also briefed the Swiss delegation about Nepal's development priorities, financial situation and efforts made for investment-friendly environment.
He stated that the government has initiated process for double taxation avoidance agreement with different countries, start of challenge fund and formulation of many laws to attract foreign investment.
"We have moved forward cooperating with the private sector for infrastructure development and quality development of service sector," his secretariat quoted him as telling the delegates.
Published Date: Thursday, Magh 16, 2076, 12:57:00