Kathmandu, November 21 : Finance Minister Dr. Yuba Raj Khatiwada has said that Nepal is an open country in the South Asia to the Foreign Direct Investment (FDI) with favorable taxation policy.
He made such remarks in his meeting with US Ambassador to Nepal Randy Berry held in the Ministry of Finance on November 20.
“We rely on the private sector, in general, except for some essential supplies and some infrastructure projects where state engagement is crucial. Nepal is doing good in financial sector stability. While encouraging domestic investment, Nepal has been mobilizing the World Bank policy credits in financial and energy sectors and working for MFD and fiscal sectors as well,” he further said.
The minster also emphasized on the joint efforts among public-private and cooperative sectors for the speedy economic development of the Country. He also assured that all the pending issues, including VAT refund issues will be resolved in amicable way in a week’s time.
During the meeting, Ambassador Berry expressed his happiness to have another opportunity to work in Nepal in different capacity. He was curious to know about Government of Nepal priority so that his country can continue support in socio-economic development and also raised some bilateral issues that the USAID has been facing on ground, particularly in regard to timely refund of VAT paid during implementation of US funded projects in Nepal. The Ambassador also showed concerned for expediting procedural formalities to kick start MCC compact at the soonest possible time so that MCC compact for Nepal becomes exemplary and can move beyond transportation and transmission line sectors in future. He also expressed intention to mobilize English teachers through Peace Corp volunteer scheme.
They both agreed to strengthen bilateral economic cooperation in coming days in the meeting..
