OIBN organizes interactions with stakeholder agencies

KATHMANDU: On February 14, the Office of the Investment Board Nepal (OIBN) organized an interaction with stakeholder agencies of the Government of Nepal to forge a better coordination for fast service delivery to investors and explore ways to remove procedural and legal constraints in the process of facilitating and promoting investment. Presiding over the meeting, OIBN CEO Mr. Sushil Bhatta stressed the need to establish an inter-agency coordination mechanism to realize private investments, timely delivery of projects, and decent service delivery to investors. “This type of mechanism, backed by cohesive, collaborative and integrated teamwork, will be instrumental for resolving accumulated problems in the process of project development, investment promotion and facilitation,” said Mr. Bhatta. OIBN consultant Mr. Ratish Basnyat highlighted key objectives and expected outcomes from the interaction stating that effective collaboration and coordination between line agencies of the Nepal government is necessary for legal reform, investor service, and providing other required facilities to investors. Mr. Basnyat also highlighted some legal and procedural ambiguities in project development and implementation.
Senior officials from relevant agencies including the Ministry of Finance, Ministry of Industry, Commerce and Supplies, Securities Board of Nepal, Nepal Rastra Bank, Company Registrar’s Office, Inland Revenue Department, and Electricity Regulatory Commission participated in the interaction.
The participants stressed the need to regularly organize such interactions and establish a permanent mechanism for the sharing of knowledge, data, and other crucial information among relevant agencies for better service delivery and investor facilitation. ♦