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Nepal seeks to relax FDI in retail, consultancy services
Last Updated: 2017-10-31 09:42 | Xinhua
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Nepali government has sought to relax foreign direct investment (FDI) in certain areas where foreign investment has so far been banned.

A bill on new Foreign Investment and Technology Transfer Act has proposed relaxing entry of FDI in the retail business sector.

The bill has returned to the government after the Nepal's parliament dissolved on Oct. 22 without passing it.

Existing Foreign Investment and Technology Transfer Act has banned any foreign investment retail businesses.

As per the bill, FDI worth more than 4.8 million U.S. dollars will be allowed in the retail sector.

Pradeep Kumar Koirala, spokesperson at the Ministry of Industry told Xinhua on Sunday that the bill has sought to relax certain areas to attract foreign investment to make those sectors more competitive.

Other areas where the bill has sought relaxing entry of FDI are -- consultancy services related to management, accounting, engineering and legal issues.

The bill has proposed FDI in these sectors as minority shareholder. Foreigners can become joint venture partner with less than 51 percent investment, according to the bill. Currently, entry of FDI in these sectors has been banned.

As there is no parliament at the moment, the Nepali government has now the option of introducing the bill as an ordinance. Otherwise, the bill will be submitted to the parliament to be formed after the new elections.

Nepal is scheduled to hold federal and provincial elections on Nov. 26 and Dec. 7.

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