Kathmandu, April 29: Investments worth Rs 9.13 billion have been approved for four different projects through the Department of Industry under the 3rd Nepal Investment Summit 2024.     

An investment of Rs 6 billion for establishing an investment company in Bhaktapur, Rs. 3 billion for a business complex building in Kathmandu, Rs 76.6 million for 200 KW hydropower project in Kailali and Rs 62.5 million for the construction of hotels and restaurants in Lalitpur district, according to the information provided by Director of the foreign investment and technology transfer unit under the Department of Industry, Shankar Singh Dhami.     

Earlier today, the department inaugurated the system of foreign investment approval through the automatic route. Accordingly, foreign investors can apply to establish a new company with 100 per cent share ownership or joint venture or investment capital in an already operating company through an automatic route.     

Foreign investors will be able to apply through the system from today and receive the letter of approval for foreign investment as soon as they submit their application.     

No minimum investment limit has been specified while approving foreign investment through an automatic route for information technology-based industries.     

The automatic route is expected to save the investors time and money required for making investments in Nepal. (RSS)