Tapping into the net to lure FDI

• The Ministry of Industry (MoI), an entity that works with the private sector to develop the industrial sector, launched a new portal ´Invest Nepal´ couple of months ago
• The Department of Industry (DoI) is improving its website to provide monthly updates on entry of foreign ventures and foreign direct investment (FDI)[brak]
• Nepal Investment Board (NIB), a high-level government body that facilitates fast-track implementation of mega projects, has developed a website to provide necessary information to foreign investors interested in investing in Nepal
These changes indicate that different government institutions are now tapping into the Internet to lure investors and showcase the country’s potentials.
The ´Invest Nepal´ portal, investnepal.gov.np, reads: "Nepal has embarked on an ambitious plan to raise the living standard of its people through intensive socio-economic changes. Industrialization through active participation of the private sector has been given a high priority."

"The ultimate goal of launching ´Invest Nepal´ was to facilitate international investors vying to invest in Nepal," said Bishnu Dhakal, an under secretary at the MoI. Dhakal, who is in the Industrial Promotion Division of the ministry, further elaborated that investors could take decisions based on information available on the website.
The portal that was developed in coordination with the Confederation of Nepalese Industries (CNI) and the United States Agency for International Development (USAID) guides investors through various steps that need to be taken to invest in Nepal.
"The site also contains information on investment prospects in the country," Dhakal said. “And for those looking for project-specific details, we provide such information based on demand.”
These changes came about after the government declared fiscal year 2012/13 as the Investment Year and announced its plan to channel foreign investment of around US$1 billion in the country to develop large-scale infrastructure projects.
To inform international investors about investment opportunities in almost every sector from agriculture and tourism to hydropower and services, the NIB has developed a website that provides information on projects it has undertaken and domestic policies that foreigners have to abide by while investing in Nepal.
Ditching the traditional paper-based work process, the NIB has also made it clear that it would not entertain project proposals submitted in hard copy format. “All proposals should be submitted via e-mail,” said NIB, which is currently overseeing 14 mega projects, including five large-scale hydropower projects, and is identifying 50 other projects of national interest.
"We have designed a comprehensive website to facilitate international investors. Investors can refer to it prior to booking air-tickets to travel to Nepal," said Mukunda Prasad Poudel, joint secretary at the NIB, whose area of work in interacting with potential international investors.
One of benefits of developing the websites is that they are empowering investors with information, thereby reducing their costs. "Investors should not be spending money just to get basic information on Nepal," Poudel said.
In this regard, the DoI is also refurbishing its website. According to a DoI official, the upgraded version of the website will provide monthly updates on flow of FDI in the country. "This will also help investors to make decisions prior to making investment in Nepal," the official said.
Added Poudel: “Website is a valuable tool to promote our country and investment prospects."