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Will investment summit be successful?

By Our Economic Analyst
The government is preparing for organizing investment summit in Nepal. However, economic observers question that how far the summit will be effective. As in the past also, Nepal had hosted similar summits in Kathmandu but such summits could not attract foreign direct investment.
The World Bank has degraded Nepal in the list of the countries having investment friendly environment.
Nepal’s existing laws are not investment friendly for the foreign investors as even the local investors are facing many practical hurdles.
Corruption level is very high. Political leaders and government officials are learnt to have been demanding commission in advance. In such a situation, who will come to invest in a country like Nepal, business observers question.
The SC verdict against Ncell on the eve of the proposed summit could also affect negatively on the mindset of the investors.
Why the officials allowed to leave the country for Sweden based Telia after the company sold its shares to the Malaysia based Axiata, this is a burning question.
During the time of transfer of share to Axiata, leaders in the government, from the NC, the then UML and Maoist parties, senior officials from the finance ministry and tax department enjoyed the commission saying that as the deal was made outside the country, the seller should not pay the tax on profit. Earlier too Ncell, the telecom company was named as Spice Nepal. Upendra Mahato was the major share holder and later he has also escaped from paying income tax on share when he sold his shares to another party.

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