Kathmandu, Dec 2, Minister for Industry, Commerce, and Supplies, Damodar Bhandari, has said that foreign investors can now apply for investment in Nepal up to Rs 500 million from abroad.

Speaking at the plenary session of the two-day 29th Partnership Summit, which began today in New Delhi, India, Bhandari highlighted that Nepal has implemented an automated pre-approval system for foreign investment proposals through an online platform.

He also shared that the threshold for Foreign Direct Investment (FDI) has been reduced to Rs 20 million from Rs 50 million, with no threshold requirement for investments in the IT sector.

"We are centered on policy and legal improvements to promote trade in Nepal and to provide registration and facilities to investors, and a One Stop Service Center (OSSC) has been established by bringing 14 agencies under one roof," he added.

Bhandari assured that foreign investments in Nepal are yielding good profits, and the country's liberal and open market policies are reflected in its commitments to multilateral, regional, and bilateral agreements.

He expressed his hope that the discussions and deliberations at the Summit will pave the way for sustainable development, innovation, technology transfer, and prosperity.

Nepal offers significant investment potential in sectors such as tourism, hydropower, agriculture, medicine, aromatic plants, IT, and manufacturing, he said, adding Nepal is now in a position to export electricity to neighboring India and Bangladesh under bilateral and trilateral agreements.

Furthermore, he said Nepal has accorded priority to its consolidated and historic relations with India which are deep-rooted in terms of shared history, and cultural and economic interdependence.

Before the address, his Indian counterpart Piyush Goyal welcomed Minister Bhandari.