NRNA’s plan to invest up to 50 billion in Nepal, request to pave the legal way

Kathmandu. President of Non-Resident Nepali Association (NRNA) Dr. Badri KC has said that the association has set a target of bringing in up to 50 billion investments in Nepal. President Dr. KC made this statement at the meeting of the Industry and Commerce Promotion Dialogue Council held at the Office of the Prime Minister and Council of Ministers, Singha Durbar on Tuesday.

In the meeting, Chairman KC said that the aim of the association is to bring in the small and medium investments of Nepalese abroad. Accordingly, the goal is to bring in investment of Rs 10 billion initially and gradually up to Rs 50 billion through the established NRNA Nepal Development Fund, and he stressed that the government should pave the way for them legally.

Chairman KC said that the implementation of the economic, social and cultural rights given by the constitution is mandatory to bring in the investment of Nepalese living abroad.
He believes that the sooner a law is enacted to enjoy the economic, social and cultural rights granted by the constitution, the faster the investment of non-resident Nepalis will come in.

“Everyone is eager to invest in Nepal. However, everything gets stuck in the legal process required for that. A national identity card is required to open a company at the beginning. Now the law is not clear about the national identity card for NRNs, is it required or not? If so, how should there be a legal provision for it,” said Chairman KC. “All these things are a matter of the economic rights granted to us by the constitution. However, we have not been able to enjoy this economic right. Therefore, when the government says to bring in investment, it should also emphasize on the implementation of the rights given by the constitution.

He said that without amending the current law, it is very difficult for investment, and Speaker KC requested to amend all related laws including NRN Act, Immigration, Property, Property, Company, Bank and Finance from the ongoing winter session of the Parliament.

He has suggested to appoint business ambassadors like tourism ambassadors abroad and to appoint economists in foreign embassies.