IBN approves Korean investment
KAROBAR CORRESPONDENT
Saturday, Mar 16, 2019
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Investment Board of Nepal (IBN) on Friday approved foreign investment of Rs 10.54 billion for the Vehicle Manufacturing and Assembly Plant proposed by the South Korean company, Motrex Co Ltd.
The 35th meeting of the IBN chaired by Prime Minister KP Sharma Oli has approved the investment, according to a press note from the IBN. Likewise, the meeting also decided to extend the term of the promoting company of the Arun-III hydropower, SJVN Arun-III Power Development Company Pvt Ltd till July 30 for its financial management.
The meeting also took stock of the investment summit scheduled on March 29-30. The IBN has prepared some 63 projects to showcase in the investment summit.
Prime Minister Oli speaking on the occasion, urged the concerned agencies to contribute from their respective sides to make the upcoming Investment summit successful. "Optimum benefit could be reaped from it," he said, adding that it would be an important event to promote investment in the country. He also directed he government agencies to arrage strong security for the summit.
IBN Chief Executive Officer Maha Prasad Adhikari on the occasion briefed PM about the preparations made so far for the summit.