KATHMANDU: The Nepalese government stated that the minimum investment amount for foreigners in the Himalayan country will be reduced by 60%.

Finance Minister Janardan Sharma told the House of Representatives that the minimum threshold for foreign direct investment (FDI) will be reduced to 20 million NPR (USD160,760) from the current 50 million NPR, according to reports. The fiscal year 2022-23 begins in mid-July. He stated that the move was made in order to attract more foreign direct investment to the country.

The government upped the barrier from 5 million MPR to 10 million MPR in May 2019, claiming that the concentration of foreign investments in small enterprises was harming Nepalese businesses.

Former president of the Federation of Nepalese Chambers of Commerce and Industry Pashupati Murarka said that the government's move might assist the country to attract more foreign investment, including in small and medium-sized enterprises.

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