KATHMANDU, July 31 (Xinhua) -- Chinese investors have pledged the highest foreign direct investment (FDI) to Nepal for four years in a row, Nepal's Department of Industry said.
The Himalayan country received more than half of its total FDI pledges from its northern neighbor in the last fiscal year 2018-19 that concluded in mid-July, the department said.
As per the statistics made available to Xinhua by the department, Nepal received FDI commitments of 114 million U.S. dollars from Chinese investors in the last fiscal year against total FDI pledge of 216 million U.S. dollars.
In recent years, Nepal has amended a number of laws including Industrial Enterprises Act and Foreign Investment and Technology Transfer Act, along with improving the electricity supply to the industries to attract more investments.
Nepal aims to boost foreign investment as the country targets high trajectory growth for the next 25 years.
For the current fiscal year 2019-20, the Nepali government has targeted economic growth of 8.5 percent and average growth of 9.6 percent over the next five years, according to annual budget presented in March.