IBN forms task force for establishment of chemical fertiliser factory

Kathmandu, May 27: The 63rd meeting of the Investment Board Nepal has formed a task force to present an appropriate alternative for the establishment of a chemical fertiliser factory in the country.

The meeting held under the chair of Prime Minister KP Sharma Oli at the Office of the Prime Minister and Council of Ministers today took the decision, the office informed. Today’s meeting decided to constitute a task force to recommend a proper option to the Board by reviewing the comprehensive feasibility study report on the establishment of the chemical fertiliser factory in Nepal, the press release noted.

Likewise, the meeting also decided to bring the proposal on the comprehensive study, development, operation and management of the Panchkhal Special Economic Zone Project to the competitive process as per the ‘Swiss Challenge’ concept. Likewise, the Board has formed a task force to prepare and submit a report to the Board to sign the double tax avoidance agreement and investment promotion agreement with additional countries by studying the agreements made so far with different countries.

Similarly, the meeting decided to form another task force to study and submit the report to the Board after reviewing the existing international laws, national policies and legal frameworks, as well as the technical and economic aspects regarding the proposals received on the ‘Deep Seabed Mining’ project. The meeting also decided to delegate authority to the Investment Board office to grant survey permission for the projects as per the proposals received regarding the study on green hydrogen and the establishment of its industries.

It is stated in the release that some authorities of the board have been delegated to the executive director to enhance further efficiency of the board office. Likewise, it has decided to recommend to the Nepal government to form a ‘project review panel’ as per the provision of the project development agreement of the under-construction Arun-3 Hydropower Project.