Taskforce formed for establishment of chemical fertilizer factory

KATHMANDU, MAY 28: The 63rd meeting of the Investment Board Nepal (IBN) has decided to form a taskforce to propose viable alternatives for establishing a chemical fertilizer factory in Nepal.  The meeting, chaired by Prime Minister KP Sharma Oli, was held yesterday at the Office of the Prime Minister and Council of Ministers.

According to the IBN office, the taskforce will review the comprehensive feasibility study report and recommend an appropriate option to the Board.

The meeting also resolved to move forward with the Panchkhal Special Economic Zone Project through a competitive process under the 'Swiss Challenge' model, focusing on its comprehensive study, development, operation, and management.

In addition, the Board formed a taskforce to prepare a report on signing Double Tax Avoidance Agreements (DTAA) and Investment Promotion Agreements (IPA) with more countries. This taskforce will study existing agreements Nepal has signed and explore opportunities for expanding such treaties.

Another task force has been constituted to assess proposals related to the 'Deep Seabed Mining' project. It will review relevant international laws, national policies, legal frameworks, and the technical and economic aspects of the proposals before submitting its findings to the Board.

The meeting further authorized the IBN office to grant survey permissions for Green Hydrogen projects and related industrial initiatives, based on the proposals received.

To enhance operational efficiency, certain powers of the Board have been delegated to the Executive Director.

Additionally, the Board decided to recommend to the Government of Nepal the formation of a 'Project Review Panel' in line with the provisions of the Project Development Agreement of the ongoing Arun-3 Hydropower Project.