- Letters to the Editor
Feb 17, 2019-
Chanting FDI hoarse will not attract any interest until the federal ‘experts’ and ministers can offer a substantiated proof that money can be harvested in their favourite industries such as tourism, agriculture, hydropower, infrastructure etc (‘Banking on a plan’, Page 6, February 12). For example, investorsinvestors will make more money running a two-star hotel in Sydney than pouring money on a five-star hotel in Kathmandu.
Some of us know this from the top of our head. To pin hope on FDI to address the ongoing cash crunch will be a great folly. Rather than begging for FDI, the best way to solve this evergreen problem might be by inviting a few foreign banks and insurance companies on 110 percent foreign ownership basis with minimum half a billion to one billion dollars in paid-up capital. The federal democratic Republic of Nepal should now work on this line by bringing appropriate laws through various ordinances if necessary. Once the banks and insurance companies start their business here, they will likely try and woo foreign investors more effectively than we can ever do. As for the local banks who have not been able to bring in anything despite the government’s permission to bring in Indian rupees and dollars through their network, they will be forced to keep up with the more professional international competitions to keep their head above water. This is how it ought to be in a free economy. This is how foreigners will take us seriously.
- Manohar Shrestha
Published: 17-02-2019 11:00