During the first four months of the current fiscal year 2021/22, roughly Rs. 159 billion in domestic and foreign investment has been planned.
Domestic and foreign industries worth Rs. 159.04 billion have been proposed in the first four months of the current fiscal year, according to the Department of Industry.
According to Director General of DoI Jiblal Bhusal, as of mid-November of the current fiscal year 2021/22, a total of 116 industries, both domestic and foreign, have been registered with an investment of Rs. 134.86 billion.
There are 32 large, 42 medium, and 42 small scale industries registered out of these.
Ten agricultural and forest-based companies with an investment of Rs. 1.859 billion, 50 manufacturing industries with an investment of Rs. 33.65 billion, and 14 energy-based industries with an investment of Rs. 69.52 billion were among the 116 enterprises that were registered.
Similarly, during the review period, two information technology industries received Rs. 200 million in investment, one infrastructure industry received Rs. 440 million in investment, 17 service industries received Rs. 17.40 billion in investment, and 22 tourism industries received Rs. 11.59 billion in investment.
Similarly, during the same period, roughly 110 foreign industries with a total investment commitment of Rs 24.18 billion were approved.
It has been stated that 17,558 individuals will be directly employed in local and international projects that have been registered and proposed for foreign investment over a four-month period.
Registered domestic and foreign firms have committed to employing 10,268 individuals, while foreign industries that have been cleared for investment by the department have committed to employing 7,290 people.
From the start of the current fiscal year, Director General Bhusal remarked, industry registration, both domestic and foreign, has been positive. According to him, indigenous industries have more tourism and manufacturing sectors, whereas foreign corporations have more tourist and infrastructure industries.
According to the current scenario of foreign investment registration and approval, the number of industries registering with their investment commitment would expand significantly over the current fiscal year, he added.
After the department began to provide one-stop services to consumers, the number of customers registering their businesses and industries has increased. During the past fiscal year 2020/21, just 203 industries, both domestic and foreign, had registered with an investment of Rs. 156 billion.
Meanwhile, foreign investment approvals have increased over the review period, with just Rs. 32.02 billion in foreign investment granted from 183 industries in the previous fiscal year.
In the fiscal year 2019/20, 277 industries (domestic and foreign) were registered, with a total investment commitment of Rs. 152 billion. Meanwhile, the Department of Industry has authorized Rs. 37.80 billion in foreign investment from 223 industries for the fiscal year 2019/20.
According to him, the impact of the COVID-19 pandemic had a significant impact on the industry’s registration and investment commitment in the previous fiscal year. With COVID-19’s impact decreasing, he claims that entrepreneurs, both domestic and foreign, are eager to boost their investment.
“The implementation of a single-window system to deliver sound and effective services to businesses is also a factor in increasing the number of registrants.” He stated, “We are devoted to providing timely assistance to entrepreneurs.”