NICCI urges finance minister to form foreign investor council
KATHMANDU: Nepal-India Chamber of Commerce and Industry (NICCI) today suggested that Finance Minister Rameshore Prasad Khanal form a Foreign Investor Council.
During a courtesy call by NICCI President Sunil KC on Finance Minister Khanal at the latter’s office, KC proposed forming the council to facilitate foreign investors and apprised him of issues faced by Indian multinationals in Nepal, including the General Sales Tax (GST) and control of unauthorised trade.
The recent review of GST by the Indian government is expected to result in a widening of price arbitrage, raising grey‑channel risk and improving affordability for affected formal imports as the price ladder shifts downwards alongside India MRP revisions.
India’s 56th GST Council has approved broad rate changes effective from September 22 this year, which re‑base Indian MRPs across several fast‑moving consumer goods lines.
KC also highlighted the rise of illegal trade that is bleeding the government’s coffers.
Responding to KC, Finance Minister Khanal said the ministry will take up the idea of a Foreign Investor Council to facilitate foreign investors and that Nepal needs foreign investment not only to create jobs but also to boost exports and expand the economy.
