Karnali Province exploring ways for foreign investment

SURKHET, Aug 16: In a bid to garner foreign investment for infrastructure and social sector development, the Karnali Province government has made a proposal seeking support from the federal government in carrying out coordinating role for the same.

A couple of weeks ago, the province government had sent a proposal with a decision of the province cabinet seeking right to make negotiation and agreements with donors to raise foreign aid and investment in the development areas based on the province needs.

Province Minister for Economic Affairs and Planning Prakash Jwala had presented the proposal before the Prime Minister and Finance Minister in Kathmandu. The proposal has put the federal government’s role merely as a witness of the signing of Memorandum of Understanding for partnership following negotiation.

The proposal also has demanded income tax waiver to domestic and foreign investors for 10 years. However, the federal government is stick to regulate such practice by formulating framework for foreign partnership with province government.

The province government has explored the opportunity to seek foreign funding keeping in mind the short of budget allocated by the federal, provincial and local governments for infrastructure development, said Minister Jwala.

Likewise, the Karnali Province has already sent an official proposal to the federal government to increase grants and aids for executing Karnali infrastructure development programme and multi-year plans, he added.

The province government has taken the initiative to tap resources to materialize its slogan ‘Prosperous Karnali, Happy Karnali People’ which was presented alongside the budget and programme for fiscal 2075/76 in the Province Assembly on last June 15. RSS