Er.energyNP@Gmail.com

Finance Minister Swarnim Wagle has urged Nepalis living abroad to invest in domestic sectors, assuring them that the government is working to create a secure and investment-friendly environment.

Addressing the 11th Asia Pacific Conference of the Non-Resident Nepali Association (NRNA) through a video message on Saturday, Wagle called on the diaspora to invest in tourism, information technology, green energy, high-value agriculture and import-substitution industries.

He said the government was pursuing policy and legal reforms to attract investment, create dignified employment and promote artificial intelligence and information technology. He said 27 new legal provisions had been introduced through the budget as part of efforts to improve the investment climate.

Wagle said domestic resources were increasingly important amid challenges to external investment and stressed the need to mobilize the diaspora’s capital, knowledge and skills.

He said the government had recently amended the Securities Allotment and Issue Regulations, raising the share allocation for the Government of Nepal and the NRNA Investment Fund to 85 percent.

Wagle said the government was also pursuing reforms in the tax system and economic governance, adding that the first year of the reform process had laid the groundwork for broader changes in subsequent years.

He also said the government was working to revive financially distressed industries by placing their management in the hands of individuals and groups with the required skills and expertise, including potential participation from the diaspora.