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Kathmandu,Monday May 01, 2000 Baishakh 19, 2057.
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Data on true foreign investment not available
By Vijay Babu Khatri
KATHMANDU, April 30 - Though the number of industries with foreign investment
has increased from 59 to 565, there is no data on how much foreign currency was invested
in these industries.
According to Department of Industry, the proposed investment for these
industries was equivalent to Rs 66 billion out of which 15.5 billion rupees was to come in
foreign exchange. However, no one including Nepal Rastra Bank (NRB) knows how much of the
stipulated amount entered the country.
General Manger at the Department of Industry Bharat Bahadur Thapa said his
office did not have any record of the real investment in foreign currency. He says, it is
due to the lack of legal provision. "Though foreign investors have to submit their
details at the time of establishment, there is no provision of showing it at the time of
erection and operation," he added. Except for a few projects, generally all the
projects have not shown any report of foreign exchange investment in their business
undertakings.
Krishna Manandhar, official at the Foreign Exchange Department of NRB also
admits the lack of actual statistics of foreign investment in the country. He says the
companies are bound to provide the statistics of the foreign exchange brought into the
country, but most of them report only the amount of profit while repatriating.
The foreign investment statistics has been confused by the account keeping
procedure of the commercial banks. Some of the banks have been posting the remittance
money also into the foreign investment account and some are posting foreign investment
also in remittance account.
As majority of foreign investors is Indians, it is very difficult to get the
account of the amount of money they invest because they bring and invest the money without
any restriction. The Indian investors also do not care to provide the data to government
institutions.
Altogether investors from 36 different countries have invested in various
projects of the country. The highest foreign investors come from India, which numbers to
191, followed by Japan 63, USA 60 and China 26. At present, 235 various foreign investment
projects are running in the country. 49 are in the process of construction and 145 have
just received licence. Out of licensed companies, 75 have not yet deposited the required
initial amount. Seventeen of the foreign investment companies have also been flopped and
folded up.
The statistics shows that most of the foreign
investment have come in manufacturing sector, which numbers to 288.
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