March 28:  Industry Minister Nabindraraj Joshi has said that foreign investment is indispensable for the economic development of Nepal.

Minister Joshi made such remarks at a programme entitled 'The Symposium on FDI in Nepal: Sharing Experiences' organised by the Indian Embassy in the capital on March 27.

Stating that there are problems in every country while doing business, Minister Joshi said that Nepal has been focusing on economic development in recent years.

According to him, India is not only a neighboring country of Nepal, but in fact it is an important partner in Nepal's international trade.

Many Indian companies are generating profit from Nepal, said Minister   Joshi, and mentioned that Nepal is working on reforming various laws and policies. He also informed that Industrial Enterprises Act, SEZ (Special Economic Zone) Act and Company Act have already been amended.

"The cabinet has already approved the Intellectual Property Act," he said and informed that the ministry has been working on draft of the bill to amend the Foreign Investment and Technology Transfer Act (FITTA).

Stating that all the companies operated with foreign investment in Nepal are in profit, he said that the market for products manufactured in Nepal is not only within the country but also in our big neighbours India and China.

"The government is very much conscious in order to ensure fewer challenges for the investors," Joshi informed. He said that thinking negatively can lead to negative consequences. Joshi argued that the government efforts to create an investment-friendly environment should be taken positively.

Madan Lamsal, Editor in Chief of New Business Age monthly and Aarthik Abhiyan Nepali daily presented a paper in the programme. Lamsal was also the moderator of the panel discussion in the event.