KATHMANDU: The Department of Industry (DoI) has greenlit investments totaling Rs 9.13 billion for four distinct projects in line with the Third Nepal Investment Summit 2024.
These investments comprise Rs 6 billion earmarked for establishing an investment company in Bhaktapur, Rs 3 billion allocated for a business complex building in Kathmandu, Rs 76.6 million designated for a 200 KW hydropower project in Kailali, and Rs 62.5 million set aside for hotel and restaurant construction in Lalitpur district, according to Shankar Singh Dhami, Director of the foreign investment and technology transfer unit under the DoI.
On Monday, the DoI unveiled the foreign investment approval system via the automatic route. This new system enables foreign investors to apply for establishing a new company with 100 per cent share ownership, joint venture, or investment capital in an already operating company through the automatic route.
Effective immediately, foreign investors can initiate applications through this system and expect to receive the letter of approval for foreign investment upon submission. Notably, there is no specified minimum investment limit for approving foreign investment via the automatic route for information technology-based industries.
The introduction of the automatic route is anticipated to streamline the investment process in Nepal, saving investors both time and money typically required for investment endeavors.
