Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel at the annual meeting of the World Bank Group and the International Monetary Fund urged the representatives of the US Chamber of Commerce to invest in Nepal’s information technology industry.

Paudel, who is currently in Washington DC, made the request at the meeting with the representatives of the US Chamber of Commerce on Friday, according to a press release issued by the deputy prime minister’s secretariat.

Informing the investors about the legal and procedural reforms made by the Nepal government and availability of affordable and quality information technology related human resources, he said Nepal has immense potential for investment with high returns in the sector.

The finance minister highlighted the Nepal government’s policy allowing the establishment of a company in the IT sector as low as one dollar with provision of a 50 percent income tax exemption for five years.

Speaking at the meeting, Atul Keshap, senior vice president for South Asia at the US Chamber of Commerce, said that several American companies are keen on exploring investment opportunities in Nepal. He further appreciated Nepal’s efforts to create a business environment through law reforms related to investment, sovereign credit rating and formation of a high-level Economic Reform Suggestion Commission.

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Dhakal mentioned that there are favourable conditions for investment in the country.

Representatives of the US Chamber of Commerce present at the meeting expressed their willingness to invest in various sectors including information technology in Nepal, read the statement.

In a separate meeting with Bo Li, deputy managing director of The International Monetary Fund, Deputy Prime Minister Paudel appreciated and expressed gratitude towards the IMF’s contribution to Nepal’s economic development through concessional financing, policy advice, and capacity building.

Paudel on Friday met with Millennium Challenge Corporation (MCC) CEO Alice Albright and Vice President Cameron Alford. The meeting discussed the recent progress of the MCC project and mobilisation of additional financial assistance.