Nepal Government revises Investment Year schedule

Kathmandu, June 7 (Xinhua-ANI): The Government of Nepal hopes to bring 1 billion U.S. dollars worth of foreign investment starting from mid-July 2012 after political deadlock pushed the program into jeopardy, according to Thursday's Republica report., The government said in the report that the first half of the next fiscal year will be "preparatory period" following which it will aim to bring in the targeted 1 billion dollars foreign investment in the country.

The Investment Board (IB), assigned to realize the government's ambitious plan said it would completely change the timing of the Investment Year. "Unlike the past announcements, the IB will now use the first six months (of 2012/13) to complete all necessary preparations, including enactment of various investment friendly laws and policies," a source at the Prime Minister's Office told the daily.

"There are internal discussions going on to change the timing to kick-start the Investment Year 2012/13," said the source. The board is yet to make an official decision in this regard though.

If the source comments are anything to go by the Investment Year will now begin from January 2013 and not from mid July, 2012 as earlier announced.

While launching the Investment Year, Prime Minister Babu Ram Bhattarai had said the government would bring in foreign investment worth 1 billion dollars within the first six months. To achieve the target, he had also promised amendment and formulation of various Acts and policies to make the country's investment regime more investor friendly. " (Xinhua-ANI)